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  • Daniel Muscat

DID YOU KNOW - A LOWER TAX RATE APPLIES FOR OVERTIME FOR 2020

The first 100 hours of #overtime can be taxed at a reduced #tax rate of 15% in 2020.


The following conditions would need to be satisfied ALL for an individual to benefit from a reduced rate of tax:


- Individual has to be in full time employment

- Basic weekly wage does not exceed €375

- Individual does not hold a managerial position

- Overtime does not exceed the maximum eligible hours

- Overtime rate does not exceed double the basic rate


If you are an #employer or #employee and would like to know more whether you could apply for a reduced rate of tax, please contact us by email on info@aaaservicesmalta.com


#reducedtax #overtime #payroll #aaaservicesmalta


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