Author Archives: Zampa Debattista

VAT Newsletter Q.3 – 2020

Download Local news Commissioner for Revenue News With effect from 1 June 2020 new on-line VAT services for requesting a change in VAT registration and for maintenance of the economic activity were introduced. The new services, available through the Office of the CfR website, offer real time processing of the afore-mentioned requests thus ensuring speed […]

Categories: VAT

Audit & IFRS Q3 Newsletter

Download  INTRODUCTION Issue 2 of the audit and IFRS newsletter is split into three parts: Part 1: An amendment issued by the IASB during Q3 2020, relating specifically to the IASB’s response to the IBOR reform. This change is effective from 1 January 2021. Part 2: An update, and overview, of the ongoing projects being […]

Accounting And Foreign Exchange – What To Look Out For

In the simplest of worlds, there would be one global currency. In the simplest of companies you work on, most probably the file is organised, the company has no foreign currency exposure, and the client speaks your language. Today’s article focuses on the main aspects to be on the lookout for when entities are exposed […]

Accounting for Contract Changes

Certain IFRS standards include specific provisions relating to changes in contract terms. Primarily, these standards are: IFRS 9 ‘Financial Instruments’ IFRS 15 ‘Revenue From Contracts With Customers’ IFRS 16 ‘Leases’ IFRS 9 ‘Financial Instruments’ The standard provides for situations where the contractual terms of a loan instrument are revised. The standard provides extensive guidance for […]

Accounting for Government Grants

  Government aid has many different forms, and does not always fall within the scope of IAS 20 ‘Accounting For Government Grants And Disclosure Of Government Assistance’. Government grants, which are within scope of IAS 20, are transfers of resources to an entity by a government entity in return for compliance with certain past or […]

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 […]