‘Father of the PlayStation’ to attract Game Companies to Malta.

Games industry to produce a solid base of economic development for Malta as well as more jobs within the industry

Malta is a high quality location to work from, to base people or to create. These were the words uttered by Chris Deering.

Described as being a ‘games evangelist’, Chris Deering is a veteran of the games, technology and entertainment industry. Recently interviewed by The Times Business, Mr Deering was chief executive for Sony Computer Entertainment Europe between 1995 and 2005 and is a graduate of Harvard Business School.

Mr Deering, Malta’s recently named special envoy for digital games, has pledged to be an evangelist for the island’s potential to be a base for game design firms on his travels, especially after his own firm’s initial expectations ... Read More

Malta and Gibraltar sign Tax Information Exchange Agreement

CSB Group Malta Tax News

Malta and Gibraltar have signed a Tax Information Exchange Agreement (TIEA) which will enable a full exchange of information between the two countries on tax matters.

The ... Read More

Tax information exchange between Malta and the Bahamas

CSB Group Malta Tax News

Malta and The Bahamas have signed a Tax Information Exchange Agreement (TIEA) which will enable a full exchange of information between the two countries on tax matters.

The High Commissioner of Malta Joseph Zammit Tabona, signed on behalf of the ... Read More

Malta Chamber Foundation, CSB Group collaborate to offer training in Corporate Law

Malta Chamber Foundation, CSB Group collaborate to offer training in Corporate Law

The Malta Chamber Foundation and CSB Group have signed a training collaboration agreement and are organising a course in Corporate Law spread over five days this month through to February.

Targeted for lawyers, corporate service officers, accountants, auditors, man ... Read More

Malta-Bahrain and Malta-Saudi Arabia sign Double Tax agreement (DTA)

CSB Group Malta Tax News

Trade between Malta and Saudi Arabia is on the increase in Malta’s favour.

Maltese Foreign Affairs Minister Tonio Borg signed agreements with Saudi Arabia on the avoidance of double taxati ... Read More

CSB Group one of first to receive HNWI Registered Mandatory status in Malta

CSB Group has recently become one of Malta’s first officially - recognised mandatories by the IRD (Inland Revenue Department). CSB Group can now assist individuals who wish to apply for a special tax status under the High Net Worth Individuals – EU/EEA/Swiss Nationals Rules and the High Net Worth Individuals – Non-EU/Non-EEA/Non-Swiss Nationals Rules, collectively referred to as the High Net Worth Individuals Rules.

The said Rules will run in parallel to the amended Residents Scheme Regulations but will not regulate holders of a valid permanent residence certificate issued by the Commissioner of Inland Rev ... Read More

Malta further extends Tax Amnesty

On the 5th December, the Maltese government announced an extension to its Reduction in Tax Penalties Scheme, one which allows taxpayers with outstanding tax balances for previous tax years to regularise their tax positions, as well as benefit from reduced penalties.

The previous deadline was set at 30th November 2011. However according to the Ministry of Finance there has ... Read More

Cypriot, British companies increase chance of re-domiciling to Malta as form of tax rescue

More and more Cypriot banks, in their troubled state are increasingly threatening to move to Malta. As Cyprus continues to experience the debt burden, the country is seeking new forms of austerity measures – in order to avoid EU bailout.

Being a member of the Eurozone, Cyprus experienced pressure from Brussels as its deficit double the EU’s 3 per cent of GDP ceiling. The European Commission also predicts this coul ... Read More

Bermuda and Malta sign tax information exchange agreement (TIEA)

CSB Group have learnt that Malta and Bermuda have signed a tax information exchange agreement today, 25th November 2011 in the UK.

The agreement was signed in London by Maltese High Commissioner Joseph Zammit Tabona and by Premier Paula Cox J.P. for Bermuda.

The tax information exchange agreement (TIEA) allows for a full exchange of inform ... Read More

Malta and Hong Kong sign double taxation agreement

An agreement between Hong Kong and Malta has been signed or the avoidance of Double Taxation and the prevention of fiscal evasion with respect to taxes on income was signed in Hong-Kong.

