Author Archives: Zampa Debattista

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

EU Funding for e-Commerce

Authors: Kris Bartolo & Lisa Apap Are you searching for ways to minimise the repercussions brought about by COVID-19 by increasing your market share and reaching new markets? Have you considered offering your products or services online? COVID-19 has taken the business world by storm, forcing most enterprises to re-think their business strategy. In a time […]

VAT Newsletter Q.1 – 2020

Download VAT Newsletter – Q1 2020  Dear Subscriber, Due to the Covid-19 pandemic, the offices of Zampa Debattista are on lockdown to safeguard the safety and well-being of our staff and their families. Although we are working remotely, we remain resolute to continue to provide our services and assist our clients in the best possible way […]

Categories: VAT

Auditing implications caused by COVID-19

Authors: Ryan Magri & Daniel Camilleri The emergence of the novel Coronavirus (COVID-19) pandemic has shook the world and changed almost every aspect of our personal and commercial world as we know it.  Auditing is no exception to this, and this will undoubtedly be a key focus of many current and forthcoming financial audits given that uncertainty […]

COVID 19 – a VAT perspective

Definitely trending … Coronavirus or Covid 19 … businesses thriving or not, many expanding, a few stable or contracting, but now all facing a crisis with no precedents. In order to support and sustain businesses Government announced a serious of aid packages primarily aimed at safeguarding employment and employees. Up to now, the only measure […]

[Leases – Article 4/5] Accounting For Leases After 2018 – Other Common Situations

Determining Direct Costs Direct costs are incremental costs that are incurred in the process of obtaining the lease. Other costs incurred irrespectively of whether the lease contract is entered into or not are not considered to be initial direct costs. Direct costs incurred at the initial stage of the lease are accounted for as part […]

COVID-19 – Financial Aid – 3rd Package

24th March 2020 On Tuesday evening the Government of Malta announced an economic package as agreed with the Malta Council for Economic and Social Development which contains additional and revised measures intended to aid businesses that have been adversely hit by the spread of the corona virus. The main highlight of this package is that […]

The Accounting Implications of Covid-19 from an IFRS and GAPSME perspective

On March 11, 2020, the World Health Organisation (WHO) officially declared that COVID-19 can be characterised as a ‘pandemic’. A pandemic is a strong, exceptional form of epidemic, in terms of its geographic reach. Whilst the health-related implications of a pandemic can be read in the WHO’s official communication in this link, the economic pinch […]