Author Archives: Zampa Debattista

Audit & IFRS Newsletter

Download Zampa Debattista – Audit & IFRS Newsletter Q2 Section A – Financial Reporting IMPACT OF COVID-19 – IFRS VERSUS GAPSME GOING CONCERN MATTERS AND EVENTS AFTER THE REPORTING DATE Following the advent of COVID-19, preparers of financial statements need to assess whether the entity is a going concern at the date of the authorisation of […]

VAT Newsletter Q.2 – 2020

Download Local news Commissioner for Revenue News The Covid-19 Scheme applicable to the Postponement of the due date for the Payment of Certain Taxes was  extended to include eligible taxes up to end of June 2020 with the settlement period also being extended to the end of October 2020. Publication of Legal Notices Legal Notice […]

Categories: VAT

Accounting for the €100 voucher versus other types of vouchers

The Maltese government has issued vouchers of €100 to everyone over the age of 16, as one of its measures implemented to regenerate the economy following the impact of the Coronavirus pandemic. Four of these vouchers can be spent at any establishment licensed under the Malta Tourism Authority, including hotels, restaurants, bars and diving schools. […]

EXO Numbers – Article

25 years ago, the Maltese Parliament enacted the Value Added Tax Act.  This ‘anniversary’ passed by unnoticed.  COVID-19, rightly so, is taking centre stage. Back then, it was a time when Malta was at a crossroad and started shifting its tax base, from direct to indirect taxation.  Without going into the historical or the political […]

Covid-19 – June Budget 2020

Following the COVID19 Pandemic, on 8th June 2020 the Government of Malta announced an additional financial budget for 2020 aimed at the regeneration of the Maltese economy, which will facilitate the next step towards normality through a number of tax cuts and spending stimulus. Property and Construction Property Transfer Tax will be reduced from 8% […]

IASB Issues Amendment To IFRS 16 ‘Leases’: COVID-19-Related Rent Concessions (Lessee Accounting)

Rent concessions include, for instance, rent holidays, and temporary rent reductions – a reality following the advent of COVID-19. A simplification is now available to IFRS preparers accounting for COVID-19-related rent concessions given that a number of criteria are met: Criteria 1: The change in lease payments results in revised consideration for the lease that […]

VAT Services – EU VAT Refunds

Would it be news if we had to tell you that you are able to reclaim back input tax incurred locally on costs used in the furtherance of your business?  If you are a person who carries on or intends to carry on an economic activity within the scope of VAT and you are identified or opt to be identified for VAT purposes under Article 10 of the Malta […]

VAT APPEALS – Administrative Review Tribunal

Download VAT Appeals Administrative Review Tribunal This May marks the eight year since the commencement of the hearing of VAT appeals cases by the Administrative Review Tribunal instead of the VAT Appeals Board.  The terms of reference of this Tribunal are laid down in the Vat Act or Chapter 406 of the Laws of Malta and The Administrative Justice Act or Chapter 490 of the Laws of […]

Categories: VAT