Audit report waiver under the ITMA
20 July 2025
Subsidiary legislation issued under the Income Tax Management Act (CAP 372) pursuant to LN 139 of 2025 repeals the Audit Report Waiver and Deduction Rules (SL 372.29) and introduces new rules around audit report waivers:
- an audit report waiver for the first two accounting periods of new companies which satisfy certain criteria around shareholding (individuals with MQF3+ qualifications) and annual turnover (€80,000);
- reduced audit requirements for certain qualifying existing companies;
- provisions for shipping companies under the Merchant Shipping Act.