News

VAT Amnesty Scheme - Remittance of Interest and Administrative Penalties During the Budget Speech, the Ministry of Finance launched a limited time-window VAT amnesty scheme with the aim of encouraging VAT registered taxpayers to regularise their position with the Department. Legal Notice 456 of 2011 enacted this scheme. The remiss...

The 2012 Malta Budget plan reveals a continuing commitment to the expansion of the digital games sector. The Government’s investment in the digital gaming industry will be carried out via the establishment of the Malta Games Fund, and by the introduction of a tax credit scheme, aimed at assisting Maltese companies wishing to commission educati...

The 2012 Malta budget was announced on the 14th of November 2011. Important tax provisions were introduced, in the light of boosting foreign investment on the island. The strengthening of social welfare was one of the underlying themes of the budget for the coming year, as was the maintenance of economic and financial stability during these ti...

A new tax treaty between Malta and China was signed on 23rd October 2010. The treaty entered into force on 25th August 2011 and replaced the agreement that was signed in 1993. It shall have effect with respect to income derived during the taxable years beginning on or after 1st January 2012 and provides, amongst other things, for lower withh...

Stephen Balzan and Dr. Jonathan De Giovanni, Partner and Advocate respectively within the firm’s international tax department attended a tax seminar which was held in London. The name of the seminar was 101 Corporate Tax Planning Ideas and was held on the 25th October 2011.

Stephen Balzan Tax Partner EMD has last week attended the 65th Congress of the International Fiscal Association held in Paris, France, on 11-16 September 2011. The IFA Congress’s main topics this year included very interesting issues such as Cross-Border Restructuring, CCCTB, Collective Investment Vehicles and Double Taxation. More information...

The new High Net Worth Individuals Residency regime was announced in a press release this morning by the Minister of Finance. A number of varied schemes are now offered to non-residents. This regime repeals and replaces the Permanent Residency Scheme. It is available to EU/EEA/Swiss citizens and third country nationals who are also citizens of...

Place of supply of services Transposition of the relevant provisions on Council Directive 2008/8/EC of 12th February 2008 into Maltese legislation with effect from 01 January 2011. These provisions relate to the place of supply of goods or services being the second phase of the implementation of major changes to this area of VAT being intro...

Transfer of a going concern Following a recent amendment to the Maltese VAT Act through Legal Notice 61 of 2011, the transfer of a going concern by a person not registered for VAT would not be considered a supply of goods or services, subject to the approval of the Commissioner of VAT, as long as the person transferring the assets of his eco...

Act IV of 2011 was published in the Government Gazette on the 22nd March 2011 which amongst others included partnership interests as one of the assets to which tax on capital gains in terms of Section 5 of the Income Tax Act Cap. 123 (ITA) will apply as from 1 January 2011 In fact Article 5(1)(a)(v) of the ITA states that ‘gains or profits ...