ACT News
Latest news
Read all about ACT and relevant news from advisory, corporate, tax and other related services.
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MFSA on investments in virtual currencies
The MFSA is currently considering the manner in which rules may be issued to ensure market integrity and protection to the investor in the context of investments in virtual currencies. The MFSA has thus issued a…
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Deduction (Embellishment Project) Rules, 2017
By means of LN 274 of 2017, the Government has issued new rules which provide for a additional deduction for income tax purposes in respect of expenditure incurred by a person carrying on a trade or business…
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VAT reform towards a single EU VAT area
The European Commission has on the 4th October 2017 published a communication to the European Parliament, the Council and the European Economic and Social Committee on the “Follow-up to the Action Plan on VAT towards a…
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Announcement of Call 2 for the SME Growth Grant Scheme and the Start-up Investment Grant Scheme
The Measures and Support Division within the Ministry for European Affairs and Equality (MEAE), designated by the Managing Authority as the Intermediate Body responsible for administering aid schemes for enterprises…
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New tax benefits announced for employers, employees and the self-employed
The Government of Malta has announced incentives to encourage employers and employees to invest in voluntary private pensions. Employers will now get a maximum tax credit of €150 for every €1,000 pension product bought…
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Launch of an efficient and user-friendly licensee relationship management system by the MGA
The Malta Gaming Authority (MGA) has recently launched a new licensee relationship management system accessible through a secure and dedicated web portal. This project, which is the result of a collaboration between the…
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Amendments to the Fringe Benefits Rules
By means of Legal Notice 205 of 2017, the Government of Malta has amended the rules relating to fringe benefits. Fringe benefit are benefits provided or deemed to be provided by reason of an employment or office,…
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Malta’s new Gaming law – Consultation period extended
The Malta and Gaming Authority (MGA) has announced that it will be extending the consultation period on the White Paper proposing major reforms to Malta’s gaming legal framework. The consultation on the White Paper will…
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Guidance Note issued by the IRD on the Taxation of Rental Income
The Inland Revenue Department has recently published some clarifications relating to the application of Article 31D of the ITA, providing for a reduced rate of tax on rental income. The final tax rate of 15% can also be…
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Start-Up Finance 2017 – 2020
A new incentive was recently launched by Malta Enterprise targeting specifically Start-Ups in their early stages of development. The aim of this measure is to finance innovative undertakings in their early stages of…
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MGA publishes White Paper proposing major reforms to Malta’s gaming laws
The Malta Gaming Authority (MGA) has published a White Paper proposing major reforms to Malta’s gaming legal framework. The existing legislation would be repealed and replaced by an Act to be called the ‘Gaming Act’.…
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Amendment to the Deduction (Income from Employment) Rules
By means of LN 188 of 2017, the Government has amended the above-mentioned rules. These rules provide for a deduction against employment income where an individual (including any spouse where the responsible spouse has…
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Amendment to the Duty on Transfers (Exemption) Order
By means of LN 187 of 2017, the Government has amended the above-mentioned Order. This Order provides for a reduced rate of stamp duty to a transfer inter vivos of immovable property which satisfies a number of…
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Revision of the Prevention of Money Laundering and Funding of Terrorism Regulations
The Financial Intelligence Analysis Unit (“FIAU”) has on the 6th July 2017 issued a revised version of the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) for consultation. This revised…
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Directive on Tax Dispute Resolution Mechanisms in the EU
On 23 May 2017, the Council agreed on a new system for resolving double taxation disputes within the EU. The proposal sets out to improve the mechanisms used for resolving disputes between member states when disputes…
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Incentives for Malta’s capital markets
By means of ACT XVI of 2017, the Government of Malta has implemented the Budget measures for the financial year 2017 in which a number of fiscal incentives and measures targeted towards attracting local and foreign…
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VAT Compliance Obligations – How can we help you?
Managing one’s vat obligations can be challenging sometimes. Legislation changes frequently and there are a number of matters which need to be considered as one’s business continues to grow and expand. Thus it is vital…
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Malta signs Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS
On the 7th of June 2017, Malta has together with other 75 countries, signed or formally expressed their intention to sign the multilateral convention to implement tax treaty related measures to prevent BEPS. This…
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New Tax Credits to Students
A new Legal Notice (LN 175 of 2017), entitled ‘Deductions and Tax Credits (Relevant Qualifications for Industry) Rules has been issued which provides for a tax credit of up to 70% of the study costs paid by a student…
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Income Tax Returns YA 2017 for Individuals
The deadline for the submission of personal income tax returns for basis year 2016 (year of assessment 2017) is the 7th July 2017, while payments of any tax due must be made by not later than the 30th of June 2017. How…