EU: new VAT rules for SMEs agreed

The Council of the EU has reached an agreement on the amendments to the VAT Directive in relation to SMEs. The objective of the amendments is to reduce the administrative burden and compliance costs for SMES, and in particular addresses SMEs operating in a cross-border...

Budget 2020 Highlights

These are some of the main fiscal measures announced by the Minister for Finance in the Budget Speech for 2020: Income Tax A reduced rate of tax of 15% on the first 100 hours of employee overtime, for employees with a basic salary of under €20,000. ...

VAT “Quick Fixes” – CfR Guidelines

Further to the publication of Legal Notices 249 - 253 of 2019 amending the VAT Act and the Recapitulative Statement of Intra-Community Transactions Regulations (see MIT Tax News of 7 October 2019) the office of the CfR has published Guidelines on the new provisions of the legislation. A...

Changes to the VAT Act published

On 4 October 2019, amendments to the VAT Act implementing the provisions of Council Directive (EU) 2018/1910 (part of the package introducing the so-called “Quick Fixes”), were published. These amendments enter into effect on 1 January 2020. The changes introduced are summarised below: Chain Transactions LN 250 of...

MIT re-appointed to the EU VAT Expert Group

The Malta Institute of Taxation has been re-appointed to the EU VAT Expert Group for another 3-year term, commencing 1 October 2019. The VAT Expert Group assists and advises the European Commission on VAT matters, in particular, on the development and implementation of VAT policies. It...

VAT “Quick Fixes” – Draft Explanatory Notes published

In the run-up to 1 January 2020, the date of entry into force of Council Directive (EU) 2018/1910, Council Implementing Regulation (EU) 2018/1912, and Council Regulation (EU) 2018/1909, the EU Commission services is in the process of preparing Explanatory Notes which are intended to clarify...

VAT: scam letter alert

The Office of the CfR has issued an alert notice concerning scam letters sent to VAT-registered persons. The notice can be accessed here....

VAT exemption for services relating to sports – guidelines

The Office of the CfR has issued guidelines on the VAT exemption in terms of item 5 of Part 2 to the Fifth Schedule of the VAT Act, which applies to services relating to sports supplied by non-profit making organisations. The guidelines clarify that the exemption,...

VAT exemption for welfare services – guidelines

The Office of the CfR has issued guidelines on the VAT exemption in terms of item 11(4) of Part 2 to the Fifth Schedule of the VAT Act, which applies to welfare services supplied by a Government Institution or an institution/organisation recognised as a non-profit...