The value-added tax is 18% and applies to most goods and services. Despite the pastoral scenery surrounded by beaches and endless ocean views, Malta is very much a modern European economy. That means a sophisticated tax system with several different tax regimes, which apply to foreigners, residents, and Malta citizens. Sophistication can be a good thing because it allows the government to use taxes to affect your way of life positively. But the complexities of Malta’s tax code can get a bit frustrating at times. The tax rates for an individual are progressive rates with a range of 0% to 35%. The math is simple higher the income, the higher the tax rate. Corporate tax is fixed at 35%. You need to understand the Malta Company Registry requirements first.
A person resident in Malta for 183 days or more a year will be taxed in Malta and any income earned overseas that is received in Malta. There is a law that stipulates that the employer must deduct the amount of tax payable on a salary at the source each month. Individual payments are deductible according to the taxable income of an individual that is allowable for tax purposes. All people must make weekly social security contributions. These are generally equivalent to 10% of the employee’s salary, up to a maximum of €41.83 per week. However, the contribution would depend on the nature of employment.
Must Know Facts
The employer must deduct the social security contribution in addition to the income tax deductions. Residents can benefit from an extensive double tax treaty network that protects them from being taxed more than once, in different countries, on the same income. In a case where there is no double tax treaty in place, Malta has a unilateral relief system whereby any taxes paid abroad may be used as a credit towards any income tax due in Malta on that same income.
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