Malta's Commissioner of Revenue has announced that a number of VAT documents must be submitted through electronic forms effective from 1 September 2018.
Tag - Malta
Malta has announced that there will be an increase in the VAT registration threshold and new VAT Grouping rules.
Further to a recent bulletin, we can bring you news that a number of organisations in Malta, including the Malta Maritime Law Association and the Institute of Financial Services Practitioners, have criticised the recent notice sent to Malta by the EU commissioner in connection with the Maltese VAT rules for pleasure yachts.
Malta’s government has announced that gambling on the outcome of an event is to become exempt from VAT from January 2018. Bookmaker and betting exchange services will also be free of VAT from next month, under a regulatory reform announced in the Maltese Government Gazette.
Four maritime and yachting organisations have insisted that Malta’s VAT rules on yacht leasing are in line with EU directives and based on similar models adopted by France and Italy.
They were reacting after Brussels threatened to launch infringement procedures against Malta that could even translate into heavy financial sanctions.
According to Brussels, the practice of slashing the VAT rate on bigger ships on grounds they are used mostly in international waters is suspicious as it could give rise to tax avoidance.
According to a new study (Taxation Trends in the EU) by the European Commission, Malta has seen a big increase in the tax burden over the last decade, almost twice the EU avarage (2.1% against 1.2% in the EU) although the tax burden in the EU is still much higher than the one in Malta.
Malta operates a tax system where companies pay the lowest tax on profits in the EU. While local businesses must pay 35% on profits, international corporations profit from a corporation tax rate of as little as 5%, thanks to a complex system where shareholders can receive a tax refund of up to six-sevenths of their tax paid in Malta. The average rate in the EU is around 22%.
International travellers will now find it easier to receive a VAT refund for items bought in Malta as an agreement has been signed with Fintrax Group, the tax-free shopping operator...
When Malta assumes the Presidency of the EU Council in January 2017, the Minister of Finance, Edward Scicluna, has said it will take forward the EU’s proposals on VAT reform...
Malta could soon have to defend again a crucial concession it won prior to joining the EU in 2004 as Brussels mulls the possibility of doing away with zero rate VAT exemptions...
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