In April 2018 Malta introduced the OECD Multilateral Convention, regarding the implementation of double taxation treaties related measures to prevent base erosion and profit shifting (BEPS), into local law. The Multilateral Convention has been signed by around 100 countries. project.
Base Erosion and Profit Shifting (BEPS) refers to tax planning strategies used by multinational enterprises that exploit gaps and mismatches in tax rules to avoid paying tax. BEPS practices cost countries USD 100-240 billion in lost revenue annually. Working together within OECD/G20 Inclusive Framework on BEPS, over 135 countries and jurisdictions are collaborating on the implementation of 15 measures to tackle tax avoidance.
The European Union and Member States are introducing systems for the screening of foreign direct investment from third country investors into their territory. The screening process will require the Member States to check whether such foreign direct investment will have implications on the security and public order of that Member State, other Member States or even the European Union.
These interest deduction limitation rules applicable in Malta are concerned with limiting the extent to which borrowing costs, including but not limited to interest payable, may be deducted for tax purposes from interest revenues and other economically equivalent taxable revenues.
BEPS: OECD Publishes Responses to Country by Country Reporting Consultation:
The OECD has now published comments received in relation to a consultation document published in February inviting input concerning Action 13 of the Base Erosion and Profit Shifting Project, on Country-by-Country Reporting.
The Executive Vice-President of the European Commission Margrethe Vestager said the European Commission is strongly supportive of actions taken by some EU Member states to impose unilateral digital services tax in absence of a collective action.
Corporate exit taxation is a tax on companies that redomicile to another country or transfer assets to another jurisdiction. This is a tax that is triggered by assets moving from the tax net of one country to the tax net of another country in the absence of a transfer to a third party.
Broadly speaking a controlled foreign company (CFC) is a corporate entity that is registered and conducts business in a different jurisdiction or country than that where the controlling parent company or owners are resident. CFC regulations are anti-tax avoidance measures.
EU to impose tax rules on Member States:- Speaking at an event in Brussels, the Director for Direct Taxation and Tax Coordination in the EU, Benjamin Angel, indicated that the Commission is considering using its powers to bypass the unanimity requirement to decision making in taxation.
UK Enters Transitional Period with the EU:-
The United Kingdom’s Withdrawal Agreement, which formalises the UK’s exit from the EU, entered into force at midnight Central European Time on 31 January 2020. EU law will continue to apply in the UK at least until the end of the transition period – 31 December 2020.
The anti tax-avoidance provisions in Malta are broadly written. They include schemes or arrangements that reduce, postpone or obtain a tax advantage or refund or offset, should such schemes or arrangements be fictitious, artificial or non-genuine or are not put in place for valid commercial reasons or…..
13 chief executives representing 14 accounting bodies have signed a call to action in response to climate change. The bodies, who are all members of A4S’s Accounting Bodies Network, represent over 2.5 million accountants and students globally.
Malta imports from the European Union in 2019 were valued at €4,821.5 million, according to official data. The National Statistics Office recorded a drop of €312.8 million in the value of imports from euro area countries when compared to 2018. The value of imports from the United Kingdom were up €840.2 million while goods purchased […]
EU: Member States could be candidates for blacklisting as non-cooperative jurisdictions from March 2020 according to a proposal by the Danish government supported by Germany, France, Spain, Austria and others.
Moody’s had raised Malta’s rating to A2 ‘stable’ last July after 11 years.
Group companies or individuals are:
- registered as Auditors in Malta
- registered as Accountants in Malta
