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As previously announced in this website, one of the tax measures annouced in the Malta 2010 Budget (subsequently enacted by means of the Budget Measures Implementation Act of the 16th April 2010) consists in an optional flat rate tax of 15% available to foreign qualifying personnel on employment income derived from employment exercised in Malta. The Maltese Government has just published rules regarding qualifying employment prescribing the conditions for benefiting from the 15% tax rate. The 15% tax rate is available to non-resident individuals who are employed with Maltese companies engaged in designated financial services and apply to individuals who take up senior executive posts including CEOs, CFOs and COOs.
The 15% tax is available where the annual salary is at least Eur75,000 excluding the value of fringe benefits and the option is available as of basis year 2010. The rules also set additional conditions and a number of limitations.
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