15% flat tax rate introduced on residential lets in Malta

The Government has decided to introduce a flat tax rate of 15 per cent on the rent of residential properties, deputy Prime Minister Louis Grech said this morning.

Currently, the rent tax rate can go up to 35 per cent and has resulted in rampant tax evasion. Mr Grech said he expected more people to declare their rental income following this change, which would include harsher penalties for those who fail to declare their income.

Read the full article on The Times of Malta online here.