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Read all about ACT and relevant news from advisory, corporate, tax and other related services.
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EU Tax Transparency rules to be extended to digital platforms
EU Member States have agreed to extend EU tax transparency rules to digital platforms. Following the proposal made by the Commission in July as part of the Action Plan for Fair and Simple Taxation, the agreed proposal…
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Amendments to the Company Service Providers Act
By means of Act No. L of 2020, the Government of Malta has published an Act to amend the Company Service Providers Act (Chapter 529 of the Laws of Malta). The provisions of the Act are not yet in force and they shall…
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Tax Credits for Micro- Enterprise and Self-Employed
The introduction of Legal Notice 444 of 2020, has brought along amendments to the Tax Credits for Micro Enterprises and the Self-Employed Regulations (Subsidiary Legislation 463.09). Such amendments will apply…
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Commissioner for Revenue Publishes new Guidelines on Dispute Resolution Mechanisms Regulations
The Commissioner for Revenue has on the 9th November 2020 issued a new guidance note to provide a general overview of the European Union Dispute Resolution Mechanisms Directive Implementation Regulations (S.L. 123.191).…
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Extension of deadline for the submission of income tax returns and tax payments by fiscal units
The Office of the CfR has issued a notice stating that the deadline for the filing of the YA 2020 income tax return by a principal taxpayer in respect of a fiscal unit for the purposes of the Consolidated Group (Income…
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EXPLANATORY NOTES PUBLISHED BY THE EU COMMISSION ON THE NEW VAT E-COMMERCE RULES
On the 30th of September 2020, the European Commission has published explanatory notes on the new VAT e-commerce rules. The notes are intended to provide an explanation of the amendments to the legislation which will be…
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MBR GUIDANCE ON REGISTER OF BENEFICIAL OWNERS OF COMMERCIAL PARTNERSHIPS
The Malta Business Registry (MBR) has on the 5th October 2020, published new guidance on the Register of Beneficial Owners of Commercial Partnerships. The guidance provide an overview of the requirements in terms of the…
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Commissioner for Revenue publishes new guidelines on the ATAD Implementation Regulations
On 31 August 2020, the Commissioner for Revenue published a set of guidelines in relation to the Anti-Tax Avoidance Implementation Regulations. The guidelines on the ATAD Implementation Regulations were issued in line…
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Electricity Bill Refund
On the 27th August 2020, Malta Enterprise has launched the Electricity Bill Refund Scheme whereby businesses eligible for the Wage Supplement Scheme can now benefit from an assistance of 50% of the electrical power…
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Fiscal Unit Tax Payment and Registration Deadlines
The Commissioner for Revenue has notified that the tax payment deadline of eighteen months following the end of the accounting period, applicable to companies in possession of a determination under the relevant…
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Deadline for applying for Fiscal Unity extended to 30 September 2020
The Commissioner for Revenue has notified that the deadline for applying for fiscal unity in respect of Year of Assessment 2020 is being extended from 31 August 2020 [as communicated in the Guidelines in relation to the…
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FSS Forms – Updated
The Office of the CfR has announced that the FSS forms have been updated to reflect changes brought about by the Tax on Overtime Rules and the Covid19 Wage Supplement. The revised forms can be downloaded from here.…
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Foreign Direct Investment (FDI) in Malta
FDI contributes to the EU’s growth by enhancing its competitiveness, creating jobs and economies of scale, bringing in capital, technologies, innovation, expertise, and by opening new markets for the EU’s exports. The…
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Private Residential Leases (Tax Rebate) Rules, 2020
Introduced by means of Legal Notice 258 of 2020, such rules apply to income derived on or after 1st January 2020 from a private residential lease. Such lease must be of a duration of at least 2 years and is registered…
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Amendments to the Register of Beneficial Owners Rules
By virtue of Legal Notice 247 of 2020, the Maltese Government has amended the rules relating to the register of beneficial owners. The main amendments are as follows: All companies registered in Malta, must on each…
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Final Settlement System (FSS) (Amendment) Rules 2020
The FSS rules were recently amended by virtue of the publication of Legal Notice 246 of 2020. The new rules, which are effective as from 1st January 2020 complement the rules which were also issued earlier on this year…
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COVID 19 measures – Exemption from Tax on Certain Property Transfers Rules 2020
After the Maltese Government has announced a recovery package with the aim of restoring the economy following the effect of the COVID-19 pandemic, new rules have now been published to give effect to the various…
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Tax on Overtime Rules
Earlier on this year Article 90B was introduced in the Income Tax Act (ITA), which provided that with effect from 1st January 2010, an individual can opt to have his qualifying overtime income be subject to tax at the a…
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Updates to the Guidelines on the Consolidated Group (Income Tax) Rules
On the 3rd of June 2020, the Commissioner for Revenue (CfR) issued updated guidelines to the Consolidated Group (Income Tax) Rules. The original guidelines had been issued earlier on this year. The first update concerns…
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Amendments to the Tax Credit (Construction Waste Recycling) 2020-2023 Rules
Earlier on this year, the Government of Malta had by means of Legal Notice 179 of 2020 issued new rules granting a tax credit to authorized persons who are in possession of a permit issued by the Environment and…