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Government warns landlords on undeclared income from property rentals

Finance Minister Edward Scicluna warned landlords to declare their income from rented property or risk being charged over tax evasion,  which according to him is “widespread” in this area. He added that it was easy for the government nowadays to verify that a property was being rented out. The Times of Malta reports that Minister Scicluna said this during the launch of the new reduced tax scheme on property rents, first announced during the Budget speech last November.

Image titleThe scheme reduces the maximum tax on rental income from 35 to 15 per cent, and both individuals and companies are eligible to subscribe.

Once an individual or company declares the annual income from the rented property and provides the required details, the taxpayer will only need to pay the flat annual tax rate of 15%.

The scheme is a voluntary one and property owners are allowed to keep the existing tax regime.

The Finance Minister said that since the new scheme may also reveal non-declaration of past revenue, the government is also giving the opportunity to individuals and companies to regularise their past tax position and pay arrears according to a formula that applies to 2005-2012. No interest or penalties will be charged on such declarations.






Source: www.timesofmalta.com