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15% Final Witholding Tax (FWT) on Rental Income
We take this opportunity to inform you that the deadline for submitting the form of the 15% final withholding tax on rental income from tenements leased to individual/s as a residence or garage derived during 2015, has been amended to 30th June 2016.
We may assist you in preparing the duly filled and signed form. Such form would then need to be sent to the Inland Revenue Department, together with a cheque covering the amount of tax due.
Tax on Income from Part-time work
An individual who works part-time and chooses to be taxed at a fixed rate of 15% need not declare this income in his income tax return. It is only applicable up to a maximum of €10,000 per annum in the case of part-time employment and to a maximum €12,000 per annum in the case of part-time self-employment.
The deadline for applying for this scheme has been amended to 30th June 2016.
For further details regarding the schemes above, kindly contact our Tax Advisor, Kristine Scerri, on firstname.lastname@example.org.