CFR: Termination of bank draft/cheque payments drawn on foreign banks

The Office of the Commissioner for Revenue has announced that they will no longer be accepting payments by bank drafts/cheques drawn on foreign banks. Furthermore, refunds of tax may no longer be issued through the use of bank drafts/cheques in foreign currencies....

CFE Tax Top 5 – 24 February 2020

This week’s edition of the CFE Tax Top 5 looks at the following: EU Developments: Parliamentary Week & Article 116 TFEU to Bypass Unanimity in Tax at EU Level; G20 Communiqué: Overcome Remaining Differences for Further Progress; VAT: Simplified Rules for Small Businesses & Cross-Border...

OECD consultation on CbC Reporting

As part of the ongoing work of the OECD/G20 Inclusive Framework on BEPS , the OECD has released a public consultation document on the review of Country-by-Country Reporting (BEPS Action 13). Action 13 of the BEPS Project established a three-tiered standardised approach to transfer pricing documentation, including...

Amendment to the ATAD Implementing Regulations

LN 29 of 2020 amends Regulation 10 of the EuropeanUnion Anti-Tax Avoidance Directives Implementation Regulations relating to Reverse Hybrid Mismatches, clarifying that this provision enters into effect on 1 January 2022....

Malta-Armenia Treaty Published

The Agreement between the government of the Republic of Malta and the government of the Republic of Armenia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income has been published in virtue of LM 28 of...

Simplified VAT rules for SMES adopted

On 18 February 2020 the Council adopted simplified VAT rules applicable to SMEs. The rules are intended to reduce the administrative burden and compliance costs for small businesses and to enable them to trade cross-border more efficiently. The main change is the extension of the exemption for...

EU list of non-cooperative jurisdictions updated

On 18 February 2020 EU Finance Ministers updated the EU list of non-cooperative tax jurisdictions. In summary: 12 jurisdictions (American Samoa, Fiji, Guam, Oman, Samoa, Trinidad and Tobago, US Virgin Islands, Vanuatu, Cayman Islands, Palau, Seychelles and Panama) have been added to the list of non-cooperative tax jurisdictions; ...

CFE Tax Top 5 – 17 February 2020

This week’s edition of the CFE Tax Top 5 looks at the following: OECD Release Digital Tax Economic Analysis; EU Commission Publishes Anti-Money Laundering Roadmap; Proposal for DAC Directive Codification Published; OECD Release Transfer Pricing Guidance on Financial Transactions; February EU Infringement Package Published. The full...

VAT on Yachts – EU Commission sends letter of formal notice

The European Commission has announced that it has sent an additional letter of formal notice to Malta in connection with the method applied for calculating the VAT on the lease of yachts. Following the initial letter of formal notice on 8 March 2018, Malta modified its...

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