ARTICLE
29 January 2024

Deduction In Respect Of Intellectual Property And Intellectual Property Rights

KM
KPMG Malta
Contributor
With a staff compliment of around 350, including 28 principals, KPMG in Malta is one of the leading providers of audit, tax and advisory services. Our vision is to be the clear choice for our clients, our people and our community. While our work is often complex, our vision is simple: to be the clear choice in professional services – for our clients, for our people and for the communities we work in.
The Commissioner for Tax and Customs issued a notification providing for an immediate deduction with respect to expenditure of a capital nature on intellectual property or intellectual property rights...
Malta Tax
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The Commissioner for Tax and Customs issued a notification providing for an immediate deduction with respect to expenditure of a capital nature on intellectual property or intellectual property rights against royalty income derived therefrom.

The Income Tax Act already provides for a deduction of expenditure of a capital nature on any intellectual property or intellectual property rights over a minimum number of three years. Following the notification by the Commissioner for Tax and Customs, such deduction may, at the option of the taxpayer, be accelerated by claiming the said deduction in full in the year in which the expense has been incurred or in which the intellectual property or intellectual property rights are first used or employed in producing the income.

Where a taxpayer started claiming such deduction over a minimum of three years in the past and still has unclaimed deductions as at year of assessment 2023, these may be claimed in full in year of assessment 2024.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

ARTICLE
29 January 2024

Deduction In Respect Of Intellectual Property And Intellectual Property Rights

Malta Tax
Contributor
With a staff compliment of around 350, including 28 principals, KPMG in Malta is one of the leading providers of audit, tax and advisory services. Our vision is to be the clear choice for our clients, our people and our community. While our work is often complex, our vision is simple: to be the clear choice in professional services – for our clients, for our people and for the communities we work in.
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