The Maltese Government has issued Legal Notice 231/2023, amending the VAT Act to introduce a new reduced rate of 12% for certain services. This includes custodian services, management of securities, management of credit and credit guarantees by third parties, short-term hiring of pleasure boats, and certain health care services. The reduced rate will come into effect on 1st January 2024 and aims to ease the VAT burden on these specific services.
Source Joseph Sammut
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