# Borg Galea & Associates --- ## Pages - [Audit Senior Associate](https://borggalea.com/careers1/audit-senior-associate/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Advisory Associate](https://borggalea.com/careers1/advisory-associate/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Accounting & Taxation Senior Executive](https://borggalea.com/careers1/accounting-taxation-senior-executive/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Imprint](https://borggalea.com/imprint/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Disclaimer](https://borggalea.com/disclaimer/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Senior Audit Manager](https://borggalea.com/careers1/senior-audit-manager/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Audit Manager](https://borggalea.com/careers1/audit-manager/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Semi Senior Auditor](https://borggalea.com/careers1/semi-senior-auditor/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Accounting Deadlines](https://borggalea.com/accounting-deadlines/): For the highest quality auditing services in Malta, turn to Borg Galea & Associates. Learn how we can help meet your legal obligations on time at a reasonable price. - [Funding Assistance](https://borggalea.com/funding-assistance/): For the highest quality auditing services in Malta, turn to Borg Galea & Associates. Learn how we can help meet your legal obligations on time at a reasonable price. - [Business Development Manager](https://borggalea.com/careers1/business-development-manager/): Business Development Manager We are welcoming applications for a Business Development Manager on a full-time basis to join our growing... - [Assistant Audit Manager](https://borggalea.com/careers1/assistant-audit-manager/): Assistant Audit Manager We are seeking to recruit a full-time Assistant Audit Manager to join our growing firm. If you... - [Accountant](https://borggalea.com/careers1/accountant/): Accountant We are accepting applications for a full-time Accountant to join our growing accounting and tax team! The ideal candidate... - [Front Office Administrator](https://borggalea.com/careers1/front-office-administrator/): Front Office Administrator Are you a dynamic, organized, and detail-oriented professional with a passion for creating exceptional first impressions? Join... - [Accounting Advisory Services](https://borggalea.com/accounting-advisory-services/): Accounting Advisory Services At Borg Galea & Associates, we offer a comprehensive range of accounting advisory services to help our... - [Assisting Start-ups](https://borggalea.com/assisting-start-ups/): Assisting Start-ups Starting a new business can be an exciting, but also challenging experience. From developing a business plan to... - [Corporate Finance](https://borggalea.com/corporate-finance/): Corporate Finance Corporate finance is a broad area of finance that deals with the financial decisions made by companies and... - [Traditional Finance](https://borggalea.com/corporate-finance/traditional-finance/): Traditional Finance Borg Galea & Associates is a reputable accounting firm that provides a wide range of financial services to... - [Capital Markets Finance](https://borggalea.com/corporate-finance/capital-markets-finance/): Capital Markets Finance In addition to assisting clients with raising finance through traditional banking channels and government grants, Borg Galea... - [Risk and Compliance](https://borggalea.com/risk-and-compliance/): Risk and Compliance At Borg Galea & Associates, we offer a comprehensive range of risk and compliance advisory services to... - [Corporate Restructuring](https://borggalea.com/corporate-restructuring/): Corporate Restructuring General Introduction During the last couple of years, many companies have had to endure severe and unforeseen reductions... - [Accounts Executive](https://borggalea.com/careers1/accounts-executive/): Accounting and Tax Executive We are currently accepting applications for a full-time Accounting and Tax Executive to join our growing... - [Accounting Manager](https://borggalea.com/careers1/accounting-manager/): Accounting Manager We are currently on the lookout for a full-time Accounting Manager to join our growing accounting team! If... - [Thank you - Get a Quote](https://borggalea.com/thank-you-get-a-quote/): Thank You for reaching out ! We received your message and you’ll hear back from us soon. - [Life at Borg Galea](https://borggalea.com/life-at-borg-galea/): Life at Borg Galea Our clients benefit from a wealth of experience garnered through years of work in taxation,accounting, auditing... - [Junior Compliance Associate](https://borggalea.com/careers1/junior-compliance-associate/): Junior Compliance Associate We are seeking to recruit a full-time Junior Compliance Associate to join our growing firm. This role... - [Assistant Audit Manager 1](https://borggalea.com/careers1/assistant-audit-manager-2-2/): Assistant Audit Manager We are seeking to recruit a full-time Assistant Audit Manager to join our growing firm. If you... - [Thank You - Contact](https://borggalea.com/thank-you/): Thank You for reaching out ! We received your message and you’ll hear back from us soon. - [Malta Yacht Registration](https://borggalea.com/malta-yacht-registration/): Malta Yacht Registration Why Malta? Malta is not just the ideal place to register your yacht because it is an... - [Remote Gaming](https://borggalea.com/remote-gaming/): Remote Gaming Remote Gaming in Malta The shift from physical casinos to online gaming websites created a myriad of opportunities... - [Accountant and Accounting Services in Malta](https://borggalea.com/accounting/): Looking for reliable accountant and accounting services in Malta? Trust our expertise at Borg Galea & Associates. We provide comprehensive financial solutions to meet your business needs. Contact us today for professional accounting services in Malta. - [Audit Malta](https://borggalea.com/audit/): For the highest quality auditing services in Malta, turn to Borg Galea & Associates. Learn how we can help meet your legal obligations on time at a reasonable price. - [Malta Incorporation Services](https://borggalea.com/incorporation-malta/): Looking for a trusted business partner to help you incorporate your company in Malta? Borg Galea Limited offers the most efficient Malta incorporation services. Give us a call at +356 2703 7012 or fill in our contact form. - [Fiscal Consolidation Malta](https://borggalea.com/fiscal-consolidation-malta/): Borg Galea Limited is a trusted auditing agency in Malta. For fiscal consolidation and other services, call +356 2703 7012 to book a consultation. - [Tax Advice Malta](https://borggalea.com/tax-advice-malta/): Looking for the best tax advice services in Malta? Let Borg Galea Limited manage your finances effectively and efficiently. Give us a call at +356 2703 7012 or fill in our contact form to reach our expert tax advisors. - [Malta Company Tax Rate](https://borggalea.com/company-tax-rate-malta/): Discover the Malta company tax rate and optimize your tax planning. Contact us at +356 2703 7012 for expert guidance and support. Fill out the form to consult with our team of tax professionals today! - [Malta Holding Company Taxation](https://borggalea.com/company-holding-taxation-malta/): Borg Galea is a trusted Maltese auditing agency offering taxation services for Holding Companies in Malta. Get in touch and consult with us by dialling +356 2703 7012. - [Tax Refunds Malta](https://borggalea.com/tax-refund-malta/): Do you need experts to help you with tax refund processing in Malta? Connect with Borg Galea Limited now by dialling +356 2703 7012 or filling in our form. - [Tax Resident Malta](https://borggalea.com/tax-resident-malta/): Be an established tax resident in Malta with the help of a leading first-rate tax consultancy firm in the country. Get in touch with Borg Galea today; call us at +356 2703 7012 or fill in our contact form. - [Article 10 VAT Registration](https://borggalea.com/vat-a10/): Value Added Tax (VAT) Article 10 VAT registration Any company that registers for VAT under Article 10 gets a VAT... - [Article 11 VAT Registration](https://borggalea.com/vat-a11/): Value Added Tax (VAT) Article 11 VAT registration When a taxable person registers for VAT under article 11, he does... - [Article 12 VAT Registration](https://borggalea.com/vat-a12/): Value Added Tax (VAT) Article 12 VAT registration Those who acquire intra-community goods while in Malta with a Value of... - [VAT Submissions and Deadlines](https://borggalea.com/vat-submissions-and-deadlines/): Value Added Tax (VAT) Submissions and Deadlines Taxable persons registered under Article 10 Taxable persons registered under