ACT News
Latest news
Read all about ACT and relevant news from advisory, corporate, tax and other related services.
-
EU CONSULTATION ON EXTENDING DAC TO CRYPTO-ASSETS AND E-MONEY
The EU Commission has launched a public consultation on a proposal to expand the Directive on Administrative Cooperation, to provide for the exchange of information in the field of taxation to include crypto-assets and…
-
Act L of 2020 comes into force – Amendments to the Company Service Providers Act
The amendments to the Company Services Providers Act came into force on the 16th March 2021 which amongst others provide for the removal of exemptions applicable to certain warranted professionals, who were not required…
-
Company Service Providers (Exemption) Regulations
The Government of Malta has published Legal Notice 105 of 2021 which provides for a list of persons who will be exempt from seeking authorization from the MFSA to act as company service providers, thus being exempted…
-
Capital Allowances for Car Parks
The Commissioner for Revenue has published a new Guidance Note regarding Capital allowances in respect of Car Parks. The definition of “industrial building or structure” in article 2 of the Income Tax Act includes a car…
-
Compliance monitoring by the CfR
The Office of the CfR has announced that, as part of its compliance monitoring, entities in scope of the Cooperation with Other Jurisdictions on Tax Matters Regulations (SL 123.127) that will be receiving a formal…
-
Increase in tax exemption threshold for voluntary organisations
Pursuant to LN 39 of 2021, the Enrolled Voluntary Organisations (Tax Exemption) Rules (SL 123.190) have been revised. In terms of the changes, which apply as of year of assessment 2022, the tax exemption in terms of…
-
Tax rebate on private residential leases
The Office of the CfR has announced that persons who derive income from a private residential lease which is registered with the Housing Authority as a long lease, are eligible for a tax rebate against the tax…
-
DAC 6 Guidelines published
The Office of the CfR has announced that the Guidelines on the Mandatory Automatic Exchange of Information in relation to Cross-Border Arrangements have been published. The Guidelines have been issued in terms of…
-
DAC 6 Reporting deadlines
The Commissioner for Revenue has notified that with respect to cross-border arrangements where the trigger point for reporting took place between 1 July 2020 and 31 December 2020 the deadline for reporting must take…
-
Fiscal Unit YA 2020 Tax Return deadline extended
The Commissioner for Revenue has notified that for Year of Assessment 2020, the deadline for the filing of the income tax return by a principal taxpayer in respect of a fiscal unit is being further extended to 30 June…
-
Gozo Back Office Employment Scheme 2021
The Ministry for Gozo has on the 26th January 2021 launched the Gozo Back Office Employment Scheme 2021. This scheme will provide assistance to employers, in the form of partial reimbursement of salaries for full-time…
-
Joint notice by the MBR and the CfR with respect to share transfers
The Commissioner for Revenue and the Registrar of Companies would like to notify that, in respect of share transfers and changes in issued share capital/voting rights of companies and other commercial partnerships where…
-
SME Fund to Protect Trademarks and Designs
The SME Fund is a new scheme managed by the European Union Intellectual Property Office (EUIPO) and its objective is to financially support SMEs (small and medium sized enterprises) that wish to protect their trademarks…
-
Wage Supplement Scheme 2021
This new wage supplement scheme is targeted to assist businesses and self-employed who were mostly hit by the pandemic The new wage supplement scheme aims to cover employees that have been replaced during Summer 2020.…
-
Amendment to the Deduction (Income from Employment) Rules
By means of LN 462 of 2020, The Government of Malta has revised the Deduction (Income from Employment) Rules (S.L. 123.149), increasing the annual income requirement threshold from €9,840 to €9,930. The revised…
-
National minimum wage for the year 2021
By means of LN 467 of 2020, the Government of Malta has notified that with effect from 1st January 2021, the national minimum wage per week for whole time employees shall be as follows: Age 18 years and over…
-
Protocol amending the double taxation treaty between Malta and Russia
By means of LN 464 of 2020, the Government of Malta has notified that the Protocol amending the Convention with the Russian Federation for the avoidance of double taxation and the prevention of fiscal evasion with…
-
Tax rebate to pensioners
By means of LN 460 of 2020, the Government of Malta has amended The Tax Rebate (Pensioners) Rules. These rules are applicable to individuals who are in receipt of income from any pension chargeable to tax under Article…
-
Tax returns for fiscal units
The Commissioner for Revenue has notified that the income tax return and the supplemental document for Year of Assessment 2020 required to be filed by a principal taxpayer in respect of a fiscal unit are now available…
-
Wage increase for the year 2021
By means of LN 468 of 2020, the Government of Malta has notified that with effect from 1st January 2021, the wages of whole time employees shall be increased by Eur1.75 per week.