The EU Commission has launched a portal dedicated to the VAT rules for Small Enterprises (i.e. the ‘small undertakings’ under the Malta VAT Act). The new VAT rules for Small Enterprises will enter into effect on 1 January 2025. Under the new rules, businesses which...

A bill to amend the VAT Act (CAP 406) has been published – view here. The changes proposed to the VAT Act, implement the changes to the VAT Directive (Dir 2006/112EC) introduced by Directive 2020/285  as regards the special scheme for small enterprises (See MIT...

At the meeting of the ECOFIN Council of 5 November 2024, agreement was reached on the VAT in the Digital Age package (see MIT News 8 December 2022). After nearly two years of negotiations, agreement was reached on a compromise proposal which addresses: Digital Reporting...

Further to the Budget for 2025 announced on 28 October 2025, the Budget Measures Implementation Bill has been published. The bill proposes amendments to: Part II Amendment to the Customs Ordinance. Cap. 37. Part III Amendments to the Income Tax Act. Cap. 123. Part IV...

This week’s edition of the CFE Tax Top 5 looks at the following: EU Commission Publishes DAC9 Proposal for a Central Filing Mechanism for Pillar 2 Reporting New EU Tax Priorities: Insights from Commissioner-Designate Wopke Hoekstra’s Q&A for Confirmation Hearing ECOFIN: Political Agreement Expected This Week on...

On 28 October 2024 the EU Commission adopted a proposal to amend the Directive on administrative cooperation in the field of taxation (Directive 2011/16/EU). The DAC9 proposal is linked to the filing obligations imposed under the Pillar 2 Directive (Directive (EU) 2022/2523), which aims to ensure...

The Minister for Finance and Employment, the Hon Clyde Caruana, has delivered the Budget Speech for 2025. The following is an overview of some of the fiscal measures announced: → The income tax brackets for individuals (single, married and parent computations) will be widened, which...

The Malta Tax & Customs Administration has published  a new Guidance Note in Relation to the Taxation of Insurance Businesses Following the Adoption of IFRS 17 Insurance Contracts Rules. View the guidance here.

This week’s edition of the CFE Tax Top 5 looks at the following: EU Experts Call for Tax Simplification & Competitiveness at FISC Hearing UN Tax Committee Addresses Digitalisation, Double Taxation and Capacity Building at 29th Session Executive Vice-President Vestager Highlights Digital Economy Challenges &...