On 25 October, the Malta Tax and Customs Administration (MTCA) published a Guidance Note IFRS 17 Guidance Note in relation to the tax Implications of IFRS 17 adoption, both on transition and on an on-going basis. It is pertinent to note that the introduction of the deferral of the tax payment in relation to the one-off transitional adjustment over a maximum period of 5 years is subject to an election to be made by the taxpayer and the deadline for such election is 15 November 2024, in relation to Year of Assessment 2024. Further details are set out in the Guidance Note.
