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08
Jul

New Citizenship by Investment Program in Malta Announced

The Honourable Alex Muscat, M.P., Parliamentary Secretary for Citizenship and Communities on the 30th June 2020 presented a bill introducing changes to the Maltese Citizenship Act and proposing a new residence program leading to Maltese citizenship. The new program, if approved by the Parliament, will completely replace Malta Individual Investor Programme, which as it was […]

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03
Jul

Deferral of the first reporting deadlines for DAC 6

In line with the publication and coming into force of COUNCIL DIRECTIVE (EU) 2020/876 of 24 June 2020 amending Directive 2011/16/EU to address the urgent need to defer certain time limits for the filing and exchange of information in the field of taxation because of the COVID-19 pandemic, the Commissioner for Revenue will be deferring […]

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03
Jul

OECD welcomes ‘tremendous progress’ against offshore tax evasion

The international community continues to make ‘tremendous progress’ in the fight against offshore tax evasion, according to the Organisation for Economic Co-operation and Development (OECD). The Paris-based regulator said this week that implementation of transparency standards by the organisation’s Global Forum on Transparency and Exchange of Information for Tax Purposes has “moved many countries ever closer to […]

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03
Jul

Double Tax Treaty Between Cyprus and the Republic of Kazakhstan

The double tax treaty for the avoidance of double taxation between the Republic of Cyprus and that of Kazakhstan shall enter into full force from 1st January 2021, (hereinafter the ‘Treaty’) The salient points of the Treaty, among others, are the taxation of dividends, interest, capital gains and royalties. Withholding Tax Rates Dividends: 5% – […]

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16
Jun

Maltese Citizenship by Investment Program Reaching the End

On the 3rd June 2020, the Malta Individual Investor Programme Agency (MIIPA) announced that the Malta Individual Investor Programme (MIIP) is reaching its cap. The program was introduced in 2014 by the virtue of Legal Notice 47, establishing a limit of 1800 citizenship applications. The quota does not reflect the number of individuals who are […]

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09
Jun

Identity Malta Introduces New Residence Permit

Identity Malta has launched a gradual roll-out of a new residence permit for third-country nationals. Aside from cosmetic changes, the new permit will contain a number of embedded security features, increasing protection against forgery.   The cardholder’s personal information will be laser-engraved on a polycarbonate substrate card, making the cards difficult to reproduce or tamper [...]
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28
May

‘Europe’s moment’ as EU seeks consensus on €750bn recovery fund

The EU has put forward proposals for a "Next Generation" rescue package worth some €750bn in borrowing to bankroll the continent's recovery efforts. Ursula von der Leyen, president of the European Commission, described the package as "an urgent and exceptional need for an urgent and exceptional crisis." Addressing the European parliament, von der Leyen said: "Things [...]
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20
May

EU issues formal notice to 17 member states over money laundering directive

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 [...]
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11
May

EU Commission proposes to defer DAC reporting deadlines

On the 8th May 2020 in view of unprecedented circumstances of pandemic and a number of requests from the Member States and persons liable to report information under Council Directive 2011/16/EU of 15 February 2011 (on administrative cooperation in the field of taxation) for the deferral of deadlines the European Commission put forward a proposal [...]
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06
May

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 [...]
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