15th July 2019 VAT VAT Newsletter Q.2 – 2019 ZD_VAT Newsletter_Q2 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 claimed […] 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
26th March 2019 Corporate Services 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 […] READ MORE
5th March 2019 VAT 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 […] READ MORE
14th February 2019 IFRS Accounting For Gift Cards 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 gift cards (vouchers). The core principle of IFRS 15 is that the timing of revenue recognition depends on the timing of […] READ MORE
11th February 2019 VAT VAT Newsletter Q4 – 2018 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 are supplied […] READ MORE
11th February 2019 VAT VAT Grouping in Malta – important update On line registration for VAT as a single taxable person has recently been enabled on the Commissioner for Revenue web portal. VAT Group registration was formally introduced in Malta as from 1st June 2018 following the publication of Legal Notice 162 of 2018. It allows for two or more legal persons that are established for […] READ MORE