Category: Malta

FATCA – implications for financial institutions

Introduction to FATCA On December 16 2013 Malta and the United States entered into an intergovernmental agreement (IGA) to implement rules and regulations under the Foreign Account Tax Compliance Act (FATCA). FATCA, enacted in 2010 by the United States, requires US taxpayers and financial institutions to report financial information to… – Continue reading

Chairman Royce, Rep. Pallone welcome US-Amenia Trade & Investment Framework Agreement

House Foreign Affairs Committee Chairman Ed Royce (R-CA) and Congressional Armenian Caucus Co-Chair Frank Pallone (D-NJ) were among the first Congressional leaders to welcome the May 7th signing of the U.S.-Armenia Trade and Investment Framework Agreement (TIFA), a longstanding policy priority for the Armenian National Committee of America (ANCA). Chairman… – Continue reading

A place in the sun: Retiring overseas requires careful tax planning

Jason Porter explores the tax regimes in Portugal, France, Malta and Cyprus – four of the most advantageous territories for UK ex-pat retirees People aged 55 and over are now entitled to their pension in the form of a lump sum, to be taxed at marginal rates applying in the… – Continue reading

Ireland finds support for corporate tax policies at EU meeting

Ireland found itself surrounded by supporters, for the first time, on the issue of corporate tax rates, during an informal meeting of EU finance ministers, reports the Irish Examiner. Finance Minister Michael Noonan was not present, as he returned to Dublin early, but the head of the Central Bank, Patrick… – Continue reading

Pots of stashed cash in tax havens ‘a myth’

The world’s high and ultrahigh net worth families are run much like businesses these days, with family governance in place as well as fund structures in favourable tax jurisdictions that allow for consolidated reporting across diversified assets. That is the way the world is moving, with global tax authorities grouping… – Continue reading

Goodman Luxembourg firm paid 0.4% tax on profit of €52.6m

Company accounts provide insight into Parlesse Investments A Larry Goodman company based in Luxembourg made a profit of €52.6 million in 2013 and paid just 0.4 per cent tax, according to accounts in the tiny EU member state. The company, Parlesse Investments Sarl, began operations in 2010 and had accumulated… – Continue reading

Company announcement on Stock Exchange: More resignations at GlobalCapital

A company announcement on the Malta Stock Exchange website announced on Tuesday  that Arun Shankardass and Oumeshing Sookdawoor have tendered their resignation from the office of director of the company with effect from 17 April. Mr Shankardass will also be stepping down as chairman of the Audit Committee of the… – Continue reading

Malta Extends FATCA Reporting Deadline

The Inland Revenue Department has announced an extension to the deadline for financial institutions to comply with the reporting deadlines under the Foreign Account Tax Compliance Act framework. The deadline for FIs to submit FATCA data has been moved forward to June 15, 2015. FATCA requires all FIs outside of… – Continue reading

Malta: Business, Investments And Residency Opportunities!

TL: What are the main considerations and advantages for doing business in Malta? AB: Malta’s positive approach to business promotion, development and standard of living within the EU makes the island a destination of choice for relocation of business purposes. Malta offers noteworthy benefits to individuals and investors who are… – Continue reading

Firm run by David Cameron’s election guru Lynton Crosby lost £1 million in two years, as pressure mounts on unanswered tax questions

A British company run by the Conservative’s election guru Lynton Crosby lost more than £1 million in two years, public records show. Accounts filed by Crosby Textor Ltd reveal that the firm, owned by Mr Crosby and his business partner Mark Textor made losses of £511,000 in 2014 and £510,000… – Continue reading

Cameron advisor back in Labour’s crosshairs over Malta companies

Claims of using Malta to reduce tax liability ‘malicious and libellous’ – Lynton Crosby British Prime Minister David Cameron’s electoral guru, Australian Lynton Crosby, has rejected a Labour attack on his personal tax affairs as a “made up negative story”. On Thursday the British Labour Party called on Mr Crosby… – Continue reading

