twitter-2 

Our Newsletters

3a Malta News Enterprise Support Incentives Regulations (LN118 of 2016) Malta Enterprise may grant cash grants which can amount to up to two hundred thousand euro (€200,000) of de minimis aid over a consecutive three fiscal year period.  This maximum threshold includes all aid granted as de minimis aid from the Malta Enterprise as well as from any other entity. Share: Deadlines in May: VAT returns submitted by the 15th Payment of settlement tax for companies with financial year ending 31st August 2015 (Year of Assessment 2016) by the 31st Manual Filing of TA2 Income Tax Return and Self Assessment…
  3a Malta News New Financial Reporting requirements for Maltese companies Through the issue of Legal Notice 289 of 2015 - Accountancy Profession (General Accounting Principles for Small and Medium-Sized Entities) Regulations (the "Regulations") Maltese companies are now presented with a new financial reporting regime.  The change has come about through the ratification of the EU Accounting Directive issued in 2015. Share: Deadlines in December: VAT returns submitted by the 15th Provisional Tax Payment as per PT1 for Body of Persons, Companies Individuals and Entities by the 21st Social Security Contributions payment as per PT1 by the 21st FS5 Payer's…
  3a Malta News Cash grants to small start-up small and medium-sized undertakings having a viable business concept   A new legal notice has been issued relating to assistance to small and medium-sized undertakings having viable business concept which are in their early stage of development and are economically viable as may be prescribed in the guidelines issued by Malta Enterprise and such an undertaking requires assistance. Share: Deadlines in November: VAT returns submitted by the 15th Electronic filing of TA2 Income Tax Return and Self Assessment for companies with financial year ending 31st December 2014 (Y/A 2015) by the 21st  FS5…
  3a Malta News European Directive (Amendment) (No.2) Regulations, 2015 Amendments have been made to the EU Directive regulation relating to common system of taxation applicable in the case of parent companies and subsidiaries of different member states. Share: Deadlines in October: VAT returns submitted by the 15th Electronic filing of TA2 Income Tax Return and Self Assessment for companies with financial year ending 30th November 2014 (Year of Assessment 2015) by the 31st FS5 Payer's Monthly Payment Advice and remittance of tax and social security contributions withheld during September 2015 by the 31st  Focus on a service This section…
  3a Malta News Malta Enterprise Act (Amendment of Various Regulations) Regulations, 2015A new regulation has been published wherein various deadlines have been established relating to the following regulations:                                                                       Investment Aid Assistance to Small and Medium-Sized Undertakings Enterprise Support Incentives                                                     …
  3a Malta News Highly Qualified Persons (Amendment) Rules 2015 EEA and Swiss nationals who have availed himself from the Highly Qualified Person Rules shall be eligible for a one-time extension of 5 years.  The individual has to apply for this extension and must continue to adhere to the conditions laid in the Highly Qualified Person Rules.The extension is not available to any person who was resident in Malta prior to 1st January 2008 and the maximum qualifying period shall not exceed 10 years of assessment.No approval for special tax status shall be issued after the 31st December 2020 and…
  3a Malta News Enterprise Support Incentives Regulations, 2015 As from 1st January 2014, the de minimis aid granted to a single undertaking shall be applicable to an undertaking carrying on or intending to carry out an activity that may contribute to the economic development of Malta if such undertaking requests assistance to achieve qualifying certifications.The total amount of de minimis aid shall not exceed the amount of €200,000 over any period of three consecutive fiscal years. Share: Deadlines in July: VAT returns submitted by the 15th FS5 Payer's Monthly Payment Advice and remittance of tax and social security contributions…
  3a Malta News Property tax waiver scheme partially extendedThe Ministry of Finance said, as announced in the Budget, the scheme exempting those buying their first residential property from the 3.5% duty on the first €150,000 of the property value ends on June 30.However, following requests from notaries, while the deadline for the promises of sale to be signed will remain June 30, 2015, the deadline for the registration of the final deeds is being extended by three months until September 30."In view of the successful uptake of this scheme, the Ministry of Finance has been approached by various stakeholders…
  3a Malta News Enterprise Support Incentives An undertaking may be eligible for a tax credit if the Malta Enterprise Corporation ("ME") is satisfied that the undertaking carrying on or intending to carry out an activity that may contribute to the economic development of Malta and such undertaking requests support to achieve qualifying certifications awarded by a certifying body to improve processes, products or services or to achieve growth in international markets.  Undertakings may request support for any certification that is related to processes, products or services of the undertaking or or are required to achieve growth in international markets.…
