Further to our previous newsfeed on this, the Tax Department issued two announcements related to the Income Tax aspects of the Tax Reform 2026.
The first one, dated 9 January 2026, is related to the publication of the revised Declaration for Claiming Tax Deductions (TD59), based on which the expected taxable income of an individual for the year as well as the tax to be paid on it is computed.
The second announcement, dated 15/1/2026, is related to the release of the Income Tax Computation Tool (the ‘Tool’) on the website of the Tax Department. The Tool computes, upon providing all relevant information (income, deductions, allowances, etc.), the income tax to be paid by a person based on the previous tax regime applicable until 31 December 2025, the income tax to be paid based on the new tax regime applicable as from 1 January 2026 and the difference between the two. The Tax Department stresses in the announcement that the tool is offered for informative and simulation purposes only and that all basic principles of the General Data Protection Regulation are adhered to. Both TD59 and the Tool can be found under the Tax Reform 2026 section of the website of the Tax Department.
