10th August 2020 VAT Important European Court of Justice decision – Blackrock Investment Management (UK) Ltd On 2nd July 2020 the CJEU released its decision in the case of BlackRock vs HMRC. The question referred to CJEU was whether different VAT rates could apply to a single supply of fund management services which is used towards the management of both special investment funds and non-special investment funds. For the management of […] READ MORE
31st July 2020 Accounting Audit IFRS 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 […] READ MORE
29th July 2020 VAT 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 […] READ MORE
8th July 2020 Accounting Covid-19 Finance IFRS Local News Services 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. […] READ MORE
30th June 2020 Covid-19 VAT 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 […] READ MORE
22nd June 2020 Finance IFRS Leases Services [Leases – Article 5/5] – Transition to IFRS 16 This article is relevant to all IFRS preparers, especially those who are parties to lease contracts as lessees. IFRS 16 ‘Leases’ is mandatory for financial periods beginning on or after 1 January 2019. This means that a company with a 31 December period-end needs to refer to the first date of its financial period […] READ MORE
9th June 2020 Covid-19 Finance Local News Rent Services TAX Covid-19 – June Budget 2020 Following the COVID19 Pandemic, on 8th June 2020 the Government of Malta announced an additional financial budget for 2020 aimed at the regeneration of the Maltese economy, which will facilitate the next step towards normality through a number of tax cuts and spending stimulus. Property and Construction Property Transfer Tax will be reduced from 8% […] READ MORE
28th May 2020 Covid-19 IFRS Local News Rent Services 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 […] READ MORE
18th May 2020 Covid-19 Services VAT World News 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 […] READ MORE
8th May 2020 VAT 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 […] READ MORE