The automatic exchange of information is seen as a means to combat tax fraud and tax evasion and following various amendments DAC 6 Directive was implemented to ensure mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements. DAC 6 requires intermediaries and, in certain circumstances, taxpayers to provide...

By means of Legal Notice 437 of 2020, Malta introduced new Regulations for the granting of Maltese citizenship by direct investment. A prospective applicant shall generally apply for an eligibility assessment, which is carried out by Community Malta Agency on behalf of the Minister responsible. Its findings, following a rigorous due diligence check, among other...

Lexpractis has recruited two new members to our team. Dr Maria Claire Ellul who is our legal associate and Ms Stefania Pirotta who is our Executive Manager. Stefania has extensive experience in all things related to office management, office administration both locally and abroad. Her robust international experience in countries such as France, Brussels and...

The Minister of Finance introduced the country’s Budget for the year 2021 and highlighted that COVID 19 has brought about an economic impact on the country resulting in the GDP for 2020 being reduced to 7.7% and a fiscal deficit of 9.4%. Salient measures that were announced include: Tax First time buyers of immovable property...

The Malta Business Registry (MBR) has just published its “Guidance on the Register of Beneficial Owners of Commercial Partnerships” providing an overview of the requirements that need to be adhered to in terms of the Companies Act (Register of Beneficial Owners) Regulations which implemented by virtue of LN 374 of 2017. These Regulations impose on...

The fatal incident which took place on the 19th June 2016 involving a 76-year old Welshman, Allan Michael Stanley was followed by criminal proceedings issued against 23-year-old Matthew Grech who was manoeuvring a dinghy at the time of the incident. The victim was swimming out of the swimmers’ zone without any marker buoys when he...

By virtue of L.N. 285 of 2020, the External Transactions Act, Chapter 233 of the Laws of Malta introduced the Cash Control Regulations, 2020. These Regulations require any individual who enters, leaves or transits through Malta, carrying a sum of a value of ten thousand Euro (€10,000) or more to declare such sum to the...

LN 247 of 2020 – Changes to the Companies Act (Register of Beneficial Owners) Regulations, 2017 Once LN 247 of 2020 comes into force, changes will be made to the Companies Act (Register of Beneficial Owners) Regulations, 2017 (hereinafter referred to as the ‘Regulations’). The Regulations already provide for notification to be submitted to the...

The Private Residential Leases (Tax Rebate) Rules, 2020, were published on the 23rd June, 2020, by virtue of Legal Notice 258 of 2020. In terms of the Rules, as from 1st January 2020, any person who in the year immediately preceding the year of assessment derives income from a private residential lease having an original...

The Cohabitation Act, 2020 The Cohabitation Act was originally enacted on the 27th April, 2017. Its raison d’être is to cater for couples who do not wish to be bound by either marriage or civil union, but who are nevertheless desirous of having their relationship recognised and protected. The Cohabitation Act thereby provided for 3...