TAX News Malta Institute of Taxation

Law enforcement access to financial information

LN 312 of 2021, published on 26 July 2021, has transposed EU Directive 2019/1153 which lays down rules facilitating the use of financial and other information for the prevention, detection, investigation or prosecution of serious criminal offences, including tax evasion....

Changes to the Tax Credit rules

The Tax Credit (Higher Educational Qualifications Rule (SL 123.180)  and the Deductions and Tax Credits (Relevant Qualifications for Industry) Rules  (SL 123.107) have been revised (LN 286 and 287 of 2021 respectively). The changes to both Rules involve the appointment of Malta Enterprise Corporation as the body responsible...

Cross-border resolution of tax disputes for SMEs – Consultation

The EU Commission is working on an EU cooperative compliance programme, the objective of which would be to allow  tax administrations to resolve together, in a preventive manner, cross-border tax issues faced by small and medium-sized enterprises operating within the EU. Taxpayers will be able to...

Debt-equity bias reduction allowance (DEBRA)

The European Commission has published an inception impact assessment on the initiative to reduce the debt- equity tax bias in the EU. This initiative, which was announced as part of the corporate tax reform proposal in the recent Communication for Business Taxation of the 21 Century (See MIT...

G7 Finance Ministers’ agreement on minimum global tax rate

At their meeting of 5 - 6 June, Finance Ministers and Central Bank Governors of the G7 confirmed their support of the efforts underway through the G20/OECD Inclusive Framework to address the tax challenges arising from globalisation and the digitalisation of the economy and of the...

Commission recommendation on the tax treatment of losses

On 18 May 2021 the Commission published a recommendation on the tax treatment of losses during the COVID-19 crisis. The commission is recommending that Member States should allow loss carry back for businesses to at least the previous fiscal year, i.e. at least 2019, and...

YA2021 Tax Return for Companies

The Office of the Commissioner for Revenue has announced that the YA 2021 electronic income tax return for companies and supplemental document in case of a Fiscal Unit are now available on the CfR online services. Click here for further details.   source: cfr.gov.mt...

Co-operation with Other Jurisdictions on Tax Matters Regulations amended

The Co-operation with Other Jurisdictions on Tax Matters Regulations (SL 123.127) have been revised. LN 213 of 2021 has introduced the following changes: an amendment to the definition of "Beneficial Owner" a change to Regulation 4 concerning the availability of ownership information of bodies of...

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