Any entity that receives income that is taxable in Malta must be registered with the Malta Inland Revenue Department. Registration is simple and based on information pertaining to company in question. By using the registration number, it is possible to determine whether it is an individual/natural person or a collective person.
Taxpayers that no longer earn a taxable income in Malta need only request a cancellation of their registration. This department will undertake cancellation after checking that all tax returns have been submitted and all tax debts have been settled. The taxpayer must submit all tax returns up until the time registration is cancelled, even if he does not earn any taxable income.
Tax returns must be submitted by the companies at the latest:
- 9 months after the end of the accounting period;
- by 31 March of the year following the end of the accounting year.
If this time period coincides with a public holiday the deadline shall be the next business day.
The tax authorities usually grant deadline extensions for returns submitted online -- this option must be verified each year.
In order to submit its tax returns, the company must prepare audited financial statements, and keep all documentation on file, which will be made available to the tax office upon request.