Income tax is the annual inevitable. Many try to forget it for several months and don’t even give it a thought until the filing deadline is imminent. This often results in a frantic, last-minute stress-filled attempt to get records, receipts and other documents in order.

Every employee and self-employed person needs to learn about their obligations and how to address basic income tax issues. On the other hand, being over cautious will lead to a big income tax refund a couple of years from now, which really means that one has given the government an interest-free loan.  Adopting the right strategy from the start can save more of those hard-earned profits, as well as headaches and possible Inland Revenue difficulties down the road.

In order to help people sleep well at night even when the income tax deadline is looming, the Malta Institute of Taxation (MIT) is inviting applications for its 2012 Individuals’ Income Tax Foundation Course. Compliance will feature prominently in the course, as well as capital gains and other sources of income..

This course is the first in a series of courses to be organised by the recently established Tax College within MIT. It fulfils both the Institute’s mission statement and objectives to educate the professional and non-professional society in elements of fiscal laws.

Comprising ten sessions of two hours each, the course will be held on ten consecutive Fridays commencing on Friday 12th October 2012. Although applications will be received up to Monday, 1st October, 2012, the number of places available is restricted and while everybody can apply for the Course, allotment of places will be on a first come basis. Certificates evidencing course attendance will be given to participants.

This Foundation Course initiates the route towards a Masters in Taxation which is the Institute’s ultimate ambitious project in conjunction with the University of Malta.

“Since its inception in 1995, MIT has been a catalyst for change, education and accountability in the field of taxation. Our recently set up Tax College is further consolidating the constant flow of academic and educational activities by aiming to advance public education and the promotion of the study of principles and practice of taxation, while also offering a post-graduate specialisation course in taxation. This Tax Foundation Course is specifically targeted at those individuals seeking a better understanding of income tax to avoid the problems that can result from lack of basic knowledge,” explained Dr. Renald Micallef, President of the Institute.

For more information contact the Malta Institute of Taxation on 2131 4653 or via e-mail at mit@maintax.org. The course brochure, including an application form and further information, can be downloaded from the Institute’s website: www.maintax.org