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More than half of the EU's member states have failed to fully implement the bloc's 5th Anti-Money Laundering Directive onto their respective statute books, the European Commission (EC) confirmed today. The EC, the EU's executive arm, said 17 countries had missed the official deadline of 10 January 2020. The EC has sent letters of formal [...]

Malta Covid-19 Update

As a consequence of the disruption caused by the COVID-19 pandemic, the Office of the Commissioner of Revenue has approved several extensions to the statutory reporting deadlines.   Tax Deferral Scheme Extension The scheme allowing deferral of taxes due in March and April 2020, is now extended up to and including June 2020. In order [...]

Malta Covid-19 Measures Update

  Deferral of payment of certain duties and taxes Duty Following to the proposal of the Customs Department to defer certain excise duty payments, Legal Notice 146 of 2020 (Deferment of Excise Duty payable during the Months of April and May 2020 Regulations, 2020) was published. The notice prescribes, that: Duty on all excise goods [...]
Malta, a European country located in the heart of the Mediterranean, enjoys 300 days a year of sunny weather, crystal clear sea waters and warm climate throughout the year. English is one of its two official languages, it enjoys excellent healthcare and has a low crime rate, making Malta one of the most attractive destinations [...]
On 20 March 2020 numerous measures announced in the Budget Speech were enacted by means of Budget Measures Implementation Act. Here is a short summary of the legislative updates: Income Tax   Income tax on overtime From 1st January 2020, taxpayers may opt to have his/her qualifying overtime income subject to tax of 15%. The [...]
The global fight against Coronavirus has mobilized all international bodies, amongst them European Union and international organizations, which have already come up with recommendations, initiatives and proposals. EU Following the informal video conference on 26 March 2020, the members of the European Council adopted a statement on the EU actions in response to the COVID-19 [...]
The Government of Malta, after negotiations with the Central Bank and the social partners of the Malta Council for Economic and Social Development, announced on 24th March 2020 a total aid package of €70 million per month. The measures announced are aimed at supporting employers who are struggling to pay salaries and preserving employment of [...]

Tax Payment Deferral Scheme

  In response to the negative effect of the pandemic of COVID-19 the Maltese Government has introduced a number of fiscal measures to support Maltese entrepreneurs.  We outline below the main measures, which are directed at improving liquidity and easing the pressure on cash flow, particularly by way of a tax deferral whereby tax can [...]
https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12233-Action-Plan-on-fight-against-tax-fraud 
Malta has promised it will soon implement the EU's latest anti-money laundering rules that should have been transposed into national law by January 10, as the jurisdiction will be hit with infringement procedures later this month if it fails to do so. Under the 5th Money Laundering Directive (MLD5), that all EU states are supposed [...]