Assigned or delegated CfR services
The office of the CfR has notified that as from 1st November 2020 delegated or assigned CFR online services can only be accessed if authorised through CFR03 or CFR02. source: cfr.gov.mt ...
3 November 2020
Review of VAT rules for FSI – EU consultation
The VAT rules for financial and insurance services, in particular, the exemptions in article 135 of Directive 2006/112, are criticised for being complex, difficult to apply and for not having kept pace with the developments of new services in the sector. The European Commission had already...
27 October 2020
VAT – proposed increase in ‘small undertaking’ threshold announced (Budget 2021)
In the 2021 Budget Speech of 19 October 2020 the Minister of Finance and Financial Services announced an increase in the threshold for small undertakings from €20,000 to €30,000. The current thresholds for registration as a small undertaking are set out in Part 1, item...
21 October 2020
Malta Budget 2021 – Social Measures
On 19 October 2020 the Minister for Finance and Financial Services, Prof. Edward Scicluna, delivered the Budget Speech for 2021. The following is an overview of some of the social measures announced: Cost of living increase of €1.75c; An additional day of leave for employees; Children’s...
20 October 2020
Malta Budget 2021 – Fiscal measures
Earlier this evening the Minister for Finance and Financial Services, Prof. Edward Scicluna, delivered the Budget Speech for 2021. The following is an overview of some of the fiscal measures announced. Tax Refund In 2021, eligible persons will receive a tax refund in an amount ranging from €45 to...
19 October 2020
CFE Opinion Statement on the VAT Travel Agents Scheme Consultation
CFE Tax Advisers Europe has published an Opinion Statement responding to the European Commission Public Consultation on the special VAT scheme for travel agents. The CFE is of the view that there is a need to reform the TOMS scheme, for a number of reasons, including: ...
16 October 2020
OECD Report: Taxing Virtual currencies
The OECD has published a report, with the participation of over 50 countries, which analyses the approaches and policy gaps across the main tax types (income, consumption and property taxes) in these countries in connection with virtual currencies. Taxing Virtual Currencies was prepared for presentation to the October 2020 meeting of...
13 October 2020
Malta requests extension of increased ‘small undertaking’ VAT threshold till 2024
On 5 June 2020, Malta requested an authorisation from the Commission to continue to derogate from Article 287 of the VAT Directive and to apply this increased threshold until 31 December 2024. In terms of Article 287 of the EC VAT Directive (Directive 2006/112/EC), Malta is...
5 October 2020
Proposal to give the Commission implementing powers in the area of VAT
The Commission has launched a roadmap toward the publication of a proposal for turning the VAT Committee into a ‘comitology committee’ - this would enable the VAT Committee to, by qualified majority, oversee the adoption of implementing acts by the Commission in the field of VAT. The...
4 October 2020