Budget Measures Implementation Act

Act VIII of 2020 - The Budget measures Implementation Act - was published on 20 March 2020, implementing the key measures announced in October 2019 in the Budget for 2020. The Act amends: Part II:The Customs Ordinance Part III:The Income tax Act Part IV:The Immovable Property (Acquisition by Non-Residents) Act Part...

Risk Evaluation Questionnaires – extension of deadline

In recognition of the fact that the COVID-19 developments may impact the ability of Subject Persons to meet their reporting obligations in a timely manner, the FIAU has announced that: the late submission penalty fee of EUR 100, which would have been applicable in the...

Fiscal measures announced: addressing the economic impact of COVID-19

In a press conference held earlier today, the Prime Minister announced that a package of measures will be introduced to address the impact of COVID-19 on the economy. The first set of measures are intended to assist with managing cash-flow and will apply to the sectors most impacted...

FIAU publishes 2020 REQs

Further to the consultation on the revised Risk Evaluation questionnaires (REQs) held earlier this year, the FIAU has published the 2020 REQs on its website. Subject Persons, which includes Tax Advisors, are required to complete and submit the respective REQ via the CASPAR system. Guidance on the...

New rules for exchange of payment data – a measure to combat VAT Fraud

On 18 February the EU Council adopted rules which will facilitate the detection of tax fraud in cross-border e-commerce transactions. These measures, which will apply as of 1 January 2024, complement the framework for e-commerce which will come into force on 1 January 2021 which...

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...

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...

VAT Fiscal Receipt Books

The Office of the CfR has announced that as of this month VAT fiscal receipt books can be collected from the MaltaPost branch requested upon application (previously, fiscal receipt books had to be collected from/returned to the MaltaPost Head Office). Used VAT Fiscal Receipt books can...