The agreement was signed by the secretary for Financial Services and the Treasury of Hong Kong SAR, Professor K. C. Chan a ... Read More

Malta Extends Tax Amnesty

CSB Group has recently learnt that the Malta Inland Revenue Department has just announced an extension to the Reduction in Penalties and Interest Scheme.

This is to be done for one last time, the aim of which is to allow any remaining taxpayers with outstanding tax debts or unfiled returns to benefit from ... Read More

High Net Worth Individuals Rules to replace Residents Scheme Regulations

CSB Group has learnt that The Malta Permanent Resident Scheme, which was suspended at the beginning of the year, was finally replaced by a new scheme. The new scheme was officially launched yesterday and seeks to attract high net worth individuals to take up residence in Malta.

On the basis of information released so far it is understood that the new scheme is similar in scope to the Permanent Resident Scheme it replaces such that individuals eligible to benefit under the new scheme would be taxable in Malta on foreign source income which is received in Malta at the favourable flat rate of 15% (such persons are not chargeable to tax in Malta on foreign source capital gains). Local source income and gains would be taxable in Malta at the higher rate of 35%.

Still, ... Read More

Switzerland awaits approval of double taxation agreement submitted to Malta

CSB Group has recently learnt that the Swiss Federal Council has submitted a double taxation agreement with Malta for approval. The Council has also submitted such agreements with South Korea, Romania, Sweden, Singapore and Slovakia to parliament for approval.

Malta and Israel sign Double Tax Pact – July 2011

Following his visit to Israel in July, Foreign Affairs Minister and Deputy Prime Minister Tonio Borg signed an agreement for the avoidance of double taxation with Israel Foreign Minister, Avigdor Lieberman.

The resu ... Read More

Malta signs Double Tax Treaty with Turkey

On the 14th of July 2011 Malta and Turkey signed an agreement that aims to prevent double taxation between them.

What this would result to is an i ... Read More

Taxation News - Malta signs Double Tax Treaty with Palestine – July 2011

An agreement between Malta and the Palestinian Authority was signed in Ramallah.

Signed in the ... Read More

Global tax treaty to outlaw tax evaders

The introduction of the new global tax treaty aims to outlaw tax evaders is leading governments to express their interest in the signing of this treaty – one that is open to all countries.

Being open to all countries means that suspicion would be raised should some financial centres stay out the agreement. ... Read More

Intellectual property rights to be revised

CSB Group has recently learnt that the European Union is set to revise its intellectual property rights regime. It would seem that a complete overhaul of the legal framework is being proposed by the European Commission who is in the process of planning to change this framework relating to intellectual property rights. This will be particularly affecting patents and trademarks, piracy and copyright laws and aims at promoting creation, while protecting rights holders, Internal Market Commissioner Michel Barnier said.

This leads us to ask: Which are the main areas that this strategy is tackling? The Commission will be tackling fou ... Read More

Malta incentivises foreign investment on a personal, corporate level

Maltese Finance, Economy and Investment Minister Tonio Fenech has introduced The Highly Qualified Persons Rules, 2011 - attractive tax incentives available to highly qualified indiv ... Read More

RE/MAX Prestige continues to further promote relocation to the Maltese islands

RE/MAX Prestige continued to further promote the Maltese Islands as an ideal relocation destination at one of the most prestigious events held in the sphere of international taxation and corporate structuring – Intax 2011 on 23 and 24 May. The International Taxation Exposition saw over 300 practitioners from all over the world gathered under one roof at the Westin Hotel. Tax consultants, international companies, corporate services providers, auditors, accountants and bankers came together under one roof for an intense networking conference, unique in quality and format.

CSB Group sponsors globally-acclaimed international taxation expo

Over 300 professional practitioners from all over the world attended the highly successful Intax exposition held at Westin Dragonara Hotel on Wednesday and Thursday, 23 and 24 March. Lead sponsors were CSB Group and Zammit and Associates Advocates.

The conference saw tax consultants, international companies, corporate services providers, auditors, accountants and bankers coming together under one ... Read More

Malta, Cyprus Off Italian Blacklist

The Italian Ministry of the Economy has issued amendments to the relevant legislation, by which Malta and Cyprus have been removed from the country’s ‘blacklist’ of tax havens.