Ireland’s tax exiles now number over 3,000

Revenue figures show that just 13 people paid domicile levy of €200,000 in 2013 Ireland is home to more than 3,000 individuals or couples recognised as ‘non-domiciled’ for tax purposes, new figures from the Revenue Commissioners show. So-called “non-doms” can avoid paying tax on their worldwide income in Ireland, thus… – Continue reading

Auditors are not forensic investigators – Booker

Changes are in the pipeline which will have a dramatic impact on the way that auditing firms handle public-interest entities (PIEs) as from December 2016 – but Deloitte CEO Malcolm Booker is very wary about how this could work in practice. According to the legislation, auditors would have to enter… – Continue reading

Malta first to enable overseas pension freedom

Malta has become the only jurisdiction to offer full UK-style pension freedoms for British ex-pat savers in qualifying registered overseas schemes, after a deal forged last week between the country’s financial regulator, reports the FT Adviser. One provider, TMF Group, has announced it has reached agreement with the Malta Financial… – Continue reading

QROPS for US Residents – FATCA & IRS Compliant

For British pension holders in the US, transferring into a Qualifying Recognised Overseas Pension Scheme (QROPS) is now commonplace. These pension solutions are widely accessible to all US residents or nationals who have accrued pensions from their time working in the UK, and are an invaluable aspect of financial planning… – Continue reading

Pensions, Taxes & Fatca: Finance Tips for British (& Other) Expats in the U.S.

We asked Vincenzo Villamena, a New York-based international tax adviser and certified public accountant with Online Taxman, and his British-expat client Ed Zitron of San Francisco, to share personal finance tips for expats, particularly those hailing from the U.K. Here are their top tips: 1. Mind your pensions & QROPS!… – Continue reading

Global Tax Transparency Goes Live in 2016

Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading

Luxembourg: Luxembourg’s Direct Tax Administration Publishes Circular On Residency Certificates For Funds

Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading

Azerbaijan’s SOCAR chooses Malta for tax purposes

In 2013, STHL and its subsidiaries generated $38.6 billion in sales of crude oil, after purchasing $38.5 billion in crude and fuel products from third party and other companies from the SOCAR group. Malta has been hosting Azerbaijan’s state oil company (SOCAR) since 2007 thanks to its favourable tax regime… – Continue reading

Passports for cash: the countries selling citizenship to tax havens

Citizenship has been turned into a commodity by countries including Cyprus, Grenada, Antigua, Malta and St. Kitts in the Caribbean, which is now the most popular place in the world to buy a passport – for as little as $250,000. The draw? Little or no tax. New citizens of St…. – Continue reading

Malta features in poker giant’s €300 million tax avoidance route

Rome police accuse PokerStars.it managing director over €300 million of undeclared monies that were traced to Malta and the Isle of Man The managing director of PokerStars in Italy, a leading online poker brand, has been accused of fraud and tax evasion of some €300 million by Rome’s finance police… – Continue reading

Residence in Malta for Third Country Nationals

Third country nationals may take up residence in Malta in terms of the Global Residence Programme Rules (GRP) Rules.  Such individuals will be granted a special tax status by the Maltese tax authorities and will be subject to tax in Malta at a flat rate of 15% as described hereunder…. – Continue reading

Swiss Leaks: Malta Investment Registration Scheme attracts 1,469 applications with €455m

An investment registration scheme launched by the government last year attracted a total of 1,469 valid registrations covering an aggregate of €455.8 million worth of eligible assets, The Finance Ministry told The Malta Independent. Of the total amount registered, €69.8 million or 15% of the total was repatriated following registration…. – Continue reading

Warwick Bartlett on tax – The Only Way is Up

Warwick Bartlett, CEO of Global Betting and Gaming Consultants, discusses how government’s approach taxation means that rates are more likely to go up than down. The most pleasing sight at ICE 2015 was to see some of the younger companies which two years ago took the smallest booths are now… – Continue reading

Tancred Tabone had deposited $1 million in Jersey offshore trust set up by HSBC Switzerland

Former Enemalta chairman Tancred Tabone had set up a Jersey offshore trust into which he deposited $1 million, according to the HSBC data revealed in Swiss leaks. Reporting on the matter today, The Guardian said Mr Tabone planned to transfer more funds, with the bank noting “the potential is evaluated… – Continue reading

