Malta: Updates to pension tax exemption and rebate rules
Updated amounts applicable on pension income derived on or after 1 January 2024 by individuals at least 61 years old
Updated amounts applicable on pension income derived on or after 1 January 2024 by individ
Legal Notice 5 of 2024 (published on 12 January 2024) updates the maximum amount of pension income that may be exempt effective YA2025 onwards as indicated in the Pensions (Tax Exemption) Rules, originally introduced in 2022.
The updated amounts are applicable on pension income derived on or after 1 January 2024 by individuals at least 61 years old in the year in which the pension income is received.
Legal Notice 6 of 2024 also updates the maximum tax rebates allowed to be set-off against the tax on chargeable pension income derived on or after 1 January 2024 as indicated in the Tax Rebate (Pensioners) Rules. No changes were made to the actual calculation of the tax rebates, as applicable according to each tax status.
Read a January 2024 report prepared by the KPMG member firm in Malta
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