As a consequence of the disruption caused by the COVID-19 pandemic, the Office of the Commissioner of Revenue has approved several extensions to the statutory reporting deadlines.
The scheme allowing deferral of taxes due in March and April 2020, is now extended up to and including June 2020. In order to benefit from the application of this measure, interested eligible parties are required to complete and submit an online application form by 15 May 2020. Applicants who have already applied to benefit from the Tax Deferral Scheme prior to the announcement of the extension, shall automatically benefit from the extension detailed herein.
The office of the Commissioner for Revenue has announced that the deadline for the payment of provisional tax for April 2020 has been extended to 31st May 2020.
Due to the outbreak of COVID-19, the Provisional Tax claims will not be sent by mail for the time being but are being made available on the CFR e-services. Tax practitioners can access the PT claims of their registered clients by logging at CFR website.
Companies whose deadline for manual submission of tax returns was set 31st March 2020, may still submit their tax return electronically by 31st July 2020. These extensions apply only to the electronic filing of tax returns, and not to tax payments. Manual tax returns and all tax payments must reach the Office of the Commissioner for Revenue by the due dates contemplated by the Income Tax Acts.
The Inland Revenue of Malta issued a deadline extension for FATCA and common reporting standard (CRS) reporting to 30 June 2020 for the 2019 reporting year. This extension is only valid for 2020 filings related to the 2019 reporting year. Failure to submit the required information by the specified deadline will result in imposition of penalties in terms of Regulation 44(1)(d) of the Cooperation with Other Jurisdictions on Tax Matters Regulations.
In in view of impact COVID-19 pandemic may have had on the operations of businesses, the FIAU is informing all Subject Persons that a late submission period to complete the Risk Evaluation Questionnaire (‘REQ’) is being granted, effective from 5 until 18 May 2020 at 17.00pm. Moreover, the FIAU is also waiving the late submission fee to ease the effects of COVID-19. Subject persons failing to submit the REQ by 18 May are still obliged to complete the REQ but this shall only be submitted for information purposes.
We may clarify any query that there may be with respect to these aforementioned measures, and we may assist you with the application process.