ACT News
Latest news
Read all about ACT and relevant news from advisory, corporate, tax and other related services.
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ACT to participate in four events in the CIS region
Following the success ACT had in the CIS region with new clients for the Maltese Citizenship and Residence programs, ACT is pleased to announce that in collaboration with one of its sister companies, it will be…
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Amendments to the Pharmacy Of Your Choice (POYC) Rules
By means of LN 283 of 2016, the purview of the POYC rules will with effect from year of assessment 2017 be also applicable to any person carrying on a business through a pharmacy outlet who incurs capital expenditure or…
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OECD releases discussion draft on branch mismatch structures
On the 22nd August 2016, the OECD released a discussion draft on branch mismatch structures (BEPS Action 2). The report on BEPS Action 2 (Neutralising the Effects of Hybrids Mismatch Arrangements) sets out…
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Double Taxation Agreement with Viet Nam published
By means of Legal Notice 286 of 2016, the Government of Malta has published the double taxation agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. With…
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Commutation of Recognised Pensions
LN 262 of 2016 refers to the exemption from income tax applicable to the commutations of pensions. Rule 3 of the said LN prescribes that the total amount of capital sum received by way of scheme which is exempt from…
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OECD releases a discussion draft on the Group Ratio Rule (BEPS Action 4)
On July 11, 2016, the OECD released a discussion draft on elements of the design and operation of the Group Ratio Rule with respect to interest deduction limitations. The final version of the report on Action 4…
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EC issues new proposals on AML/CFT
The European commission (EC) has on the 5th July 2016 issued new proposals to amend the current framework in its fight against organized crime, corruption and tax evasion. These proposals will amend EU Directive…
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OECD releases a discussion draft on BEPS Action 7
On July 4, 2016, the OECD released a discussion draft with respect to additional guidance on the attribution of profits to permanent establishments. Action 7 of the BEPS Action Plan (“Preventing the Artificial Avoidance…
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OECD publishes additional guidance on CbC reporting
On the 29th of June, 2016, the OECD published a memorandum entitled ‘Guidance on the Implementation of Country-by-Country Reporting’. The OECD/G20 BEPS Project had set out 15 key actions to reform the international tax…
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Seed Investment Scheme Rules
In June 2016, the Commissioner for Revenue has issued new rules to grant tax credits to natural persons investing in start-up businesses (hereinafter referred to as ‘qualifying investors’). These rules came into force…
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New guidelines by the VAT department – correction of errors
On the 25th April, the VAT Department issued a guideline that explains the changes in the way corrections of vat returns can be made by persons registered in terms of Article 10 of the VAT Act. As from the 1st May 2016,…
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EC publishes working paper on State aid and tax rulings
In June 2016, the EC published a working paper on State aid and tax rulings. The working paper provides a brief summary on the measures taken by the EC so far in respect of the tax ruling practice of Member States (MS),…
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Amendments to the Eco Contribution Act
As from 1st June 2016, eco-contribution is chargeable with respect to accommodation, whether provided for a consideration or otherwise, in any premises which, for the purpose of providing the said accommodation,…
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Personal Tax Returns YA 2016
The Inland Revenue Department is currently submitting the personal income tax returns to individual taxpayers for basis year 2015 (year of assessment 2016). How we can assist? Our tax team can advise taxpayers to…
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ACT 2016 ANNUAL DAY CONFERENCE
ACT is pleased to announce that it will be organizing an annual day conference for all its members of staff. The event will be held on Monday 4th July 2016 at The Westin Dragonara Resort in St. Julian’s and will include…
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Qualifying Employment in Aviation (Personal Tax) Rules
By means of Legal Notice 177 of 2016, the Authority for Transport in Malta has been designated as the authority responsible for determining the eligibility or otherwise of an individual wishing to apply for the…
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ACT expands its services in the CIS region
ACT is pleased to announce that it has entered into a collaboration agreement with Malta VIP Limited to establish ACT MaltaVIP Limited. The purpose of this collaboration is for the new company to market its services in…
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EC proposes public CbC tax transparency rules for MNEs
The European Commission has last month introduced a proposal to amend the Accounting Directive (Directive 2013/34/EU) in order to create public country-by-country tax transparency rules for multinational enterprises…
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OECD releases discussion draft on the treaty residence of pension funds
Earlier on this year, the OECD published a discussion draft that includes proposals for changes to the OECD Model Tax Convention concerning the treaty residence of pension funds. The discussion draft, that follows the…
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Tax incentives applicable to donations to Culture
In order to foster further partnership between Malta’s corporate and cultural sectors, the Maltese Government has recently announced some amendments to the tax incentives applicable to companies that grant cash…