Author Archives: Zampa Debattista

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 […]

VAT Grouping in Malta – an update

| 14th May 2018

In pursuance of the Budget 2018 measure to introduce VAT Group registration, Malta carried out a consultation with the VAT Committee during the 110th meeting of the VAT Committee held on 13th April 2018 in Brussels. The Working Paper No. 942 published by the Commission outlines the proposed draft regulations presented by Malta to the […]

Categories: VAT

VAT Newsletter Q1- 2018

| 20th April 2018

Download Newsletter Content Local news European news Update of CJEU decisions 1       Local news 1.1     Legal Notice 9 of 2018 published on 9th January 2018 Under this regulation, which amends Item 1 of Part Two of the Fifth Schedule (Immovable property), as from the 1st of January 2018, the “the letting to players of rooms […]

VAT ALERT – New Procedure for Submission of Payments and Forms with the VAT Department

| 11th April 2018

From 2nd April 2018 payments of VAT and Income Tax are to be made online using the following link: http://cfr.gov.mt/en/Pages/Home.aspx. Alternatively, payments can also be made at any MaltaPost Branch with all cheques made payable to MaltaPost p.l.c. As from this date no payment facility will be available at VAT Birkirkara. Please find below a […]

Radical Changes Proposed by IAASB for ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures – by John Debattista

| 1st March 2018

  1.1 Key pointers Overhaul stems from the new ’’expected losses’’ impairment model under IFRS 9; Will apply to all audits no matter size or industry; Enhances requirements for risk assessment procedures by considering factors such as           complexity, judgment, and estimation uncertainty; Estimates to be placed into one of two buckets (see […]

Vat Newsletter Q4 – 2017

| 1st February 2018

 Download the Newsletter Contents Local news European news VAT Committee Papers Update of CJEU decisions Local news 1.1 Guidelines on Gambling and Betting Activities By Notice No. 1293 in the Government Gazette of 21st November 2017, the Commissioner for Revenue published guidelines which setting out which supplies related to gambling, when supplied in Malta, classify as […]

VAT ALERT – VAT reform for the Single Market

| 5th October 2017

The EU Commission has just published a Proposal on the “Follow-up to the Action Plan on VAT towards a single EU VAT Area – Time to Act” (COM (2017) 566 final). What is being proposed would drastically reform the current common system of intra-community transactions of goods in virtue of which goods are exempt from […]