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FORM TA 24 Payment of 15% Tax on Rents from Residential Lets Article 31D of the Income tax Act (Cap 123) This form is to be used by persons who are opting to pay tax at 15% on rental income from tenements.

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How to fill out the Ta 24 Form online

The Ta 24 Form is essential for individuals opting to pay a 15% tax on rental income from residential properties. This guide will walk you through each section of the form, ensuring a comprehensive understanding of how to complete it accurately and efficiently online.

Follow the steps to complete the Ta 24 Form online.

  1. Click 'Get Form' button to obtain the form and open it in the online editor.
  2. In the form, start by entering your personal information, including your full name and contact details.
  3. Fill in the address or description of the property from which you are deriving rental income. Provide the number and street name.
  4. Next, input the total gross rent received for each property. You can list multiple properties by entering the data in sequence.
  5. Calculate the total gross rental income subject to the 15% tax rate, and ensure it reflects the total for all properties listed.
  6. Determine the total tax amount by calculating 15% of the gross rental income and fill in that amount on the form.
  7. Review the declaration section where you will need to confirm that all provided information is accurate.
  8. Finally, provide your Income Tax/I.D. number, sign the form, and date it accordingly.
  9. After completing the form, you can save your changes, download the completed form, print it, or share it as necessary.

Complete the Ta 24 Form online today to ensure your rental income is taxed correctly.

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A person will not pay tax on the amount already paid as property tax. The property tax amount paid for that year is deducted from the total rental income of the year or the Gross Annual Value (GAV). A 30% deduction on the Net Annual Value is permissible under Section 24A of the Income Tax Act.

As a general rule, the letting of immovable property is treated as exempt without credit. Therefore, in principle, any taxable person renting out immovable property will not charge Malta VAT and will not have a right to recover input VAT.

Vat on Renting/Leasing of Property in Malta Provided certain exceptions apply: The letting of or the provision of accommodation in holiday flats or other premises required to be licensed in virtue of the Malta Travel and Tourism Act, or in a holiday camp or camping site. The chargeable VAT rate in this case is 7%.

For the income arising in 2021, the flat rate applies on rental income arising from both immovable properties that are rented out for residential purposes as well as immovable property which is rented out for commercial purposes. The 15% can be used by both individual taxpayers as well as companies.

Overview. The taxpayers will submit data related to their Rental Income and will pay 15% tax.

Services made to members of non-profit making organisations are exempt without credit and the organisation is not required to register for VAT.

Property taxes in Malta Taxes need to be paid when buying and selling a property. Taxes paid by the buyer: Stamp duty: 5% of the value of the residential property (in some cases 2%, and until March 2021, 3.5% for a property costing at least €200,000 ) Notary fee: 0.25–1% of the property's value.

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