Settlement Period for the Extended Tax Deferral Scheme
News    ·   28-05-2020

AUTHOR: Donald Vella; Kirsten Debono Huskinson; Gabriella Chircop

Back in April 2020, the Ministry for Finance and Financial Services had announced the extension of the tax deferral scheme to additionally cover taxes owed up to June 2020. This essentially means that eligible businesses have been given the opportunity to avail of an aggregate four-month postponement of their VAT, provisional tax and employee taxes (March - June 2020).

On the 25th of May 2020, the Commissioner for Revenue issued clarification relative to the settlement period for the taxes deferred for the months of May and June 2020. In this respect, the deadline for settlement of the eligible taxes due for the latter months, is the 31st October 2020.  It is important to note, that whilst the extended measures will seek to postpone any tax payments falling due within the months of May and June 2020, no deferment is likewise applicable to the submission deadlines of tax forms as established by the relevant laws.  

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