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5 April 2020
 
 
The MIT Weekly

Tax News & Updates

  
 

COVID-19: Wage Supplement - guidance on SSC and FSS

The Office of the CfR has published guidance on the implications of the wage supplement on Payroll and SSC reporting.

In summary, the guidance clarifies that:

  • The wage supplement (€800 or less according to eligibility) will replace the normal wages of the employee....
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Financial Account Information Reporting

The Office of the CfR has announced an extension to the deadline for the submission of the report containing Financial Account information relating to Reporting Year 2019.

The provisions of Section 12.1.1 of the Implementing Guidelines on Automatic Exchange of Financial Account Information....

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Suspension of legal times under the Tax Acts

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The Suspension of Legal Times (Revenue Acts) Order, 2020 (LN35 of 2020) was published on 3rd April 2020. The legislation provides for the suspension of time-limits and deadlines arising under the relevant tax legislation in connection with the rights and obligations of the revenue authorities (e.g. the period within which an assessment may be raised, and the period within which a tax refund shall be settled), as well as the obligations of taxpayers (e.g. the deadline for submission of returns and tax payments). The legislation specifies when the suspensions are to apply and any exceptions.

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CFE Tax Top 5

This week's edition looks at the following:

  • Joint Statement of European Council on EU Enlargement & EU COVID Response;
  • EU Commission Publishes Customs Union Roadmap...
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Financial Account Information Reporting

The Malta Business Registry has announced the following measures:

  • the processing of documents submitted in paper format will commence on the first working day after 72 hours...
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FIAU Consultation Document 

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On 1 April 2020, the Financial Intelligence Analysis Unit (“FIAU”) published a consultation document containing proposed amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations.

Members of the Malta Institute of Taxation are invited to send through their feedback and comments to the Institute on mit@maintax.org by 14 April 2020, and these will be channelled through to the FIAU within the stipulated deadline.

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MIT Courses Online 

  MIT online

Three weeks ago the MIT began transitioning its tax courses to an online format in view of the COVID-19 developments. The MIT Course on Taxation and the MIT Course on Tax Compliance are being held by video-conferencing. The Institute thanks the lecturers and students for their patience and co-operation during these challenging times and continues to work to be able to deliver tax education and training as effectively as possible in the circumstances.


  
 
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