Shipping organisations whose activities fall under the Merchant Shipping (Taxation and Other Matters Relating to Shipping Organisations) Regulations, and which have no income whatsoever, or which have no income other than income from shipping activities, shall submit a return to the Commissioner for Revenue as per Annex 1. Furthermore, a declaration shall be submitted to Merchant Shipping Directorate as per Annex 2.

Both declarations shall be submitted at the same time to the two authorities.

Declarations in terms of Annex 1 of this Notice shall be submitted in electronic format to the Commissioner for Revenue by the applicable deadline, in lieu of the Full Income Tax Return. Declarations in terms of Annex 2 shall be submitted to the Merchant Shipping Directorate by the same deadline in electronic format to shipreg.tm@transport.gov.mt.  This will enable the directorate to renew the yearly tonnage tax exemption for the following year.

The full text of the Merchant Shipping (Taxation and Other Matters Relating to Shipping Organisations) Regulations may be downloaded from the following link..

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

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.