Tax Deduction Claims to be taken for the basis year 2016: School Transport Fees, Sports Activities and Cultural and Creative Courses
Companies and individuals carrying on business on a self employed basis are again invited to apply for a tax credit calculated at a percentage of the cost of investments carried out in 2016. The deadline for submission of applications for investment carried out in 2016 is 30th March 2017 at 16:00hrs.
New Skill Games Regulations which empower the Malta Gaming Authority to regulate this sector came into force on the 24 January of 2017.
The Insurance Distribution Directive or IDD (Directive 2016/97/EU) regulates the activities of all distributors of insurance products: intermediaries, insurance companies, their employees, bank-assurance, ancillary insurance intermediaries, including online distribution. The IDD was adopted on 20 January 2016. Member States will need to transpose it into national legislation by 23 February 2018. The new rules will apply to all insurance and reinsurance distributors covered by the Directive as from that date.
Legal Notice 383 of 2016, published on 22nd November 2016, extended the scope of the exemption relating to management services provided to collective investment schemes and retirement schemes.
Professor Edward Scicluna, Minister of Finance, presented the legislature's fifth budget in parliament. He started off by giving an overview of the country’s economic performance over the year followed by a series of measures and initiatives that the Government will be implementing in the forthcoming year.
Last July 2016, Malta Enterprise issued incentive guidelines in respect of new investment aid for high efficiency cogeneration.
A LN was published to amend the Electric Vehicles Deduction Rules, applicable vis-à-vis expenditure incurred with effect from 01/01/2016 on electric vehicles.
A legal notice was recently published to amend the Deductions (POYC) Rules targeting the new home delivery scheme as part of the POYC Scheme.
At Mazars Malta we build long-term relationships based on trust and understanding. We align ourselves to your goals and deliver tailored solutions in an integrated manner. We believe that client satisfaction is a key element of our business strategy and our success.
The fight against tax avoidance is not new. In fact, it has been around since biblical times. Yet in recent years, multinationals are being faced with mounting pressure to contribute their fair share of taxation in those economies where they are conducting their business activities.
The Seed Investment Scheme has been recently launched by the Prime Minister of Malta. Application forms under this scheme will be accepted as from today, the 1st August 2016 and will remain active until December 31, 2018 or until €5 million worth of applications are received.
Mazars Malta offers a dedicated advisory service designed to assist SMEs with sourcing and tapping EU funding. Our specialists are on hand to support you throughout the entire process, including helping you define the scope of your project, guiding you through the grant application procedures, as well as handling the actual project management.
Mazars Malta recently organised the second of its 2016 series of information sessions branded ‘Made Simple, by Mazars'.
The tax regime allows individuals, who are not domiciled in Malta and employed within the Aviation Industry, can avail themselves of a flat tax rate of 15%.
Launched in 2010, the legislative process of the EU Audit Reform reached an end as the new Regulation and the amended Directive were put to vote by the European Parliament on 3 April 2014. This reform was adopted after an intense and fruitful debate among all interested stakeholders and market players. The new legislation is expected to be adopted by all 28 Member States by 17 June 2016. Given the importance of this legislation, Mazars strives to provide a thorough understanding of the changes introduced at both the European Union and Member State levels.
Eco-contribution is chargeable at the rate of €0.50 per person who is 18 years or above at the start of the visit, per night, subject to a maximum of €5 per person per visit.
2015 saw the introduction of new VAT rules for iGaming operators. Has this been a smooth transition, and what have been/ are the main issues?
The Inland Revenue Department is currently submitting the personal tax returns to individual taxpayers for 2015 (basis year). Some points worth highlighting are the following:
How can a company or an individual be deemed to be a “good citizen”? Against a backdrop of public sector deficits and cuts in public spending, being transparent on how much tax you pay, whether that is “fair” and where you pay it is now a key factor for any business and especially for Multi-National Entities (MNEs).
Intellectual property (IP) is often a client’s most valuable asset, and therefore the protection of a business’IP can be of paramount importance.
Going forward, VAT is not to be charged on the letting of property to persons who have not been in Malta for 12 months but who are in Malta for employment purpose or for the purpose of establishing a business here
An optional 15% flat rate of taxation is available for rental income arising from immovable property rented out for residential purposes. Mazars Malta can assist you in assessing if the 15% tax rate is beneficial to you as well as assist you with preparation and submission of the compliance documentation required.