The Ministry has made the appropriate changes to all three lists of countries considered to have tax systems which favour the avoidance of taxation - that concerning the residence of individual taxpayers; the list valid within the tax legislation concerning controlled foreign companies (CFCs); and that r ... Read More

EU Consultations - Corporate Governance in Financial Institutions

As part of its work on preventing a future financial crisis and strengthening the financial system, the European Commission has launched a public consultation on reforming corporate governance in financial institutions. The financial crisis revealed significant weaknesses in corporate governance in financial institutions: board supervision and control of management was insufficient; risk management was weak; inadequate remuneration structures for both directors and traders led to excessive risk-taking and short-termism; and shareholders did not exercise control over risk-taking in the financial institutions they owned. These weaknesses played a role in the crisis and timely and effective checks and balances in governance systems would help preventing any future crisi ... Read More

US Senate approves new Malta tax treaty

The US Senate has approved a new tax treaty with Malta in what Finance Minister Tonio Fenech said was 'a critical step in deepening Malta's relationship with the USA, not only at the political and social levels, but also in trade and investment.'

The treaty is based on the internationally recognised Organisation for Economic Cooperation and Development (OECD) Model Tax Convention..

"The potential created through this treaty is excellent for all industry sectors of Malta. Malta already has a good base of quality and substantial US organisations operating in Malta, providing the evidence required to show potential investors that Malta offers a quality environment to ... Read More

Malta concludes DTA negotiations with Uruguay

On July 13, the Maltese Government announced that it has concluded Double Taxation Agreement (“DTA”) negotiations with Uruguay. It hopes to sign the agreement later th ... Read More

Finance sector growth continues says MFSA annual report

The MFSA’s annual report for 2009, records another year of growth for the country’s finance sector. Writing in the report, the MFSA’s chairman, Professor Joe Bannister, says, “Given the turmoil that followed the worldwide financial crisis, the performance of Malta’s financial services sector in 2009 can be described as extremely good.” Malta continued to be highly ranked for its performance in the financial sector. The World Economic Forum’s Global Competitiveness Index 2009-2010 ranked Malta 13th out of 133 countries for its financial market sophistication, while the banking system was reported to be the 13th soundest in the world. “The world has experienced the worst economic conditions of the last 70 years, with the finance sector being one of the biggest casualties, yet Malta has seen its finance industry grow and its international reputation remain high. Our continued success is a tribute to the prudent policies of our banks and other financial institutions and to the high quality of the people who work in the industry. We have the expertise the world seeks, but more importantly we have established a sound reputation for stability, steadiness and high standards,” says Professor Bannis ... Read More

Malta, Germany update tax agreement

Malta and Germany this afternoon agreed to include a new protocol in the double taxation agreement to enhance transparency in the exchange of information.

Finance Minister Tonio Fenech said the aim of the protocol was to combat tax avoidance and evasion in line with Organisation for ... Read More

Income tax from online gaming doubled between 2008 and 2009

The revenue that the government obtained from online gaming companies registered in Malta doubled from €26.8 million in 2008 to €52.5 million in 2009, Finance Minister Tonio Fenech told Noel Farrugia (PL).

In a supplementary question, Leo Brincat (PL) asked if the ... Read More

Bahrain, Malta Sign DTA

Bahrain’s Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, and Malta’s Minister of Finance, Economy and Investment, Tonio Fenech, have signed a double taxation agreement (DTA) between their two countries.

Flat tax option for foreign high-earners

A 15 per cent flat tax on income to attract foreign workers engaged in specialised jobs will shortly be introduced to make it attractive for companies to engage experts on a temporary basis.

The legislative move will complement the income tax regimes currently in force for foreign workers in Malta and is intended to help companies attract scientists and experts who may be required for particular jobs, a Finance Ministry spokesman said.

... Read More

Malta placed second in funds domicile index

The January 2010 results of the Fund Domiciles Stability Monitor Index reveal that Malta ranks second among 10 countries for stability in the international funds industry.

Malta stands just behind Luxembourg.

