ACT News
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Read all about ACT and relevant news from advisory, corporate, tax and other related services.
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New VAT Rules for SMEs Agreed
The Council of the EU has reached an agreement on the amendments to the VAT Directive in relation to SMEs. The objective of the amendments is to reduce the administrative burden and compliance costs for SMES, and in…
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Payment of PT rules – Change in additional tax on unpaid provisional tax
The Malta Government has on the 19th November 2019, published Legal Notice 304 of 2019 which amends the Payment of Provisional Tax Rules. A new proviso to Rule 14(1) provides that in respect of periods commencing on or…
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Qualifying Employment in Innovation and Creativity (Personal Tax) Rules
The Malta Government has on the 5th November 2019, published Legal Notice 282 of 2019, which revised the Qualifying Employment in Innovation and Creativity (Personal Tax) Rules, which shall be deemed to have come into…
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VAT: reduction of rate of interest
The Malta Government has on the 19th November 2019, published Legal Notice 303 of 2019 which with effect from the 1st January 2020 will reduce the rate of monthly interest on unpaid vat payable in terms of Article 21(4)…
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Brexit Support Scheme Regulations 2019
The Government of Malta has issued new rules to provide assistance to SME undertakings that operate in Malta and which have a significant dependency on the British market in terms of import and export. The aid will…
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Patent Box Regime (Deduction) Rules
The Government of Malta has by means of Legal Notice 208 of 2019, recently published new rules, introducing a patent box regime on qualifying intellectual property (IP). The deduction is applicable to qualifying income…
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Patent Box Regime (Deduction) Rules (continued)
The Government of Malta has by means of Legal Notice 208 of 2019, recently published new rules, introducing a patent box regime on qualifying intellectual property (IP). The deduction is applicable to qualifying income…
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Budget 2020 – Measures Related to Employment
The Ministry of Finance has on Monday 14th October 2019 delivered the Budget Speech for the year 2020. The following are the measures announced in the budget speech which are related to employment. Cost of living…
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Budget 2020 – Measures Related to Immovable Property
The Ministry of Finance has on Monday 14th October 2019 delivered the Budget Speech for the year 2020. The following are the measures announced in the budget speech in relation to immovable property. With immediate…
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Delta Summit 2019
ACT is proud to announce that it will participate in the Delta Summit taking place in Malta between the 2nd and the 4th of October. Tax partner Stephen Balzan and Stefania Smeralda Bagalà would love to meet you in…
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MFSA Issues Circular to VFA Service Providers
The MFSA has on the 6th September 2019 issued a circular to Virtual Financial Asset Service Providers who are currently benefitting from the transitory provisions in terms of Article 62 of the VFA Act. Such providers…
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Mistra Heights Designated as a Special Designated Area (SDA)
By means of Legal Notice 226 of 2019, the Mistra Heights Project has been designated as an SDA for the purposes of the Immovable Property (Acquisition by Non Residents) Act. Thus, similar to other projects, the Mistra…
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Updated MAP Guidelines
The Commissioner for Revenue has updated its guidance on the use of Mutual Agreement Procedure (‘MAP’). The updated MAP Guidelines provide some additional clarifications to the previous version of the said guidelines.…
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BREXIT – Immigration Status of British nationals Residing in Malta
The Government of Malta has by means of Legal Notice 63 of 2019, recently published new rules, applicable to British citizens residing in Malta on the day the Treaties of the European Union (EU) shall cease to apply to…
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New Guidelines Issued on Duty on Documents
The Commissioner for Revenue has issued new guidelines which clarify that for the purposes of Articles 42(1)(b) and 47 of the Duty on Documents and Transfers Act, the term ‘company’ shall include a partnership. This…
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Updates to the Notional Interest Deduction (NID) Guidelines
On the 11th of July 2019, the Commissioner for Revenue updated its guidelines on the NID rules. The updated guidelines include a new paragraph ‘xi’ which refer to deductions calculated in respect of accounting periods…
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Amendments to the Register of Beneficial Owners Regulations
By means of LN 158 of 2019, the Government of Malta has on the 12th July 2019, published amendments to the Companies Act (Register of Beneficial Owners) Regulations. The amendments seek to transpose into Maltese Law,…
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New Double Tax Treaty with Kosovo
By means of Legal Notice 168 of 2019, the Government of Malta has published the new treaty for the avoidance of double taxation with the Republic of Kosovo. With respect to dividends and interest, the two States agreed…
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New Seed Investment Scheme Rules
By means of Legal Notice 170 of 2019, the Government of Malta has published new seed investment scheme (income tax) rules. The purpose of these rules is to grant tax relief to natural persons investing in start-ups. The…
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New Philanthropic Organisations Exempt from Income Tax
By means of LN 167 of 2019, the Government of Malta has named five new organisations as being engaged in philanthropic work, and thus exempt from income tax in terms of Article 12(1)(e) of the Income Tax Act. The…