Legal Notice 205 of 2022 has introduced the possibility to companies forming part of a group for tax purposes to surrender unabsorbed capital allowances.
For the year of assessment 2022, the claimant company can deduct for tax purposes unabsorbed capital allowances which have been surrendered by another company forming part of the same group.
Only unabsorbed capital allowances relating to the year of assessment 2021 and earlier can be surrendered to a claimant company.
The rules further stipulate that the claimant company should be a company which has been granted a benefit under the Covid-19 Fiscal Assistance – Postponement of Payment of Certain Taxes Deferral Scheme.
The maximum amount of unabsorbed capital allowances which may be surrendered under these rules shall not exceed 1,000,000 euro for each group.
For further information, please contact:
Franco Falzon C.P.A. LL.M (Managing Director)
E: info@ffinternational.com.mt
T: +356 2010 7771 (office)
M: +356 9989 5679 (mobile)
Disclaimer
While FF International Limited (hereinafter referred to as “FFI”) endeavours to ensure that any information published in articles / publications / memos / updates (including any information published on our website) is accurate as at the time of publication, FFI nor any of their respective directors, partners, officers, employees, or agents make any representation or warranty (express or implied) or accept or will accept any responsibility or liability in relation to the accuracy or completeness of the information contained published in our articles / publications / memos / updates (including any information published on our website) or any other written or oral information made available or published on our articles / publications / memos and updates. Any responsibility or liability in respect of any such information or any inaccuracy or omission arising from any article / publication / memo is expressly disclaimed. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given as to the achievement or reasonableness of any future projections, estimates, prospects or returns published on our articles / publications / memos / updates (including any information published on our website) . The content of the above article / publication / memo / update and any information published on our website is intended to serve solely as general information only and its purpose is not to provide any specific professional advice whether of a financial, legal, tax or other nature. Since it is recommended that business decisions be based only on qualified professional advice, neither FFI nor any related company belonging to FFI nor any of the respective directors, partners, officers, employees, or agents of FFI will be held liable for any damages which might result as a consequence of relying on the information contained within. FFI including any directors, partners, officers, employees, or agents of FFI and / or any entity related to FFI accept no liability whatsoever for the content of this article / publication / memo / update for the consequences of any actions taken on the basis of the information provided. If you have any questions relating to the accuracy and correctness of the above article / publication / memo / updates or any information published on our website you are kindly requested inform us by sending us an email on info@ffinternational.com.mt