  3a malta One Time Additional Bonus The Inland Revenue Department is sending out cheques for the one time additional bonus to employed persons who did not benefit from the reduction in the income tax rates.The eligibility to this bonus is based on employment income earned during 2013.Some individuals may still be eligible to this bonus due to a change in their circumstances during 2014.  These individuals may still be eligible to this bonus by completing the form available on our website.  The application form for this bonus should reach the Inland Revenue Department by 29 May 2015. Deadlines in April:…
  3a malta Financial Incentives to Market Malta as a Great Destination for Filmmakers Throughout the past years, the Government of Malta introduced a number of incentives designed to attract film makers to Malta to boost Malta’s film industry. These incentives come in the form of financial assistance and fiscal measures available to qualifying companies on eligible production expenditure in Malta.Apart from these incentives specific to the film making industry, the Maltese jurisdiction has an efficient and effective fiscal system, which, through the appropriate structuring may provide the investor with cash flow advantages for the reinvestment of profits.  Deadlines in…
Prevention of Money Laundering and Funding of Terrorism  The definition of 'business relationship' has been amended in order to include transactions that involve property that may have been derived directly or indirectly from, or constitutes the proceeds of criminal activity in "Case 2" (suspicion) scenario.The definition of 'funding terrorism' has been amended in order to include the conducts relating to (i) use and possession; and (ii) funding arrangements; and (iii) facilitating retention or control of terrorism property as defined in articles 328G to 328I of the Criminal Code.  Deadlines in February:  Submission of FS7s and FS3s by the 13th VAT…
Corporate Governance Manual for Investment Services Directors The objective of this Manual is to increase awareness amongst Directors who are vital for the proper operation of investment companies and funds. The Manual also provides general guidance on the implementation of good governance in financial services. The global financial crisis of 2007-09 caused severe troubles in the funds industry. These manifested themselves mainly through unprecedented losses in asset value, but also through unexpected and prolonged limitations on shareholder liquidity, operational chaos, extremely compressed and extended time horizons, legal and regulatory paralysis, slow or poor communication from managers, and overall shareholder confusion…
Investment AidAny undertaking which is duly incorporated under the laws of Malta, being (a) a partnership en nom collectif; partnership en commandite or a limited liability company; or (b) any body of persons constituted, incorporated or registered outside Malta, and of a nature similar to an undertaking as specified in (a) and resgitered as an oversea company in accordance with the Companies Act (Cap 386 of the laws of Malta); or (c) a duly registered cooperative under the laws of Malta, is eligible for the investment aid tax credit.  Kindly note that our offices will be closed from Wednesday 24th December to…
Reduced Tax On RentThe government has launched a new withholding tax on rent, whereby the rate of tax on income from rented properties would be reduced from a maximum of 35% to 15%, tax evasion will be discouraged, and government revenue will increase. Deadlines in October: VAT returns submitted by the 15th Tax Companies Electronic Filing of TA2 Income Tax Return and Self assessment for companies with financial year ending 31 December 2013 (Y/A 2014) by the 21 November. Employers FS5 Payer's Monthly Payment Advice and remittance of tax and social security contributions withheld during October 2014 by the 30 November. FOCUS…
Setting up of an investment services company in MaltaMalta's high standards of regulatory oversight and processes have been a key advantange for reputable funds.  The Maltese regulatory framework in the financial services sector is one of the most comprehensive and attractive for the setting-up, licensing and marketing of credit institutions, financial institutions, insurance companies, collective investment schemes and institutional funds as well as for investment services providers. Deadlines in October: VAT returns submitted by the 15th Tax Companies Electronic Filing of TA2 Income Tax Return and Self assessment for companies with financial year ending 30 November 2013 (Y/A 2014). Employers FS5…
Taxation Of Rental Income Derived From The Letting Of Residential Tenement Budget 2014 brought in changes to the taxation system applicable to income from the letting of immovable property in Malta for residential purposes. The Investment Registration SchemeThe Investment Registration Scheme is applicable to residents of Malta subject to tax in Malta (whether individuals or companies) who hold 'eligible assets' who want to regularise their position under the Income Tax Act by registering such assets under the Scheme.  The Scheme runs until 30 September 2014. Deadlines in August: VAT returns submitted by the 15th Tax Companies Manual Filing of TA2…
