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BCMS Limited
'Coral'
243/1 Constitution Street
Mosta, MST 9052
MALTA

T: +356 2142-1111
M: +356 9947-5566
F: +356 2141-7118
E: rkg@bcmsltd.com

OECD recommendations on cross border issue implications consequent to the COVID-19 crisis

OECD has issued recommendations on implications of the COVID-19 crisis on cross-border workers and other related cross-border matters.

The Office of the Commissioner for Revenue has notified that it will be adopting the guidance issued by the OECD Secretariat on the 3rd of April 2020 on tax treaty issues and the impact of the […]

Important Notice- PT1 forms due by 30th April 2020

We feel compelled to bring to your attention something which was not notified to tax payers nor tax practitioners.

The statutory form PT1 is that through which companies and self employed persons pay provisional tax and Social security contributions. It was the practice for the Revenue to mail these forms by early April of […]

Third wave of fiscal aid measures in the light of COVID-19

On Wednesday 18th March the Prime Minister announced the third wave of fiscal measures to support commercial entities and safeguard employment.

An online site will be launched by Malta Enterprise which will help companies and self employed persons determine which fiscal measures they are eligible to claim based on their VAT Number and NACE […]

Fiscal aid measures to combat Covid 19

Fiscal aid measures to combat Covid 19

The Maltese Government has just announced fiscal aid measures to combat the current Covid 19 pandemic that has left significant negative effects on the global economy.

Some of the important measures relating to employment are summarized below:

Employee grant (€350 per employee) who were on mandatory quarantine; […]

Corona Virus Update

We are constantly following the latest developments related to CoVid-19, referred to as coronavirus.

In view of the authorities’ appeal for safety and precaution, we would like to invite our esteemed clients to avoid personal visits to our office as much as possible. Any communication and […]

‘Micro Invest’ Tax Credits for Companies and Self employed

Eligible taxpayers may apply for Micro Invest Tax Credits on investments made during 2019 until:

25th March 2020 at 1600hrs for self employed individuals 27th May 2020 at 1600hrs for companies

These tax credits are aimed at micro businesses. Related or “linked” enterprises with common shareholders or voting rights are therefore seen as a “single […]

Consolidated Income Tax for Group of Companies

By virtue of LN 110 of 2019, the Maltese income tax system introduces the consolidation of income tax returns of the parent and its subsidiaries.

Subject to certain conditions being met, a parent and its subsidiaries will become one “Fiscal Unit” for income tax purposes and file only a single tax return with the […]

Personal tax returns are due by 30 Jun 2019

All personal taxpayers in receipt of any income (falling outside the Final Settlement System FSS) during the calendar year 2018 will need to submit their tax returns and pay the underlying tax due by not later than 30 June 2019.

The same deadline also applies to those who opted out of the 15% tax […]

15% tax on rental and part time income- New deadline!!

If you had rental income on residential dwellings or earned income eligible under the part time rules during 2018 please be advised that the Commissioner for Revenue has brought forward the deadline for submission of the necessary form and payment of tax at 15% from 30 Jun to 30 April 2019.

 

In the case […]

VAT Update on “hard Brexit” scenario

The United Kingdom has issued guidelines on the VAT treatment of the exchange of goods and services between the UK and the rest of the EU if politicians do not broker a deal for Brexit (hard Brexit).

In the case of a “hard Brexit” the UK has clarified that it intends to retain the […]