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