20th February 2020 VAT 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 […] READ MORE
7th February 2020 VAT 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. […] READ MORE
21st January 2020 VAT 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 […] READ MORE
3rd January 2020 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 […] READ MORE
23rd October 2019 VAT VAT Newsletter Q.3 – 2019 Download Newsletter Q.3 2019 Contents Local news European news Update of ECJ decisions 1 Local news 1.1 Guidelines by the Commissioner for Revenue On 16th July 2019, the Commissioner for Revenue published the following VAT guidelines by a notice in the Government Gazette: Notice 838 – Guidelines on Item 5, Part Two of […] READ MORE
15th July 2019 VAT 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 […] READ MORE
21st May 2019 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 […] READ MORE
16th April 2019 IFRS IFRS Update: Holding Of Cryptocurrencies DOWNLOAD THE ARTICLE: IFRS Update: Holding Of Cryptocurrencies During the last meeting held by the IFRS Interpretations Committee (IFRIC) the subject of holding cryptocurrencies was brought up. A tentative decision was taken to not add them to the standard-setting agenda (to be re-considered). It is important to mention that although there is a wide array […] READ MORE
12th April 2019 TAX 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 […] READ MORE
26th March 2019 IFRS 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 […] READ MORE