Author Archives: Zampa Debattista

Determining the lease term

The term of the lease plays an important part in the accounting treatment of a particular lease. Under IFRS 16, it impacts the measurement of the right of use asset and lease liability in the lessee’s books. It also determines whether the exemption for short term leases may be applied or not, in which case […]

Accounting For Leases After 2018 – GAPSME Versus IFRS

Up to 31 December 2018, accounting for leases under GAPSME and IFRS was very similar. Companies applying IFRS applied IAS 17 ‘Leases’, whilst companies applying GAPSME (the Maltese default accounting framework as from 1 January 2016) applied Section 14 of the framework, which relates to leases. IAS 17 and GAPSME are very similar in concept. […]

VAT Newsletter Q.4 – 2019

Download Newsletter Q.4 2019 Contents Local news European news Update of ECJ decisions 1       Local news 1.1       VAT Guidance Notes by the Commissioner for Revenue On 9th October 2019, the Commissioner for Revenue published guidance notes on the so-called “Quick Fixes” regarding the changes coming into force on 01/01/2020. The notes offer a […]

Categories: VAT

2020 VAT Changes

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

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

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

  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

  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

  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

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 […]