- Malta’s government has introduced a new reduced VAT rate of 12% for certain services, including custodian services, management of credit and credit guarantees, short-term hiring of pleasure boats, and health care services that do not qualify for exemption.
- The reduced rate will come into effect on January 1, 2024, and is expected to ease the burden of VAT on these services, which currently incur the standard rate of 18%.
- The new provision will also align Malta with similar rates already applied in Ireland and Luxembourg.
Source Joseph Sammut
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