EU Commission VAT guidelines – Quick Fixes

The EU Commission has published the latest version of Explanatory Notes on the practical application of the new rules concerning call-off stock arrangements, chain transactions, the exemption of the intra-Community supplies of goods and the proof of transport for the purposes of that exemption (“2020 Quick...

Article 12 VAT registered persons – submissions to be made online

With effect from January 2020, submissions and payments by persons registered under article 12 of the VAT Act are to be made electronically. The Office of the Commissioner for Revenue has notified that the annual declaration for 2019 (VAT Form 005) will not be issued. All persons...

VAT: Reduction of rate of interest

With effect from 1 January 2020 the rate of interest applicable in terms of article 21(4) of the VAT Act shall be reduced from 0.54% to 0.33%. This amendment was introduced by LN 303 of 2019 published on 19 November 2019....

VAT on education services – amendment

Item 12(1) of Part 2 of the Fifth Schedule to the VAT Act has been revised in virtue of LN 302 of 2019, published on 19 November 2019. The revised provision extends the exemption for education services to: vocational training or retraining provided by a Government...

EU: new VAT rules for SMEs agreed

The Council of the EU has reached an agreement on the amendments to the VAT Directive in relation to SMEs. The objective of the amendments is to reduce the administrative burden and compliance costs for SMES, and in particular addresses SMEs operating in a cross-border...

Budget 2020 Highlights

These are some of the main fiscal measures announced by the Minister for Finance in the Budget Speech for 2020: Income Tax A reduced rate of tax of 15% on the first 100 hours of employee overtime, for employees with a basic salary of under €20,000. ...

VAT “Quick Fixes” – CfR Guidelines

Further to the publication of Legal Notices 249 - 253 of 2019 amending the VAT Act and the Recapitulative Statement of Intra-Community Transactions Regulations (see MIT Tax News of 7 October 2019) the office of the CfR has published Guidelines on the new provisions of the legislation. A...

Changes to the VAT Act published

On 4 October 2019, amendments to the VAT Act implementing the provisions of Council Directive (EU) 2018/1910 (part of the package introducing the so-called “Quick Fixes”), were published. These amendments enter into effect on 1 January 2020. The changes introduced are summarised below: Chain Transactions LN 250 of...

MIT re-appointed to the EU VAT Expert Group

The Malta Institute of Taxation has been re-appointed to the EU VAT Expert Group for another 3-year term, commencing 1 October 2019. The VAT Expert Group assists and advises the European Commission on VAT matters, in particular, on the development and implementation of VAT policies. It...