article 10 must... - [Get a Quote](https://borggalea.com/get-a-quote/): Get a Quote Fill in the form below to get a quote on our services. Fill in the form below... - [Junior Accountant](https://borggalea.com/careers1/junior-accountant/): Junior Accountant An Overview of What You’ll Be Doing: The daily monitoring of bookkeeping activities Maintaining company accounting records and... - [Tax Specialist](https://borggalea.com/careers1/tax-specialist/): Tax Specialist We are currently accepting applications for a full-time Tax Specialist to join our growing accounting team! If you... - [Senior Auditor](https://borggalea.com/careers1/senior-auditor/): Senior Auditor Would you like to join our Audit department? We are accepting applications for a qualified, experienced, and responsible... - [Registered Office](https://borggalea.com/registered-address-in-malta/): Having a Registered Address in Malta Every company which is registered in Malta must also have a registered office here... - [Special Audit Reports](https://borggalea.com/special-audit-reports/): Special Audit Reports Our range of audit and assurance services is not limited to carrying out the statutory auditing engagements.... - [Income Tax Consolidation in Malta](https://borggalea.com/income-tax-consolidation-in-malta/): Income Tax Consolidation in Malta Overview If you benefited from Malta’s advantageous tax refund system, or are eligible to do... - [Personal Tax Return](https://borggalea.com/personal-tax-return/): Personal tax in Malta Not all individuals who earn or derive income in Malta are required to prepare individual tax... - [Investment Property Tax](https://borggalea.com/investment-property-tax/): Investment Property Taxation You’ll probably already aware that rental income can be taxed at the rate of 15% on the... - [Company Formation](https://borggalea.com/company-formation/): Malta Company Formation Agents Company formation in Malta should be much more than just having a company. Anyone can open... - [Liquidations and Dissolutions](https://borggalea.com/company-liquidation-in-malta/): Company Liquidation in Malta Company liquidations are never an easy task to accomplish. It is understandable for it to be... - [EXO Number Application](https://borggalea.com/exo-number-application/): EXO Number Application The current COVID-19 has accelerated remote working, which in the accounting and finance world translates to having... - [Malta Tax Refunds](https://borggalea.com/malta-tax-refunds/): Malta Tax Refunds Overview Malta’s taxation system has passed the test of time and managed to overcome various hurdles along... - [Secretarial](https://borggalea.com/secretarial/): Company Secretary What is a Company Secretary and who can act as a one? Under Maltese Law, more specifically under... - [Bookkeeping](https://borggalea.com/bookkeeping/): Borg Galea Limited offers bookkeeping assistance for Malta companies in decision making, as well as achieving and maintaining business growth. Call us today at +356 2703 7012. - [Management Accounting](https://borggalea.com/management-accounts/): Management Accounting At Borg Galea & Associates, apart from the basic bookkeeping services, we also offer management accounts preparation to... - [Payroll Services](https://borggalea.com/payroll/): Payroll Who needs payroll services? Any company or individual who employs personnel, irrespective whether on a part-time or a full-time... - [VAT Services Malta](https://borggalea.com/vat-malta/): If your company needs professional assistance with VAT requirements in Malta, turn to Borg Galea Limited. We specialize in VAT management and obligations. Call us today at +356 2703 7012 to learn more about our VAT services in Malta. - [Audits and Assurance](https://borggalea.com/audit-and-assurance/): Are you looking for a trusted accounting firm to help you with the annual audit of your financial statements? Contact Borg Galea & Associates today. - [Nathaniel Borg](https://borggalea.com/nathaniel-borg/): Nathaniel Borg Director – Audit & Advisory Qualifications Fellow Certified Chartered Accountant Master of Business Administration (B’Ham) Registered Auditor Languages... - [Roderick Galea](https://borggalea.com/roderick-galea/): Roderick Galea Director – Accounts & Tax Qualifications Bachelor of Accountancy (Hons) (Melit) Certified Public Accountant Languages