Item 11(b) of Part One of the Fifth Schedule to the VAT Act applies a zero rate of VAT (exemption with credit) to the supply of: “scheduled inter-island sea transport of passengers by authorised carriers and other scheduled sea transport of passengers recognised as such...
Further to the repeal of article 74 of the VAT Act with the Budget Measures Implementation Act, the Malta Tax & Customs Administration (MTCA) has issued Guidance clarifying that the income tax treatment of interest paid pursuant to the provisions the VAT Act has, with...
According to reports from the 14 May 2024 ECOFIN meeting, progress was made in the discussions around the VAT in the Digital Age package (see MIT News 8 December 2022), however no agreement was reached. The ViDA package, which is comprised of three parts: real-time reporting...
Developments are expected at the 14 May 2024 ECOFIN meeting where Council will be seeking political agreement on two measures: the VAT in the Digital Age (ViDA) Package (see MIT News 8 December 2022) the proposal to make the relief of excess withholding taxes faster...
The MTCA has published Legislative Update 3 of 2024, which gives an overview of subsidiary legislation issued under the Income Tax Acts between January and April 2024. source: cfr.gov.mt...
The second edition of the MIT VAT Practitioners’ Forum was held on 9 April 2024 at the Hyatt Regency Malta, St. Julian's. Organised by the MIT’s Indirect Tax Technical Committee, the theme of this year's forum was 'Input Tax Deductions', and the focus was the...
The Budget Measures Implementation Act – Act XIII of 2024 – has been published. View here. The Act amends: the Customs Ordinance Cap 37 the Income Tax Act. Cap 123 the Central Bank of Malta Act Cap 204 the Social Security Act Cap 318 the Duty...
The MTCA has published guidance on the scope and application of the reduced rate of 12%, introduced with effect from 1 January 2024, for services consisting of custody of securities. View here. Read more [...
The European Commission launched a consultation on the functioning of the EU’s framework to help resolve cross-border tax disputes in relation to double taxation issues. The consultation requests feedback on the Directive on Tax Dispute Resolution Mechanisms (DRM Directive) which came into force on 1...
