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...

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...