An information session by Belair Property for owners who rent out their property, held in collaboration with Mazars Malta, received positive feedback.
The session covered various topics of relevance for these owners and addressed issues such as taxation and licensing when renting out property. It also acted as a tutorial for those present, with real-life examples of various scenarios, such as when is VAT to be levied and at what rate, the available options of how one is to declare income, the intricacies of licensing by the Malta Tourism Authority when renting out to non-residents, as well as recent changes introduced to the Capital Gains Tax.
Belair Property managing director Ian Casolani said the idea came about as part of the feedback the company’s letting team gets from property owners.
“Undoubtedly, one can get lost in the myriad administrative processes and we felt we should give added value to clients by providing a free session on these subjects. The team at Mazars did an excellent job and the lengthy question time after the session proved that there was need for such an event,” Mr Casolani added.
Mazars Malta partner Paul Giglio said: “Such a collaboration makes it possible and convenient for customers to receive practical and accurate information, particularly from a fiscal, financial and regulatory perspective, which could help them make the right decisions for their business and ensure awareness of their fiscal obligations.”
Belair Property and Mazars Malta will be holding a repeat session shortly. Those interested are to register by sending an e-mail to info@belair.com.mt to book a place, as seating is limited.