ACT News
Latest news
Read all about ACT and relevant news from advisory, corporate, tax and other related services.
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FIAU issues a revised version of the Implementing Procedures Part 1
The FIAU has recently issued a revised version of the Implementing Procedures Part 1. The revised version is effective as from 19th July 2019 and reflects a series of legislative amendments to the Prevention of Money…
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Voluntary organisations – Declaration of due diligence
All organisations enrolled with the Commissioner for Voluntary Organisations have until the 31st of July 2019 to submit the relevant Declaration of Due Diligence with the Office of the Commissioner for Voluntary…
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New Treaty with the Principality of Monaco
The Maltese Government has published the tax treaty with the Principality of Monaco by means of Legal notice 70 of 2019. The tax treaty is modelled on the OECD model tax convention. The treaty provides that the source…
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ACT Proud Sponsors of an Event Celebrating Philippines Independence Day
ACT were the proud sponsors of an event organised by the Filipino Community in Malta celebrating the 121st Independence Day, held on Sunday the 16th June 2019 in Valletta. Roger A. Strickland the Honorary Consulate of…
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Changes to Malta’s Participation Exemption Regime
The third proviso to Article 12(1)(u)(1) of the Income Tax Act, has been amended so that gains or profits derived by a company registered in Malta (the transferor company), arising on the transfer of a participating…
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30th June 2019 – Three Important Deadlines
The 30th of June is fast approaching and this is the last day for filing of one’s own income tax return in respect of year of assessment 2019. It is also the deadline for one to declare any income from part time…
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Consolidated Group (Income Tax) Rules 2019
Consolidated Group (Income Tax) Rules 2019 Malta has on the 31st May 2019, by means of Legal Notice 110 of 2019, introduced rules by virtue of which a parent company and its subsidiaries may elect to form one fiscal…
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ACT participates at the Gozo Business Expo 2019
ACT was one of the exhibitors during the first Business Expo held in Gozo on Friday 31st May and Saturday 1st June 2019 at the Grand Hotel in Mgarr Gozo. Organised by MBR Publications in collaboration with the Ministry…
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The MGA & the Swedish Gambling Authority enter into a MoU
The Malta Gaming Authority (MGA) and the Swedish Gambling Authority have recently entered into a Memorandum of Understanding (MoU) that will strengthen the cooperation between the two Authorities. The aim of this MoU is…
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Controlled Foreign Company (CFC) rule under ATAD 1
By means of Legal Notice 411 of 2018, Malta has like all other EU Member States implemented the EU Anti-Tax Avoidance Directive. The regulations will be applicable as from 1st January 2019 with the exception of those…
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New Tax credits for hotels and restaurants
Malta Enterprise has announced a new scheme which is aimed at incentivising businesses to invest in the refurbishment of hotels and restaurants. The incentive consists of tax credits which are calculated on the…
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MFSA issues document on AML and CFT strategy
On 4th February, the Malta Financial Services Authority issued a document outlining its strategic approach towards AML and CFT supervision, including its implementation of a National AML/CFT Strategy, from a firm’s…
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MFSA reveals ‘Vision 2021’
On the 31st of January 2019, the Malta Financial Services Authority (“MFSA”) revealed its strategy for the next three years in a public press conference. “Vision 2021” sets out the MFSA’s mission and strategic vision,…
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MGA introduces crypto and blockchain in the Gaming Industry
On the 1st of January, 2019, the Malta and Gaming Authority (MGA) initiated the first phase of its Sandbox Framework for the acceptance of Virtual Financial Assets (“VFA”) and the usage of Distributed Ledger Technology…
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General Anti-abuse rule (GAAR) under ATAD 1
By means of Legal Notice 411 of 2018, Malta has like all other EU Member States implemented the EU Anti-Tax Avoidance Directive. The regulations will be applicable as from 1st January 2019 with the exception of those…
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Ten-year residency permit for UK nationals residing in Malta
A new ten year residency permit for UK nationals living in Malta will be one of the 36 action points that the Government of Malta has in mind in case a no deal Brexit scenario occurs after March. This means that all…
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EU Commission – Moving to Qualified Majority Voting in Taxation Matters?
The EC has invited public feedback concerning a roadmap that proposes decision making on tax matters that could take place by way of qualified majority voting, rather than by unanimous agreement. The Commission’s…
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Accelerated tax depreciation for aircrafts
By means of Legal Notice 322 of 2018, the Government of Malta has announced that the number of years over which the following assets may be depreciated has been reduced from 6 years to 4 years. Aircraft airframes,…
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Interest limitation rules in Malta under ATAD 1
By means of Legal Notice 411 of 2018, Malta has like all other EU Member States implemented the EU Anti-Tax Avoidance Directive. The regulations will be applicable as from 1st January 2019 with the exception of those…
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Malta’s NID rules approved by the EU Code of Conduct Group
Malta’s Notional Interest Deduction (NID) Rules enable undertakings to apply a deduction of notional interest against chargeable income, which notional interest is determined by reference to the undertakings risk…