Set up of a Hedge Fund in MaltaThe process to set-up a Malta Funds Malta's high standards of regulatory oversight and processes have been a key advantage for reputable funds.  The Maltese regulatory framework in the financial services sector is one of the most comprehensive and attractive for the setting-up, licensing and marketing of credit institutions, financial institutions, insurance companies, collective investment schemes and institutional funds as well as for investment services providers. Deadlines in September: VAT returns submitted by the 15th Tax Companies Manual Filing of TA2 Income Tax Return and Self assessment for companies with financial year ending…
Taxation Of Rental Income Derived From The Letting Of Residential Tenement Budget 2014 brought in changes to the taxation system applicable to income from the letting of immovable property in Malta for residential purposes. The Investment Registration SchemeThe Investment Registration Scheme is applicable to residents of Malta subject to tax in Malta (whether individuals or companies) who hold 'eligible assets' who want to regularise their position under the Income Tax Act by registering such assets under the Scheme.  The Scheme runs until 30 September 2014. Deadlines in August: VAT returns submitted by the 15th Tax Companies Manual Filing of TA2…
Summer schemeKindly note that every Friday, for the months of July and August, our offices will close at 1400.  For any urgent matters kindly leave a message on +356 2757 2757, and we will return your call as soon as possible.August shutdownOur offices will be closed on Monday 18th and Tuesday 19th August.  We will resume work as usual on the 20th. Deadlines in July: VAT returns submitted by the 15th TaxCompanies  Manual filing of TA2 Tax Return & Self Assessment with year ending 31 October 2013. Electronic filing of TA2 Tax Return & Self Assessment with year ending 31 October 2013.…
Tax deadlines in June Companies' deadlines Payment of settlement tax for financial year ending 30 September 2013 (Y/A 2014) Manual filing of TA2 Income Tax Return & Self Assessment for financial year ending 30 September 2013 (Y/A 2014) Electronic filing of TA2 Income Tax Return and Self Assessment with financial year ending 31 July 2013 (Y/A 2014) Employers' deadlines FS5 Payer's Monthly Payment Advice and remittance of tax and social security contributions withheld during May 2014 Body of Persons' deadlines Payment of settlement of Income Tax Return & Self Assessment for year ending 31 December 2013 (Y/A 2014) TA37 Income Tax Returns &…
As from 1 January 2015 the place of supply of certain services will change.  The change in the place of supplies rules will only affect the sales transactions done between a business and a consumer.The services affected by this change are telecommunications and electronic supplied services. Deadlines in MAY: VAT returns submitted by the 15th   Reminder to all self-employed that the Provisional Tax and Social Security Contributions (SSC) for the period January to April 2014, should be filed by the 30th of April. Furthermore, Children's Allowance forms should also be submitted by end of April.   FOCUS ON A SERVICE This section…
A number of incentives have been placed into effect after these have been announced in the Budget 2014. Two of these relate to the possibility of having donations made to certain entities allowable for deduction for income tax purposes. Two other incentives relate to beneficial tax rates applicable to employment in the development of innovative and creative digital products as well as in relation to the repatriation of persons established in a field of excellence.      Deadlines in April: VAT returns submitted by the 15th Social Security Contributions paid by the 30th Payment of FS5 of March 2014 due on…
This article contains the latest updates in relation to changes with effect from 2014 in view of the last budget. Main sections effected are the Payroll and HR matters. Employers should particularly take note of the changes displayed in the below link. Deadlines in February: VAT returns submitted by the 15th End of year payroll documents filed with the Inland Revenue Department by the 15th Payment of FS5 of January 2014 due on the 28th FOCUS ON A CLIENT This section of our newsletter will start providing you with a synopsis of some of our clients and their products and services. It is a way to portray the client…
Duty relief on acquisition of the first immovable property Recent amendments to the Duty on Documents and Transfers Act (Cap 364 of the laws of Malta) have been announced in the last budget, which were targeted to various individuals.… Malta Retirement Programme Rules Beneficial Tax Rate 15% beneficial tax rate on pension received by EU/EAA Swiss national who is not employed and who meets a number of conditions. In his Budget Speech for 2014, the Minister of Finance seeks to set up a fiscal policy with the target to reduce the deficit to GDP ratio to less than 3% whilst retaining…