Malta: Reduced tax rates on transfers of immovable property extended until September 2022 (COVID-19)

Reduced tax and duty rate of 5% and 1.5% respectively on the first €400,000 of immovable property transferred inter vivos

Transfers of immovable property (COVID-19)

The temporary measure allowing for reduced tax and duty rates on transfers of immovable property—provided as tax relief in response to the coronavirus (COVID-19) pandemic—has been extended by three months, until the end of September 2022 (from June 2022).

The temporary measure provides for a reduced tax and duty rate of 5% and 1.5% respectively on the first €400,000 of immovable property transferred inter vivos.

The extension is effective pursuant to the publication of Legal Notices 121 and 122 of 2022.

The benefit applies provided that a promise of sale was entered into by 31 December 2021 and the notice of final deed reaches the Commissioner for Revenue by 31 October 2022.

Read a May 2022 report prepared by the KPMG member firm in Malta

 

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