Tax & VAT News
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Tax & VAT News
Latest news relating to Tax and VAT in Malta. Click below and contact us if you need any additional information.
2020 EU VAT Reform: ‘Quick Fixes'
On 4 October 2017, the European Commission proposed a drastic reform of the VAT system of the European Union to modernise the VAT system and make it simpler and more business-friendly for the benefit of both Member States and businesses. In the short term, the European Commission has also proposed a number of ‘quick fixes’ to improve the VAT system. These will be effective as of January 2020.
The Consolidated Group (Income Tax) Rules, 2019
The Consolidated Group (Income Tax) Rules, 2019 were published recently with the objective being that of treating a parent company and its subsidiaries as one fiscal unit.
Recent development on Tax
There were a number of recent developments within the Maltese Tax Legislation, particularly the adoption of the Anti-Tax Avoidance Directive (ATAD 1) provisions which have started to apply with effect from 1 January 2019.
Inland Revenue Department News
The Inland Revenue Department (IRD) of Malta has published the new Electronic Filing Extension of Corporate Income Tax Returns.
Tax Credits supporting the refurbishment of hotels and restaurants
Malta Enterprise is currently accepting application forms in relation to the Tax Credit supporting the refurbishment of Hotels and Restaurants scheme.
Skills Development scheme from Malta Enterprise
The Skills Development scheme has been launched by Malta Enterprise with the main aim to provide assistance for the development of training programmes. These rules shall be deemed to have come into force from 1 September 2018.
Family Business: Reduced Rate of Duty on Transfers
A reduced 1.5% rate of duty is available on transfers by gratuitous title of marketable securities as well as business property by an individual to qualifying family members.
Malta’s Response to the EU’s Anti-Tax Avoidance Package
Following the adoption of the Anti-Tax Avoidance Directive by the European Council, similar to other jurisdictions, Malta is bound to implement a number of provisions in its tax legislation to ensure compliance thereto.
New VAT rules for entrepreneurs trading within the EU
A previous update released in 2017 detailed the European Commission's plans to introduce new rules for cross-border deliveries with effect from 1 January 2022.
2018 Compliance calendar
With constantly changing regulations, it can be hard to keep up with reporting requirements and deadlines.