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Articles

LN 241 of 2015 - Personal Retirement Scheme (Amendment No. 2) Rules, 2015

The conditions for long term contract of insurance in order to be considered as a qualifying scheme for the personal retirement scheme purposes, have been amended by means of legal…

Cash grants to small start-up small and medium-sized undertakings having a viable business concept

A new legal notice, legal notice 237 of 2015, has been issued relating to assistance to small and medium-sized undertakings having a viable business concept which are in their early…

Act XXII of 2015 – Persons with Disability (Employment) Act

An employee who employs 20 persons or more is required to employ or takes into his employment, a registered person being a severely disabled person as certified by a placement…

European Union Directive (Amendment) (No. 2) Regulations, 2015

The EU Directive regulations relating to common system of taxation applicable in the case of parent companies and subsidiaries of different member states has been amended as follows: - Member…

Merchant Shipping Act (CAP. 234) Merchant Shipping (Fees) (Amendment) Regulations, 2015

This Regulation shall come into force on the 1st August 2015.   The fees payable in respect of any item provided for in the principal regulations, both before and after…

Malta Enterprise Act (Amendment of Various Regulations) Regulations, 2015

A new regulation has been published wherein various deadlines have been established relating to the following regulations. In brief, most of the incentives stated in the following regulations shall no…

L.N. 204 of 2015 – Value Added Tax (Refund to Non-residents) (Amendment) Regulations, 2015

The Regulations are applicable to purchases, made by non-resident travelers, of goods taken out of the Community in their personal luggage on or after the 1st May 2004. Non-resident travelers…

Maternity Leave Trust Fund

A maternity trust fund has been set up in order to finance the provision of maternity leave salaries in the private sector. When an employee goes out on maternity leave,…

Enterprise Support Incentives (Amendment) Regulations, 2015

An undertaking may be eligible for a tax credit if the Malta Enterprise Corporation (“ME”) is satisfied that an undertaking carrying on or intending to carry out an activity that…

Setting up of a Societas Europaea (SE) - The European Company

Setting up of a Societas Europaea (SE) - The European Company On 8 October 2004, Council Regulation No 2157/2001 on the Statute for a European Company or Societas Europea (SE)…

Payroll updates for 2015

Cost of Living Wage Adjustment (COLA) for the year 2015 The Cost of Living Wage Adjustment (COLA) for 2015 is € 0.58 per week. Persons on the minimum wage who…

Prevention of Money Laundering and Funding of Terrorism (Amendment) Regulations

The definition of ‘business relationship’ has been amended in order to include transactions that involve property that may have been derived directly or indirectly from, or constitutes the proceeds of…

Rulings and tax treatment relating to mergers, demergers, division, amalgamation or reorganization of companies

New provisions on mergers, demergers, division, amalgamation or reorganization of companies have been introduced in Malta wherein the Commissioner of Inland Revenue (“CIR”) may issue a ruling if he is…

Investment Aid (July 2014) Regulations, 2014

Eligible undertakings Any undertaking which is duly incorporated under the laws of Malta, being (a) a partnership en nom collectif; partnership en commandite or a limited liability company; or (b) any body…

Malta Budget Highlights 2015

 The thrust of the 2015 Budget presented in Parliament by the Minister of Finance, continued on the concept launched last year titled Making Work Pay. Fiscal & Economic Review Economic…

Reduced Tax On Rent

The Government has launched a new withholding tax on rent, whereby the rate of tax on income from rented properties would be reduced from a maximum of 35% to 15%,…

Repatriation of persons established in a field of excellence rules Article 56 (25) of the ITA, Legal Notice 111 of 2013

Applicable date Applicable with effect from Year of Assessment 2013 Beneficial Tax Rate An individual who is established in a field of excellence and returns as an ordinary resident in…

Setting up of an investment services company in Malta

Background Malta’s high standards of regulatory oversight and processes have been a key advantage for reputable funds. The Maltese regulatory framework in the financial services sector is one of the…

Qualifying Employment in Innovation and Creativity Rules - Article 56 (21) ITA

Act I of 2010 introduced Article 56 (21) ITA, an article which created a beneficial tax regime for persons who receive emoluments payable under a qualifying contract of employment from…

SEPA Migration: how will it affect my business?

The Single Euro Payment Area (SEPA) harmonises the way how payments are effected in euro. The SEPA project started in 2001 and we have now reached another phase in this…

Taxation of Highly Qualified Persons

Act I of 2010 introduced Article 56 (21) ITA, an article which created a beneficial tax regime for persons who receive emoluments payable under a qualifying contract of employment from…

Set up of a Hedge Fund in Malta

The process to set-up a Malta Fund   Background Malta’s high standards of regulatory oversight and processes have been a key advantage for reputable funds. The Maltese regulatory framework in…

Amendments to VAT place of supply rules on services

The Change As from 1 January 2015 the place of supply (i.e. where vat is due) of certain services will change. These will come into force by a decision of…

Payroll updates for 2014

Cost of Living Wage Adjustment (COLA) for the year 2014 The Cost of Living Wage Adjustment (COLA) for 2014 is € 3.49 per week. National Minimum Wage The National Minimum…

Malta Retirement Programme Rules

Beneficial Tax Rate 15% beneficial tax rate on pension received by EU/EAA Swiss national who is not employed and who meets a number of conditions. The 15% beneficial tax rate…

Malta Budget Highlights 2014

The 2014 Budget presented in Parliament by the Minister of Finance Dr. Edward Scicluna seeks to set up a fiscal policy with the target to reduce the deficit to GDP…

Overview of the Corporate Tax System in Malta

Corporate tax in Malta is governed by the Income Tax Act, the Income Tax Management Act, subsidiary legislation in the form of Legal Notices and case law delivered by the…
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