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...
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...
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...
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...
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...
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...
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...
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...
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....