English, Maltese, Italian... - [Services](https://borggalea.com/services1/): Our Services When you become a client of Borg Galea & Associates, you will be supported by our teams of... - [News](https://borggalea.com/news/): News Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo. - [Careers](https://borggalea.com/careers1/): Careers Are you a professional with years of experience or still studying? Check out our latest vacancies and join our... - [Publications](https://borggalea.com/publications/): Publications Stay up to date with the latest information. Accounting and Bookkeeping Advisory Services Audit and Assurance Malta Publications Taxation... - [Privacy Policy](https://borggalea.com/privacy-policy/): Privacy Policy for Borg Galea & Associates At Borg Galea & Associates, accessible from https://borggalea. com/, one of our main... - [About Us](https://borggalea.com/about-us/): About our firm Our clients benefit from a wealth of experience garnered through years of work in taxation, accounting, auditing... - [Contact](https://borggalea.com/contact/): Contact Us Have any questions? Get in touch. Contact Us Monday to Friday 08:30 AM – 5:00 PM Telephone +356... - [Home](https://borggalea.com/): Audit, Accounting & Tax Advice in Malta Borg Galea & Associates – One of the leading licensed accounting, auditing and... --- --- ## Posts - [A comprehensive guide to Malta's yacht registration](https://borggalea.com/a-comprehensive-guide-to-maltas-yacht-registration/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Latest Amendments to the Merchant Shipping Act](https://borggalea.com/latest-amendments-to-the-merchant-shipping-act/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Assessing Malta's Tonnage Tax Regime](https://borggalea.com/assessing-maltas-tonnage-tax-regime/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Why Auditors prefer to work with neat and organised Working Papers](https://borggalea.com/why-auditors-prefer-to-work-with-neat-and-organised-working-papers/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [The importance of a Letter of Engagement for an Auditing firm Introduction](https://borggalea.com/the-importance-of-a-letter-of-engagement-for-an-auditing-firm-introduction-what-is-the-letter-of-engagement/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Leveraging Technology to Enhance Healthcare Delivery: Overcoming Challenges and Maximizing Patient Outcomes](https://borggalea.com/leveraging-technology-to-enhance-healthcare-delivery-overcoming-challenges-and-maximizing-patient-outcomes/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [The Future of Healthcare: Predictions and Trends](https://borggalea.com/the-future-of-healthcare-predictions-and-trends/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [The Impact of AI and Machine Learning on Healthcare Delivery](https://borggalea.com/the-impact-of-ai-and-machine-learning-on-healthcare-delivery/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [The Role of ESG in the Oil and Gas Industry: A Focus on the Middle East](https://borggalea.com/role-of-esg-in-oil-gas-industry-focus-on-middle-east/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [The Impact, Advantages, and Challenges of Modern Enterprise Resource Planning (ERP) Systems](https://borggalea.com/impact-advantages-and-challenges-of-modern-enterprise-resource-planning-erp-systems/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Integrating ERP Systems in the Insurance Industry: A Strategic Approach](https://borggalea.com/integrating-erp-systems-in-the-insurance-industry-a-strategic-approach/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Challenges in ERP for Manufacturing Batching Plants: A Case Study in Cement and Concrete Production](https://borggalea.com/challenges-in-erp-for-manufacturing-batching-plants-a-case-study-in-cement-and-concrete-production/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [The advantages when purchasing and registering a yacht in Malta.](https://borggalea.com/advantages-when-purchasing-and-registering-yacht-in-malta/): Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - [Election for Spouses to Submit a Separate Tax Return](https://borggalea.com/election-for-spouses-to-submit-a-separate-tax-return/): Borg Galea & Associates provides the details and updates about the election for spouses for the submission of a separate tax return. Find