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...

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...

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: ...

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...

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...

Explanatory notes on new VAT e-commerce rules published

On 30 September 2020, the Commission published Explanatory Notes on the new VAT e-commerce rules. The notes are intended at providing an explanation of the amendments to the legislation which will enter into effect as of 1 July 2020. They are based on the views of...

2020 VAT Gap forecast – a potential loss of €164 billion

The EU VAT Gap (the difference between expected revenues in EU Member States and the revenues actually collected) figures for 2020 forecast a potential loss of €164 billion in 2020 due to the effects of the coronavirus pandemic on the economy. The 2020 VAT Gap Report...

})(jQuery)