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 […]

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 […]

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% – […]

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 […]

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 [...]
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 [...]
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 [...]
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 [...]

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 [...]