The (鈥楳TCA鈥�) has established a (鈥楲TO鈥�). The LTO is a specialised office with exclusive focus on the tax affairs of large taxpayers and High Net Worth Individuals (鈥楬NWIs鈥�), with the aim to enhance efficiency, coordination, and integration between the different functional areas of the MTCA, in the course of providing services to large taxpayers and HNWIs.
The LTO will serve as a one-stop shop for core tax services tailored to the needs of large taxpayers and HNWIs. The LTO is committed to take a proactive approach and to fast-track the tax affairs of large taxpayers and HNWIs.
Companies will qualify as 鈥榣arge taxpayers鈥� if they meet either one of the following criteria:
a) Their annual turnover in any Year of Assessment from 2020 to 2022 exceeds 鈧�20 million and they employ a minimum of 50 employees in any basis year from 2019 to 2022, or
b) Their annual turnover in any Year of Assessment from 2020 to 2022 exceeds 鈧�20 million and for Year of Assessment 2022 reported a total value of more than 鈧�10 million in respect of domestic supplies and exports for VAT purposes.
The Commissioner for Tax and Customs (鈥楥fTC鈥�) may, at his sole discretion, include companies from particular sectors, even if they do not meet these criteria.
Individuals qualify as HNWIs if they satisfy at least one of the following criteria:
a) A direct 25% shareholding in a 鈥渟ubject company鈥�, or a 25% shareholding in a company which has a direct or indirect shareholding in a 鈥渟ubject company鈥�. A 鈥渟ubject company鈥� is a company that has total assets in excess of 鈧�50 million reported in any year during the previous 5 years;
b) Engaged in property transactions in excess of 鈧�3 million from 2021;
c) Declared income in excess of 鈧�2 million in any year of assessment 2021, 2022 or 2023.
No action is required by taxpayers at this stage, as the MTCA will notify the taxpayers classified as 鈥楲arge Taxpayers鈥�. The MTCA will also inform the relevant taxpayers when they no longer meet the respective criteria 鈥� however, once a Large Taxpayer, status is retained for three years.
Large taxpayers and HNWIs are expected to be fully compliant with all their tax obligations, including timely filing of tax returns and payment of taxes. Such timely compliance ensures that a qualifying taxpayer benefits from the streamlined services offered by the LTO.
Communication with the LTO should be made through the online portal.
For more information on the LTO, and for access to the respective policy document and FAQs issued by the MTCA, please refer to this .
Should you require any further information in this respect, please do not hesitate to contact the undersigned or your 乐鱼（Leyu）体育官网 contact.
