Malta Tax Agency Issues Group Deduction Guidance Note Due to Coronavirus

The Maltese Inland Revenue May 31 issued a group deduction guidance note due to the coronavirus pandemic. The guidance note explained that: 1) a deduction measure is available, under which companies may choose to surrender unutilized capital allowances, incurred during 2020 and 2021, to other companies within the same group; 2) the claimant company must have chargeable income in 2021; 3) the claimant company must be part of a group company that received specified coronavirus benefits; and 4) the total deduction allowed is up to 1 million euros (US$1.1 million) per group company. [Malta, The Commissioner for Revenue, 05/31/22]

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