Malta Budget 2021

Malta’s budget for the year 2021, was presented on Monday by the Finance Minister Hon. Edward Scicluna, delving into social measures, the economy, the environment, law, education, health, and infrastructure. The salient fiscal and financial measures may be found below: Economic aspects 7.4% reduction in GDP for 2020 following the challenges brought by the COVId-19…

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Extension of Commercial Emphyteutical Concessions

The Ministry for Transport, Infrastructure and Capital Projects, has published Legal Notice 369 of 2020 entitled “Extension of Temporary Emphyteusis in a Contract for a Commercial Premises transferred from the Government, the Lands Authority or Ecclesiastical Entities by title of emphyteusis Regulations, 2020”. This legal notice applies to any natural or legal person who holds…

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FIAU publishes revised version of Implementing Procedures – Part II for the Virtual Financial Asset Sector

On 18 September 2020 the Financial Intelligence Analysis Unit (the “FIAU”) published a revised version of the Implementing Procedures – Part II on the ‘Application of Anti-Money Laundering and Countering the Funding of Terrorism Obligations to the Virtual Financial Assets Sector’(the ‘VFA Procedures’). The newly introduced changes relate to: The submission of Suspicious Transaction Reports…

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FIAU publishes Revision Version of the Implementing Procedures – Part 1

Following the conclusions of Malta’s Mutual Evaluation Report, the Financial Intelligence Analysis Unit (the “FIAU”), published a revised version of the Implementing Procedures – Part 1 (the “Procedures”) on 15 September 2020. The newly introduced amendments are expected to expedite both the internal and external reporting procedures of subject persons.  Employees of subject persons who…

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Shipping Law Review – 7th Edition

The 7th edition of The Shipping Law Review was published and GMX contributed as authors of the Malta chapter. You may access the Malta chapter through the link here or the full publication here.

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The Creation of Cell Companies by Companies carrying on or engaged in Shipping or Aviation Business

By virtue of Legal Notice 248 of 2020, new regulations were issued under the Companies Act entitled Companies Act (Shipping and Aviation Cell Companies) Regulations (the “Regulations”). These Regulations were introduced to complement the recently introduced enabling provision under article 84E of the Companies Act (Chapter 386 of the Laws of Malta) (the “Companies Act”)….

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Malta’s Covid-19 Economic Regeneration Plan

On the 8th of June the Maltese Government announced a plan implementing measures aimed at regenerating the economy following the COVID-19 pandemic. The measures are largely intended to increase public spending and to decrease costs of businesses. The following are some of the most important measures adopted. Reduction of tax on property For transfers of…

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Online Application for the Registration of a Fiscal Unit

The Commissioner for Revenue published the Online Application for the Registration of a Fiscal Unit in terms of the Consolidated Group (Income Tax) Rules which is available as from 18 May 2020 on the income tax portal of the Commissioner for Revenue. The Commissioner for Revenue has also published guidelines on the registration process. These…

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