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DFK Malta participates at DFK International Conference in Stockholm, Sweden

DFK Malta participated at the DFK International Conference in Stockholm, Sweden, held between 14 and 17 July 2015. The Conference offered excellent opportunities for DFK member firms around the globe to network and update each other on tax issues and other relevant technical subjects. Our firm also attended the International Tax Seminar which was held during the Conference on 14 July, during which David Farrugia also participated in the discussions by giving three presentations. These presentations provided an insight into the Maltese Patent Box, the Luxembourg Patent Box and the Maltese tax system in general.

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Reminder: 30 June 2015 – deadline for filing of tax forms for the reduced tax rate of 15% on rental income, personal tax returns and tax returns for part-time income

Reminder:  the tax returns for the following income are to be filed by not later than 30 June 2015: The tax return to be filed by any persons opting to declare any income derived from the rental of residential properties and pay tax thereon at the flat rate of 15% (the TA24 form); The TA24A form (to be submitted by any persons opting to declare any rental income from residential properties arising in the eight years preceding the basis year 2013 and which was not declared). Further information about the above-mentioned forms is provided in the summary attached hereto or by clicking here. Kindly note that (in addition to the above-mentioned forms) the personal tax returns and the separate tax ...

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Remission of interest and penalties (VAT)

Legal Notice 75 of 2015 which was published in March 2015 brought into force various amendments to the rules providing for the remission of interest. Such rules have now been extended to provide for the remission of administrative penalties (as well as interest) imposed in terms of the Value Added Tax Act (Cap. 406 of the Laws of Malta). For further details kindly click here.

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Employment benefits and incentives

The Employment and Training Corporation (the “ETC“) is currently receiving application forms for two new programmes which offer significant benefits to employers seeking to employ individuals in certain categories. The benefits are offered by virtue of the following incentives: 1. The Youth Guarantee Programme; 2. Tax deductions in respect of new employees aged between 45 and 65. Further details regarding the above mentioned benefits are available in our summary which can be downloaded by clicking here.

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DFK Malta wins the DFK EMEA Website of the Year Award 2015

DFK Malta has just won the DFK EMEA Website of the Year Award 2015. This award was presented to the firm in February 2015 at the conference held in Cyprus for the DFK Member firms from Europe, the Middle East and Africa (the “EMEA” region). It was presented to Joseph Camilleri (partner – DFK Malta who represented DFK Malta at the conference) by Mark Lamb (Vice President  – DFK EMEA Region). DFK Malta’s website was developed by NIU.

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VAT Guidelines for Bad Debt Relief claims

Guidelines for Bad Debt Relief claims (hereinafter referred to as the “Guidelines”) were issued recently by the VAT Department in terms of the provisions of the Tenth Schedule of the VAT Act (Cap. 406 of the Laws of Malta). The Guidelines provide the relevant conditions and procedures that must be followed to claim Bad Debt Relief as aforesaid, including the method to be adopted for the calculation of the claim. The Guidelines also clarify other practical issues that may arise when claiming Bad Debt Relief for VAT purposes. For further information kindly click here.

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The VAT mini One Stop Shop

The VAT mini One Stop Shop (‘MOSS‘) will come into effect on 1 January 2015. These rules are applicable to taxable persons supplying telecommunication services, television and radio broadcasting services and electronically supplied services to non-taxable persons in Member States in which they do not have an establishment. For further information about these rules kindly click here.

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Malta Budget 2015 – General Overview

In the Budget speech for 2015, Finance Minister Prof. Edward Scicluna announced various fiscal measures. The final stage of the reduction in the personal income tax rates and an overhaul of the income tax regime for the transfer of immovable property were among the principal income tax measures presented. In terms of VAT and indirect tax, a reduction in VAT on e-books from 18% to 5% and the re-introduction of the registration requirement for persons whose turnover does not exceed €7,000 were also announced. Other social measures to be introduced target the employment of disabled persons, maternity leave entitlement and amendments to the pensions system. For further information about the principal measures to be introduced kindly click here.

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Letting of Residential Tenement (Forms) Rules, 2014

By virtue of Legal Notice 393 of 2014, the forms to be completed by persons opting to declare any income derived from the rental of residential properties and pay tax thereon at the flat rate of 15% were published. The enactment of Act No. XXXVII of 2014 also introduced certain amendments to this regime – with additional provisions dealing with persons opting to declare any rental income from residential properties arising in the eight years preceding the basis year 2013 which was not declared. For further information kindly click here.

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DFK Malta participates at the VAT & EU Conference

David Farrugia, Director at DFK Malta Tax & Consultancy Limited was one of the speakers at the VAT & EU Symposium organized by the Malta Institute of Management on 15 October 2014 at the Xara Lodge. This conference is an annual event which attracts various foreign and local leading experts to participate and discuss the most important VAT developments. In his presentation, David discussed the implications of VAT for holding companies in light of the VAT Directive and various ECJ judgments. David is principally involved in tax advice, corporate advisory and residence advisory services at DFK Malta Tax & Consultancy Limited and DFK Malta Corporate Services Limited.

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