Budget 2013 re-presented in Parliament
The Minister of Finance, the Hon. Edward Scicluna presented the first budget in parliament of the new legislature.
Budger 2013 update
Budget 2013
The Minister of Finance, the Hon. Tonio Fenech, presented the fifth and final budget of this legislature to the House of Representatives. The budget will be ratified through a parliamentary vote on 10th December 2012.Malta Retirement Programme Rules
At the end of September 2012, the Malta Retirement Programme Rules were published. These rules are specifically targeted to individuals who intend to retire in Malta, by acquiring or leasing property in Malta and who will be receiving in Malta foreign source income. Such income would be subject to a reduced tax rate of 15%, with a minimum annual tax payment of €7,500.VAT Department launches guidelines on the VAT treatment of aviation leasing
The Malta VAT Department has recently launched the long awaited guidelines on the VAT treatment of aircraft leasing arrangements. Essentially, in accordance with these guidelines, aircraft leasing occurs when the lessor (owner of the aircraft) contracts the use of the aircraft to the lessee (the person who leases the aircraft) for a consideration. For VAT purposes, the supply of aircraft leasing is treated as supply of services which is taxable according to the use of the aircraft attributed within the airspace of the European Union. Therefore, VAT at the rate of 18% is only payable on the deemed use of the aircraft within the European Union’s airspace.
Mazars Team Building Day
For Mazars Malta, October is synonymous with Team Building Day and this year it was decided to give this fun day a wider scope by linking it to the Firm’s Corporate Social Responsibility agenda. Mazars closed its offices for the day and headed to St. Joseph’s Home in St. Venera for a day of team building activities in collaboration with Jugs Malta, the event organisers. The employees were divided into groups and engaged in training sessions with jugglers, balloon modellers, plate spinning and face painting Instructors, while the Partners engaged in preparing lunch for all involved. The overall concept of this team building / CSR exercise was to have all the employees involved in putting up a one hour performance for an audience of around 40 children from various Homes around the Island.
European Court of Justice - VAT update
The European Court of Justice recently released its decision on two important course cases. The first case, shed light on the key elements that must be considered when deciding whether to exempt Intra-Community Supplies of Goods while the second case dealt with the VAT treatment of composite supplies. Please click on the link below for more information.
ECJ judgement in respect of the social security implications of seafarers
The Bakker judgment presented by the European Court of Justice on the 7th June 2012 concluded that the mere fact that a seafarer’s activities are performed outside the territory of the European Union is not sufficient to exclude the application of EU social security rules, as long as the employment relationship retains a sufficiently close link with the territory of the European Union.
Supplies of Telecommunication Services
On 3rd May 2012, the European Court of Justice released a decision on the long awaited VAT case between Lebara Ltd & Her Majesty’s Revenue & Customs.
Extension of Budget Measures - VAT
Following the introduction of the reduction in interest and administrative penalties scheme announced in this year’s budget, the Ministry of Finance, Economy & Investment has, by means of a press release on the 16th of March 2012 notified VAT registered persons who have applied, or who would like to apply for the scheme, that the scheme has been extended to the 31st of May 2012.
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