Rankings for the FDSM Index are calculated upon a combination of macro-economic and fiscal data and fund flow statistics.

... Read More

Malta and Jersey sign double taxation agreement

Malta and Jersey have signed a double taxation avoidance agreement.

The agreement was signed by Maltese High Commissioner Jose ... Read More

Malta in talks with Hong Kong on double taxation agreement

Malta aims to steal a march on its southern European EU fellow members by entering into a double taxation agreement with Hong Kong, which is increasingly becoming a highly regarded financial centre in the world.

Tax credit scheme for small businesses launched

A tax credit scheme for small businesses, originally announced in the Budget, was launched this morning by Finance Minister Tonio Fenech.

The Microinvest scheme, that could apply to about 28,000 businesses, will allow entities that employ less than 10 workers to benefit f ... Read More

Malta-Belgium double taxation agreement amended

The Minister of Finance, the Economy and Investment, the Hon. Tonio Fenech and his counterpart, the Belgian Minister of Finance, Didier Reynders have signed an agreement to amend the existing Double Taxation Agreement between the State of Malta and the Kingdom of Belgium for the avoidance of double ... Read More

Isle of Man signs double taxation agreement with Malta

The Isle of Man has signed a double taxation agreement with Malta.

The signing ceremony took place at Malta’s High Commission in London between Allan Bell MHK, the Isle of Man's Treasury Minister, and HE Joseph Zammit Tabona, ... Read More

US double taxation treaty to be ratified by December

The double-taxation treaty between Malta and the United States is expected to be ratified by the US Senate in the next three months.

Speaking during an extensive interview with sister newspaper Business Today, which is freely distributed with the Wednesday edition of MaltaToday, Douglas Kmiec, who was recently appointed as the American ambassador for Malta, told Business Today:

“Now that agreement is finished in terms of its substance, but it needs to be ratified by the Senate of the United States. One of the things that could be improved upon actually is the ball in our court, namely finish this transaction.

“It’s not really Malta that has really been holding up; it’s two other countries that were negotiating the same agree ... Read More

Malta and Serbia sign double taxation agreement

Malta and Serbia have signed an agreement on double taxation on Wednesday, on the first-ever visit of a Serbian minister to Malta.

The agreement was signed by Finance Min ... Read More

Malta and Jordan sign double taxation agreement

Malta and Jordan have signed a double taxation avoidance agreement, the first between the two countries.

During a visit to this country, Foreign Minister Tonio Borg held talks with his c ... Read More

Malta signs new double taxation convention with Libya in Tripoli

Tonio Borg, Deputy Prime Minister and Minister of Foreign Affairs, yesterday announced that Malta has signed a new double taxation agreement with Libya, the fourth such convention for the year, following the signings earlier this year with Ireland, Montenegro and Switzerland.

He said the signing with Libya reflects the close relations that ha ... Read More

Discussions on a double taxation agreement between Oman and Malta

Discussions between the Sultanate of Oman and Malta on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income were held in Mal ... Read More

Malta and Switzerland sign double taxation agreement

Deputy Prime Minister and Minister of Foreign Affairs Tonio Borg signed the Agreement between Malta and Switzerland for the avoidance of double taxation with respect to Taxes on Income, during an official visit to Malta by Micheline Calmy-Rey, Swiss Foreign Affairs Minister. The agreement was signed in the margins of a bilateral meeting held at the Foreign Affairs Ministry.

This is the first visit by a Swiss Foreign Minister to Malta. Deputy Prime Minister Tonio Borg desc ... Read More

Malta, Ireland sign double taxation agreement

Malta and Ireland have signed a convention on double taxation on Friday.

The agreement aims to avoid double taxation and to prevent fiscal evasion, and is expected to have a po ... Read More

Malta ranked fifth most company tax friendly country

Forbes magazine has classified Malta as the fifth most tax-friendly country for companies, in the latest Tax Misery and Reform Index carried out by the influential publication.

Malta was also ranked the most attractive country in the European Union in terms of taxes and social security contributions paid out by companies. Malta was only bettered by, in order, Georgia, Hong Kong, the United Arab Emirates and Qatar – this year’s winner.

The index also gauge ... Read More