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A legal update has been issued regarding the reduction of interest and administrative penalty rules, which we are hereby reinterpreted for ease of reference:
It is now stated that the Commissioner may discount penalties on interest and administrative fees if he is satisfied that the tax due within the prescribed period was not paid for a reason they deem valid, however saying that another person was meant to perform the task does not qualify as a valid reason. This is applicable to the Value Added Tax Act, the Customs and Excise Tax Act and the Value Added Tax Act, 1994.
Should you have any questions please contact our KSi Malta experts:
Benjamin Griscti, Director, Email: email@example.com
Kristine Scerri, Tax Advisor, Email: firstname.lastname@example.org