The Court of Justice of the European Union (“CJEU“) has just recently re-confirmed in its judgment dated 8 December 2022 (case C-694/20, Orde van Vlaamse Balies) the fundamental principle of professional secrecy for lawyers, tax advisors and accountants. In this case, the Belgian Constitutional Court referred a question to the CJEU for a preliminary ruling in […]

The Residency Malta Agency together with Malta Enterprise has recently launched The Malta Start-up Residence Programme, which grants its beneficiaries a three-year residence permit renewable for a further 5 years, as well as eligibility for long-term residency in Malta. The programme is designed to boost Malta’s competitiveness and attract innovative start-ups and qualified entrepreneurs to […]

On 8 November 2022 the Court of Justice of the European Union (CJEU) delivered a significant blow to the European Commission in the Fiat / Luxembourg State aid case . The decision is likely to have wide-reaching ramifications for other State aid cases which are currently under appeal and other ongoing investigations which have been initiated […]

Further to the consultation completed earlier this year (see MIT News 21 December 2021), the Transfer Pricing Rules 2022 have been published by Legal Notice 284 of 2022. More detailed information can be found in our publication, linked here.  

In a landmark judgment, the Court of Justice of the European Union (CJEU) has held that registers containing the personal details of ‘beneficial owners‘ of companies and accessible to the public at large infringe fundamental rights.   The court said in a statement yesterday (22 November) “the provision of the anti-money-laundering directive whereby Member States must […]

He was asked why he did not do anything about the UK’s non-dom tax status in yesterday’s Autumn Statement. The chancellor said the Treasury did not give him estimates on how much abolishing the non-dom tax status would raise and added that he would prefer the super rich “stayed here and spent their money here”. […]

Widespread speculation that non-dom tax breaks are under active review by the UK’s Treasury department was picked up in a LinkedIn post by leading tax and trusts lawyer James Quarmby, head of Stephenson Harwood’s private wealth team. He commented: “I predicted a week ago, the conservative government is now reviewing the non dom rules. Our […]

Hong Kong’s government has gazetted the most significant change in its tax laws in over four decades, imposing profits tax on multinational enterprises’ foreign-sourced income that is currently exempt. The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 is in response to pressure from the European Union, which has concerns that multinational enterprises (MNEs) can […]

Malta was voted off the Financial Action Task Force grey list on June 15th, one year after first being labelled an untrustworthy financial jurisdiction by the global watchdog. The FATF vote is secret and a formal announcement of that decision will only be made at the end of its plenary, on Friday afternoon. However, Times of […]

At the February 2022 Plenary the FATF made the initial determination that “Malta has substantially completed its action plan.” In June 2021 Malta was placed on the FATF grey list – the list of the countries under increased monitoring by the FATF. In its February 2022 plenary the FATF noted that Malta has made the following key reforms: […]