The Financial Intelligence Analysis Unit is notifying subject persons and all interested stakeholders that the European Commission has launched a public consultation on an EU regulatory framework on crypto-assets (virtual financial assets). The consultation, which takes the form of a questionnaire, is not specific to AML/CFT matters but does include some questions on the topic. […]

Some EU countries are calling for tougher sanctions on jurisdictions that facilitate tax avoidance in a move that is likely to spark a dispute with EU members like Luxembourg and Ireland. According to a document prepared by the Danish government and seen by Reuters, a group of European Union countries are urging for a discussion on […]

Malta’s Commissioner for Revenue published an updated version of the Notional Interest Deduction (NID) Guidelines on 7 November 2019. The update concerns the attribution of the deemed interest income on alternative bases and includes the following: Where a shareholder is the only shareholder of a company that holds no more than 0.2% of the nominal […]

 Change would narrow regulations on overseas tax breaks  Republicans say rules aren’t necessary after 2017 tax overhaul Treasury Department officials are considering rolling back a tax rule aimed at preventing American companies from moving money offshore to avoid U.S. taxes, according to several people familiar with discussions. The Treasury is looking at regulations intended to […]

The European Union will drop Marshall Islands from the EU’s list of non-cooperative jurisdictions for tax purposes after the jurisdiction agreed to ban letterbox companies. The decision was made in recognition of the two countries’ reforms to implement the commitments they had made to improve by the end of 2018 their tax policy framework. “The […]

The United Arab Emirates and Switzerland are set to be removed from a European Union blacklist of countries deemed to be tax havens, according to a Reuters report citing an official document. Switzerland has delivered on its commitments, the document said, acknowledging that a tax reform passed last year – and due to be in […]

Malta has ratified the Malta – Monaco Income Tax Treaty (2018). The income tax treaty was signed on 1st October 2018, and it is the first of its kind between the two countries. By way of Legal Notice 91 of 2019, as published as a schedule to Legal Notice 70 of 2019 the treaty entered into […]

The Organisation for Economic Co-operation and Development is going to propose a global minimum tax that would apply country by country before the next meeting of G‑20 finance ministers and central bankers set for 17 Oct. in Washington, DC. G7 leaders announced at their Biarritz summit meeting this week a pledge to update international tax […]

Malta Patent Box Regime

Aiming to further increase its competitiveness as a jurisdiction for the holding and development of intellectual property rights, Malta has introduced a Patent Box Regime by means of Legal Notice 208 of 2019 entitled the Patent Box Regime (Deduction) Rules. The rules are applicable as from 1 January 2019 (Year of Assessment 2020), The rules […]

Malta’s Commissioner for Revenue has published an updated version of theNotional Interest Deduction (NID) Guidelines. The update concerns the NID for accounting periods other than 12 months, and includes the following: To further approximate the neutrality between debt and equity financing, an adjustment shall be applied to the NID to remove distortive and disproportionate deductions […]