[World Tax News] Malta Announces 7.5% Flat Tax Rate for Income From Sports Activities and More
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- Last Updated on 15 July, 2024
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World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week.
1. Malta announces 7.5% flat tax rate for income from sports activities
Malta has issued Legal Notice No. 147 of 2024 in the Official Gazette, introducing the Income from Sports Activities Rules, 2024, effective from the 2025 assessment year. These rules establish a flat tax rate of 7.5% on the gross income earned from sports activity employment (EUR 0.075 per euro). This tax is final, with no provisions for set-offs or refunds.
The rules apply to services provided in the course of or directly related to sports activities, whether on a full-time or part-time basis, by individuals in the following roles:
- Registered player or athlete
- Licensed coach
- Licensed match official
- Match analyst
- Team manager or sporting director
- Sport administrator
- Team doctor
- Team physiotherapist
Alternatively, these individuals can be taxed under the standard individual income tax rules.
Source: Legal Notice No. 147 of 2024
2. New Jersey to impose 2.5% “CorporateTransit Fee” in addition to regular Corporation Business Tax
The governor of New Jersey signed the Fiscal Year 2025 Budget into law, which includes a Bill introducing a 2.5% surtax known as the “Corporate Transit Fee.”. The bill provides that the surtax is applicable on certain corporation business tax (CBT) taxpayers thathave New Jersey-allocated taxable net income over $10 millionfor privilege periods beginning on and after January 1, 2024, throughDecember 31, 2028.
The Corporate Transit Fee would be imposed in addition to the taxpayer’s regular CBT liability, except that the surtax would not be imposed on any S corporation or public utility. No credits would be allowed against the corporate transit fee, except for credits for instalment payments, estimated payments made with a request for an extension of time for filing a return, or overpayments from prior privilege periods.
Source: Senate Bill No. 3513
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