Author Archives: Zampa Debattista

2020 VAT Changes

| 3rd January 2020

When the clock chimed at midnight on the last day of 2019, fireworks were let off welcoming 2020 and the new decade. At exactly the same moment, a number of changes to the EU VAT Directive kicked in, changes which may have an implication on your business. Are you aware of such changes and their […]

VAT Newsletter Q.2 – 2019

| 15th July 2019

Download Newsletter Q.2 2019 Contents Local news European news Update of CJEU decisions 1       Local news 1.1       VAT Appeals decided by the Administrative Review Tribunal (“Tribunal”) On 20th June 2019 the Tribunal published the following decisions: Case 52/2012 XXX vs Kummissarju tat-Taxxa fuq il-Valur Mizjud concerning an appeal against assessments. The appellant company […]

Categories: VAT

VAT Newsletter Q1 – 2019

| 21st May 2019

ZD_VAT Newsletter_Q1 2019 Contents Local news European news Update of CJEU decisions 1       Local news 1.1       Legal Notice 434 of 2018 published on 14/12/2018 The legal notice carries an amendment to Item 5 of the Eight Schedule to the VAT Act and provides that as from 01/01/2019, audio books, books and similar printed matter which […]

Categories: VAT

Personal Taxation in Malta

| 12th April 2019

  Contents Introduction on Maltese Income Tax System for Individuals Tax System for Employed Individuals Tax System for Self-Employed Individuals Minimum Tax for Resident non-Domiciled Individuals Final Withholding Taxes 1. Introduction on Maltese Income Tax System for Individuals Malta claims taxing rights on individuals based on their residence, domicile and source of income. Individuals who […]

Accounting for Customer Loyalty Points By Retailers Under IFRS 15

| 26th March 2019

  When compared to IAS 18 ‘Revenue’, IFRS 15 ‘Revenue From Contracts With Customers’ provides more significant guidance, that can be applied to various situations retailers need to face, such as the treatment of customer loyalty points. The core principle of IFRS 15 is that the timing of revenue recognition depends on the timing of […]

Company Formation

| 26th March 2019

  Contents An overview of Malta’s tax system Incorporating a Company in Malta Substance requirements Process of incorporating a Company under the laws of Malta 1. An overview of Malta’s tax system Companies registered in Malta which are effectively managed and controlled therein are considered to be resident and domiciled in Malta and thus are […]

BREXIT – the latest

| 5th March 2019

On 29th March 2019 the UK will be leaving the European Community but what is still uncertain is whether it will be with a deal, which needs approval from the UK Parliament so far not forthcoming, or a no deal. In “a deal” scenario, a transitory period up to end of December 2020 will be […]

VAT Newsletter Q2-2018

| 25th July 2018

    Contents Local news European news Update of CJEU decisions 1       Local news 1.1     Legal Notice 162 of 2018 published on 22nd May 2018 This legal notice lays down the rules for VAT Group registration in Malta and implements a measure announced by the Minister for Finance in the 2018 Budget speech. With effect […]

Legal Notice 163 of 2018 published on 22nd May 2018

| 28th May 2018

By virtue of Legal Notice 163 of 2018 published on 22nd May 2018, the Minister for Finance has announced regulations which amend the small undertakings thresholds in Part One of the Sixth Schedule to the Malta VAT Act. Under the new regulations, which come into force on 1st July 2018, the entry and exit thresholds […]

Accounting Pronouncements in Relation to Cryptocurrencies

| 23rd May 2018

Introduction This article tackles developments by major accounting standard bodies in relation to cryptocurrencies, such as Bitcoin and Ethereum, commonly referred to as digital currencies or virtual currencies. Unfortunately, at the date of writing, there has been no guidance or official pronouncements with respect to the accounting treatment of crypto-assets such as utility tokens, security […]