Legal Notice 322 of 2018 has accelerated the period over which aircraft can be depreciated for tax purposes.
This period has been reduced to four (4) years. Consequently, the annual rate of capital / wear and tear allowances which can be availed of, has been increased to 25%. The 25% rate can now be applied on the following:
- Aircraft airframe
- Aircraft engines
- Aircraft engine or airframe overhaul
- Aircraft interiors and other parts
The amendment applies for aircraft acquired on or after 1 January 2018.
(With the exception of Aircraft interiors and other parts, previously the Maltese tax law required that such aircraft equipment was to be depreciated over a period of 6 years).
FF International actively provide tax advice to companies seeking to optimise their corporate tax.
For further details on this update, kindly contact:
Franco Falzon CPA LL.M
(Managing Partner)
E: franco@ffinternational.com.mt
Peter Borg CPA
(Partner)
E: peter@ffinternational.com.mt
T: +356 2010 7771
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