Malta: Money Laundering: Parliament And Council Negotiators Agree On Central Registers

The ultimate owners of firms would have to be listed in central registers in EU countries, accessible to people with a “legitimate interest”, such as investigative journalists and other concerned citizens, under a deal struck by Parliament and Council negotiators on a draft EU anti-money laundering directive on Tuesday. The… – Continue reading

Gibraltar ‘very well positioned’ for fully-flexible QROPS

A legislative amendment leaves Gibraltar “very well positioned” to follow Malta’s lead in adapting to HM Revenue & Customs introduction of full flexibility to Qualifying Recognised Overseas Pension Schemes (QROPS). At the end of December last year, HMRC issued draft legislation to allow QROPS full flexibility in drawing pension benefits… – Continue reading

Malta QROPS Open Way For 100% Pension Drawdown

Malta Qualifying Recognised Overseas Pension Schemes (QROPS) are jumping on the flexible access bandwagon. The Malta Financial Services Authority as amended local regulations in favour of QROPS based on the Mediterranean Island following the new flexible access pension rules administered by HM Revenue & Customs (HMRC) in the UK from… – Continue reading

North East business and airport leaders concerned region to be made guinea pig for tax reforms

SUCCESSFUL INTERNATIONAL STRUCTURES in most cases begin with choosing the right jurisdiction to host a company that will form part of an international business. Depending on the company’s activities, the choice will depend on the range of double taxation treaties and the availability of tax reliefs followed by a host… – Continue reading

Malta: Taxation Of Private Pensions

Introduction Malta is increasingly becoming a financial services centre of repute looked at by a number of financial services operators as the ideal platform to set up their private pension schemes. Malta’s success is attributable to the flexible and prudent manner in which the industry is regulated, providing the desired… – Continue reading

Property tax will have adverse effect on the market – Chamber of Commerce

The Chamber of Commerce believes the new regime will have an adverse effect on the recently recovering property market The Malta Chamber of Commerce, Enterprise and Industry has expressed its strong disagreement with the new Property Tax announced by Government in the Budget for 2015. The new regime, it says,… – Continue reading

Luxembourg Supports EU Tax Ruling Reforms

The Luxembourg Government is to provide the European Commission with a list of the tax rulings issued by its tax authorities, along with a list of the beneficiaries of its concessionary tax regime for intellectual property (IP) income. Luxembourg Prime Minister Xavier Bettel announced that the decision had been made… – Continue reading

Commission To Probe All EU Advance Tax Rulings

The European Commission has announced that its ongoing inquiry into advance tax rulings will be expanded to cover all European Union member states. The Commission said on December 17 that it will ask member states to confirm whether they offer tax rulings. If they do, they will be requested to… – Continue reading

EU widens corporate tax rulings probe

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. Brussels has widened a probe into corporate tax rulings to include all 28 member states amid heightened scrutiny of sweetheart tax deals granted to businesses by national… – Continue reading

Investigation into tax rulings to be extended to all EU member states, says Commission

An investigation into tax rulings provided by certain EU member states is to be widened to cover all member states, according to a press release from the European Commission.17 Dec 2014 Tax Disputes and Investigations EU & Competition Tax Public procurement and state aid Corporate tax International tax UK Europe… – Continue reading

UPDATE 2-Regulators extend tax probe to all 28 EU nations

* EU to examine tax arrangements across bloc * Several deals with multinationals already under scrutiny * Questions asked of new Commission President Juncker (Adds Luxembourg reaction, background) By Foo Yun Chee BRUSSELS, Dec 17 (Reuters) – European Union competition regulators have asked all 28 member countries for details of… – Continue reading

Passport-buyers’ ‘genuine links’ to Malta? A couple of weekends a year

After multiple revisions of a controversial law, the government is adamant that its citizenship-by-investment programme only provides Maltese nationality to people who establish a genuine link to the country. But there may be hundreds of thousands of tourists in any given year who establish stronger links to Malta than many… – Continue reading