Following the adoption of the Anti-Tax Avoidance Directive by the European Council, similar to other jurisdictions, Malta is bound to implement a number of provisions in its tax legislation to ensure compliance thereto.
A previous update released in 2017 detailed the European Commission's plans to introduce new rules for cross-border deliveries with effect from 1 January 2022.
With constantly changing regulations, it can be hard to keep up with reporting requirements and deadlines.
Certify 2018 – 2020 is a fiscal measure administered by the Malta Enterprise Corporation to encourage eligible undertakings to continuously improve the quality of their products, services and processes through the attainment of industry recognised certifications and quality marks.
On the 22nd May 2018, two new legal notices concerning VAT matters were published, to enact regulations announced by the Minister for Finance in the 2018 Budget.
In the 2018 Budget Speech, the Minister of Finance had announced the introduction of the VAT Grouping Scheme into local legislation, whereby two or more persons would have the option to be treated as a single taxable person for VAT purposes.
Take note of the following changes within the VAT & Income Tax Department related to VAT and Income tax payments and move to the new premises.
Malta Enterprise will approve a tax credit equivalent to 45% of eligible expenditure. An additional bonus of 20% applies to undertakings operating from Gozo.
The Commissioner of Revenue has notified the extension of the deadlines for the electronic filing of Income Tax returns for companies.
An undertaking may claim a deduction against its income equivalent to 150% of the employee transportation costs incurred in the relative year.