In accordance with the Final Income Tax Without Imputation Regulations, the Commissioner for Tax and Customs would like to notify that an election under these Regulations is to be made by the taxpayer through the income tax return, by completing the relevant questions therein. Once an election is made in accordance with these Regulations, it is binding on the taxpayer for a period of five (5) consecutive Years of Assessment.

Under these Regulations, the taxpayer agrees to implement a flat 15% tax rate on chargeable income, forgoing any possible or probable tax refunds which would have otherwise been eligible under the full imputation system.

Further information on the manner in which such election is to be effected through the income tax return will be issued by the Malta Tax and Customs Administration once the relevant income tax return becomes available.

Any election made in terms of the said Regulations must be submitted by not later than the applicable online filing deadline as determined by the Malta Tax and Customs Administration.

Should you require further information in relation to this, please get in touch with Donna Greaves on dgreaves@pkfmalta.com or with Isaac Pio Vella on isaac.vella@pkfmalta.com.