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CSB Group is an expert in Accounting, Payroll, VAT, Tax Compliance and Advisory and provides a full range of accountancy-related services to corporate and private clients. Our team of certified public accountants in Malta can assist with key accounting services ensuring compliance with Local Statutory reporting requirements.
Accounting Services in Malta
CSB Group is one of the leading accounting and tax firms in Malta. As corporate accounting specialists in Malta and Independent members of EuraAudit International, our accountants offer professional outsourced accounting services in Malta.
Our accountants are highly professional and offer tailor-made accounting services in Malta depending on the nature and size of the business. Various services fall within the remit of accountancy – Here at CSB Group, having a team of over 14 accountants and accounts personnel, we boast in being able to furnish over 400 clients with bookkeeping and updated management accounts and any other related services including adhoc advice / service clients require.
Services include and not limited to:
Bookkeeping & Management reporting
This service is the fulcrum as the other services ultimately depend on it. It is one of CSB’s main aims to ensure that the bookkeeping and the management accounts are kept up to date so as client’s requirements are always met and that these management accounts accurately reflect the position & performance of the company. Reports can be prepared at the level of detail and frequency as requested by the client. Outsourcing accounting to CSB puts your mind to rest that changes in accounting standards are surely taken into consideration and reflected in the accounts.
All key staff members are duly certified by the Institute of Financial Services Practitioners in the Law and Management of Trusts and take a pro-active and personalised approach towards guiding clients through all trust-related issues including estate planning, transaction-related security trust structures, asset protection and other customised solutions based on client requirements.
VAT is an area which is continually changing so outsourcing to CSB’s indirect tax team gives you the advantage that you don’t need to be kept abreast at all times but can trust this in the hands of the experts
This area is vast and includes assistance with the below, amongst others:
- VAT Registrations
- Preparation, completion & submissions of VAT Returns
- Preparation, completion & submissions of VAT Recapitulative Statements
- Preparation, completion & submissions of MOSS returns
- Preparation, completion & submissions of VAT Adjustment Forms (if necessary)
Audit Co-ordination & Audited financial statements
For each accounting period, every company director shall prepare individual accounts comprising the balance sheet as at the last day of the accounting period to which they refer, the profit and loss account for that period, the notes to the accounts and any other statements which may be required.
The audit of financial statements is to be carried out by a qualified person holding the relevant warrant issued by the Maltese Accountancy Board and needs to be performed in accordance with International Auditing Standards.
Corporate Tax Returns
Every company registered in Malta is also required to prepare and file an Income Tax Return with the International Tax Unit (ITU) / Inland Revenue Department (IRD). At CSB Group, our tax team assist in the completion & submission of the tax returns on behalf of clients.
Companies with a January to June accounting year-end are required to file their tax return by the 31st of March of the following year. Companies with different accounting year-ends must file their income tax returns within 9 months from the accounting year-end. Payment of any corporate tax payable must also be made by this date, unless company is eligible to the DDT 10 exemption, in which case payment could be deferred by a further 9 months.
In the case of late filing of tax returns, penalties will be incurred dependent on the number of months elapsed, as follows:
- Within 6 months € 50
- Later than 6 but within 12 months € 200
- Later than 12 but within 18 months € 400
- Later than 18 but within 24 months € 600
- Later than 24 but within 36 months € 800
- Later than 36 but within 48 months € 1,000
- Later than 48 but within 60 months € 1,200
Our payroll team have extensive experience in the provision of payroll processing as well as all other related services, including HR administrative matters. The payroll team in collaboration with the tax team ensure that clients’ queries including, with respect to employees’ tax status/rates are replied to in detail and accurately.
Dissolution & Liquidations
- Together with the liquidator, the team can also put your mind to rest that the company will be liquidated as smoothly and efficiently as possible.
- All the steps included in the liquidation process need to be followed by the team.
- Through an Extraordinary Resolution of the company, the members decide to liquidate/dissolve the company and determine last trading/operating day.
- Update company accounting and ledgers up to the date of the dissolution.
