Annual Return Of Shipping Organisations Benefitting From The Tonnage Tax Scheme

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Through MSD Notice 150, the Merchant Shipping Directorate have laid out the reporting obligations of shipping organisations benefitting from Malta’s tonnage tax regime and falling within the scope of Regulation 4(4) of the Merchant Shipping (Taxation and Other Matters Relating to Shipping Organisations) Regulations.

Shipping organisations which derive no income other than from shipping activities are entitled to submit a declaration in lieu of a tax return to the Commissioner for Revenue. This follows past practice albeit the Form of Declaration has changed for basis year 2018 onwards. MSD Notice 150 has introduced an obligatory Annual Declaration that the qualifying Shipping Organisation must file annually at the Merchant Shipping Directorate. The MSD Notice spells out the steps that shipping organisations (operating ships benefitting from the tonnage tax regime) must follow to ensure that they continue to benefit from Malta’s attractive tonnage tax regime.

To read the complete Merchant Shipping Notice 150, click here.

Should you have any questions concerning this matter, please contact Dr Jotham Scerri-Diacono or any other member of the shipping team at GANADO Advocates.