A number of legal notices have been issued since the turn of the year, the aim of which was the development of a number of tax credits provided for in Maltese legislation. Over the coming days, a summary of each tax credit shall be released.
Through the Tax Credits for Micro Enterprises and the Self-Employed (Amendment) Regulations, 2017, which were passed through Legal Notice 140 of 2017, family businesses have been added to the definition of “eligible costs” within the Tax Credits for Micro Enterprises and the Self-Employed Regulations. A proviso has also been added to such Regulations whereby from the year of assessment 2018, a family business may be granted a total amount of tax credits not exceeding €50,000 over any period of 3 consecutive years.
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