- Reconcile all bank accounts i.e. company bank accounts and clients’ money accounts.
- File VAT de-registration form (where applicable).
- File PE de-activation form (where applicable)
- Liquidation forms: Certain forms including Form B(1), Form B(2), Form L and the Statement of Affairs will need to be submitted to the Malta Business Registry within 14 days from the Dissolution Date.
- Approval by the Malta Business Registry: The registry will than process the above forms and once approved from their end, the company’s status will be officially changed to ‘In Dissolution’.
- Audit of the accounts up till liquidation date: The pending audits including the audit of the accounts till the liquidation date will need to be performed and the income tax returns would need to be submitted.
- Preparation of the final liquidation accounts and scheme of distribution: This is the process performed by the liquidator in order to ensure that all assets have been disposed of/transferred, all remaining liabilities are settled, that any remaining assets are duly distributed to the shareholders, the company is de-registered from all governmental authorities (payroll, VAT, etc.) unless not already done beforehand and no penalties and/or interest are outstanding.
- Audit and approval of the scheme of distribution: The above accounts would then need to be audited by a separate auditor (as stipulated by law) and once approved, the audited liquidation accounts & scheme of distribution together with the liquidator’s return will need to be submitted to the Malta Business Registry.
- Once the scheme of distribution and liquidator’s return are submitted to the Malta Business Registry, once these are vetted and approved by the registry, the latter will publish a notice in the government gazette so that any creditors of the company can file their objections. If no one files any objections, after the expiration of 3 months from the effective date stated on the notice, the company will be officially struck-off by the registry.
Processing of Payments & Invoices
Another service provided by the team is the processing and approval of transfers/payments on behalf of clients whereby CSB act as signatories or joint signatures on the bank account.
A new service being offered is the issuance of sales invoices for clients to their own customers. This is important to ensure that these follow the Maltese specific requirements.
Malta Enterprise Schemes Application Support
Malta Enterprise supports companies and self-employed workers through various grants and grants. The eligibility criteria differ from one measure to another and our accountants in Malta can assist you by analysing which scheme is applicable and beneficial to your entity and supports throughout the application process.
Reliable accounting services in Malta
Our team of professional accountants in Malta offers tailor-made accounting services in Malta depending on the nature and size of the business. Timely, and accurate management accounts add value to any business and the maintenance of proper books of accounts (for Malta-registered companies) is a statutory requirement. These accounts and audited financial statements are the directors’ responsibility and it is our team’s pleasure to assist office and company directors to keep in line with the statutory deadlines imposed by the various authorities, including the Registry of Companies at the Malta Business Registry (MBR), VAT Department and the International Tax Unit/Inland Revenue Department. This is deemed fundamental because if these deadlines are not abided by, interest and penalties will be imposed by these respective authorities for late payment and late submissions respectively.
I have been using CSB Group in Malta to register our company and our ship under the Malta flag, and have always been completely satisfied with their performance. They do an excellent job, are always punctual, and offer the most competitive rates in Europe! A young and Smart team! We have also involved them on occasion for extra legal jobs, and recently I am using their accounting service to fulfil the VAT requirement and to complete our balance sheets. I'm happy to recommend the services of CSB Group.
Kite Investimenti Limited of Cyclos II
"We have worked closely with CSB Group since February of 2015. They have been instrumental in helping us establish our Malta office and continue to aid us with their stellar legal and accounting services. Malta has proven to be an excellent location to establish our business, however, setting up a company with many international shareholders has been a complicated task. CSB Group has guided us along this process and we are quite satisfied with the results."
CSB Group have been our service providers for the last few years and have assisted us in a range of services including accounting, payroll, legal and corporate services. In our experience, CSB has proved to be of great use.
Always ready to help your business with everything you need. Fast, professional and reliable people. All you need to have a business in Malta.
We’ve been using CSB services for four years and they have been a great asset to our business. We’ve been very impressed with their friendliness and responsiveness and with the staff constantly producing quality work in every aspect of their business – from book keeping to tax preparation. We’re glad to have CSB as part of our team.