ACT News
Latest news
Read all about ACT and relevant news from advisory, corporate, tax and other related services.
-
Malta issues a new regulatory framework for collective investment schemes using virtual currencies
The Malta Financial Services Authority has published new rules regulating collective investment schemes using virtual currencies. The regulatory framework being presented will be the first of its kind, making Malta the…
-
Malta to regulate the blockchain technology services sector
The Maltese Government has announced that in the coming weeks, Malta will be launching the world’s first legal framework for the creation of a regulatory body to regulate services in the sectors of Blockchain,…
-
Letting of rooms to play poker are now exempt from VAT
By virtue of Legal Notice 9 of 2018, the Maltese Government has exempted the letting of rooms or other spaces which are lawfully designated for the playing for poker from the payment of VAT. This legal notice has…
-
EU Commission announces new tax guidelines on withholding taxes
The Commission has on the 11th December 2017 put forward new guidelines on withholding taxes to help Member States reduce costs and simplify procedures for cross-border investors in the EU. The new Code of Conduct…
-
Malta introduces the Register of Beneficial Owners of Companies
The Government of Malta has on the 20th December 2017 issued new rules (LN 374 of 2017), the purpose of which is to implement the relevant provisions on beneficial ownership information of the EU Directive 2015/849. The…
-
New Gaming Licence Fees effective as from 1 January 2018
The Government of Malta has revised the Gaming Licence Fees, whereby the fees for Type 1 games have been substantially reduced. Furthermore, start-ups will be entitled to a 1-year exemption on compliance contributions.…
-
Maltese tonnage tax scheme approved by the European Commission
The EC has conditionally approved under EU State aid rules the Maltese tonnage tax scheme for a period of 10 years. This scheme lays down a level playing field between shipping companies in Malta and those in Europe,…
-
Amendment to the 5th Schedule of the VAT Act
By virtue of LN 347 of 2017, item 2 of paragraph (2) of Part 5 of the 5th Schedule has been amended so that food which is served for consumption by any person in the same establishment, shall now be considered as food…
-
Double taxation agreement with Ukraine
The Government of Malta has just published the new agreement with Ukraine for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. With respect to interest and royalties…
-
EU Council approves the list of non-cooperative jurisdictions
On 5 December 2017, the Council of the European Union approved the list of non-cooperative jurisdictions for tax purposes. Those appearing on the list failed to take meaningful action to address deficiencies identified…
-
MGA issues call for interested parties to register their interest on DLT and/or Cryptocurrency projects
The Malta Gaming Authority (MGA) is continuously analysing ongoing developments in the fields of Distributed Ledger Technology (‘DLT’) and cryptocurrencies including their application in various technology and…
-
Stamp duty reduction on property acquired in Gozo
Persons who acquire residential property in Gozo by the end of 2018 will benefit from a reduction in stamp duty from 5% to 2% provided the promise of sale agreement is registered with the Inland Revenue Department by…
-
Tax deductions for donations made to the Malta Community Chest Fund (MCCF)
With effect from year of assessment 2015, a deduction against taxable income was introduced in respect of cash donations of not less than €2,000 made by companies to the Malta Community Chest Fund. The donation would be…
-
EuropeFides to hold its AGM in Malta in January 2018
ACT are in their final preparations to host the Annual General Meeting of EuropeFides which will be held at the Westin Dragonara Resort St. Julian’s Malta on the 26th and 27th January 2018. EuropeFides have already…
-
New guidelines issued by the VAT Department on sporting facilities
The VAT Department has on the 28th November 2017, issued new guidelines with respect to the reduced rate of 7% on the use of sporting facilities. The guidelines stipulate that as from the 1st January 2018, the reduced…
-
New guidelines issued by the VAT Department to determine the taxable value of gambling and betting services
The VAT Department has on the 21st November 2017, issued new guidelines, on the determination of the taxable value of gambling and betting services, that fall within the scope of article 4 of the VAT Act and which are…
-
New Guidelines issued by the VAT Department on supplies relating to Gambling
The VAT Department has on the 21st November 2017 issued new guidelines with respect to supplies related to gambling which with effect from 1 January 2018 shall be exempt without credit supplies for Maltese vat purposes.…
-
The General Data Protection Regulation (GDPR) – Are you ready?
The GDPR is a new EU data protection law that will come into effect on the 25th May 2018 and will be replacing the current Directive (95/46/EC). The aim of the GDPR is to protect citizens’ private information and to…
-
VAT Grouping in Malta
In the budget speech for 2018, the Minister of Finance has announced that for the first time, Malta will introduce rules which will permit two or more persons to be treated as a single person for VAT purposes. Such…
-
Audit Report Waiver and Deduction Rules
By means of Legal Notice 306 of 2017, the Government of Malta has issued new rule, in virtue of which a new deduction will be given for income tax purposes to companies which will have effect as from year of assessment…