US Treasury financial regulator FinCEN has begun a consultation on implementing the strict new beneficial ownership reporting rules established by the Corporate Transparency Act (CTA). The Financial Crimes Enforcement Network released the notice of proposed rulemaking to give the public its first opportunity to comment on the beneficial ownership disclosure requirements. It said in the […]

The Prime Minister of Malta, Dr. Robert Abela, has announced that the temporary COVID-19 measure providing for a reduction in the tax and stamp duty rates relative to the transfer of immovable property has been extended by four months, and will now apply to preliminary agreements entered into through the end of July 2021. It […]

The UK will repeal the EU Interest and Royalty Directive legislation that was transposed into UK  law by virtue of Council Directive 2003/49/EC. The withdrawal of the exemption shall become effective  on the 1st  June 2021. Consequently,  companies that pay interest and royalties to other associated companies incorporated or based in the EU will have […]

The European Union announced today it has removed Barbados from its blacklist of countries it deems non-cooperative in matters of taxation, and added Dominica. The EU’s review of Barbados’ status comes just four months after the bloc’s finance ministers voted to blacklist the Caribbean island. Blacklisted jurisdictions face higher scrutiny, loss of access to EU […]

The Constitutional Court of Belgium has requested a preliminary ruling from the Court of Justice of the EU (CJEU) about exceptions to reporting tax arrangements under the EU Council’s Directive 2018/822 (DAC6). The Constitutional Court of Belgium has requested a preliminary ruling from the Court of Justice On February 19, The Belgium high court, Grondwettelijk […]

On 29 January 2021, Legal Notice 29 of 2021 was published amending the Highly Qualified Persons Rules (the Rules). The amendments came in force as from 31 December, 2020. The Rules were extended for another five years whereby it is possible to apply for the status with the competent authority up until 31 December 2025 […]

On 12th January 2021 Honourable Alex Muscat, Parliamentary Secretary for Citizenship and Communities, together with Mr Charles Mizzi, CEO of Malta Residency and Visa Programme Agency (MRVA), presented a proposal to introduce changes to the Malta Residency and Visa Programme (MRVP). It is being proposed that the new programme will be renamed to Malta Permanent […]

On the 1st of December 2020, Poland and Malta have signed a protocol amending the 1994 income tax treaty. According to the Polish Ministry of Finance, the protocol provides for the implementation of the minimum BEPS standards and, in particular, includes amendments providing for Withholding tax on fees for technical services; Specifically, changes to the […]

Malta’s Commissioner for Revenue has announced that the DAC6 XML Schema to be used for filing information in relation to reportable cross-border arrangements and the DAC6 XML Schema user guide are now available on the following on their website Reportable Cross-Border Arrangements On 25 May 2018 Council Directive 2011/16/EU (‘Directive on Administrative Cooperation’) was amended […]

Malta’s Commissioner for Revenue has announced a further extension of the deadline for electronic filing of corporate tax returns for the accounting year ended 31 December 2019. Previously extended to 27 November 2020, the deadline is now 16 December 2020. Extension of Corporate Tax Return Electronic Filing Deadline In view of delays that the COVID-19 […]