out more to navigate tax season as a couple. - [The Tax Treatment of Income From Part-Time Work](https://borggalea.com/the-tax-treatment-of-income-from-part-time-work/): Learn about the application of the tax on income from part-time work. Here’s an update from Borg Galea & Associates. - [The Tax Treatment of Rental Income](https://borggalea.com/the-tax-treatment-of-rental-income/): Learn about the latest update on the tax treatment of rental income. Stay up-to-date with the changes and ensure you comply with the new regulations. For inquiries, contact Borg Galea & Associates at +356 2703 7012 - [I Incurred Tax Outside of Malta](https://borggalea.com/i-incurred-tax-outside-of-malta/): Did you incur taxes outside Malta? Here’s what you need to do. - [Fiscal Unit Tax Payment Deadline](https://borggalea.com/fiscal-unit-tax-payment-deadline/): Borg Galea & Associates is sharing an update regarding the fiscal unit tax payment deadline. Here’s what you need to know. - [Apply for the €10-million Malta Enterprise Grant for Start-up Businesses](https://borggalea.com/apply-for-the-e10-million-malta-enterprise-grant-for-start-up-businesses/): Dreaming of setting up a start-up business? Apply for a € 10-million grant today! Here’s what you need to know. - [DAC6: Reportable Cross-Border Arrangements](https://borggalea.com/dac6-reportable-cross-border-arrangements/): An update to the DAC6 guidelines has been made. Here’s what you need to know. - [Clarification Re: Employment Outside Malta - 30-day period](https://borggalea.com/clarification-reemployment-outside-malta-30-day-period/): Learn about income taxation for employment abroad. Here’s how you can calculate taxes for a 30-day period of employment in Malta. - [Guidance on the 2022 Annual Average of Euro Exchange Rates and Others](https://borggalea.com/guidance-on-the-2022-annual-average-of-euro-exchange-rates-and-others/): Find out the guidance on the 2022 annual average exchange rates of the euro, the inflation index for 2022, and the HQP threshold for 2023. - [Update of the Implementing Guidelines on Automatic Exchange of Financial Account Information](https://borggalea.com/update-of-the-implementing-guidelines-on-automatic-exchange-of-financial-account-information/): Borg Galea & Associates shares an update regarding the implementation of guidelines on the automatic exchange of financial account information. - [Deadline Extended for Annual Notification Form](https://borggalea.com/deadline-extended-for-annual-notification-form/): The deadline allowed for submission of the annual notification by non-disclosing intermediaries is being extended. Here’s what you need to know. - [FATCA: Feedback on Reporting for Relief Given by the U.S.](https://borggalea.com/fatca-feedback-on-reporting-relief-given-by-the-us/): The Office of Commissioner for Revenue is seeking feedback from Reporting Malta Financial Institutions on the relief given by the U.S. Find out more. - [Basic Must Know Maltese VAT](https://borggalea.com/basic-must-know-maltese-vat/): Value-Added Tax (VAT) is a transaction-based tax, having nothing to do with how much income one earns in a particular... - [Taxation of Shipping Enterprises in Malta](https://borggalea.com/taxation-shipping-enterprises-in-malta/): Shipping enterprises are subject to taxes. Find out what you need to know regarding the taxation of your shipping business. - [Participation Exemption Report](https://borggalea.com/participation-exemption-report/): Companies operating in Malta are subject to taxation on their income and capital gains outside the country. Here’s what you need to know about the participation exemption report. - [Customer Due Diligence – Why Does It Matter?](https://borggalea.com/customer-due-diligence-why-does-it-matter/): Learn why Customer Due Diligence (CDD) is an important element of managing risk and protecting the business against fraud. Read on to know more. - [Audit Confirmation Letters: Everything You Need to Know](https://borggalea.com/audit-confirmation-letters-everything-need-know/): Audit confirmation letters provide crucial information and help verify the finances of an organization. Read on to learn more. - [Minimising Your Tax Burden Through the Full Imputation and Tax Refund Systems in Malta](https://borggalea.com/minimising-tax-through-full-imputation-and-tax-refund-systems/): An Overview of Malta Situated as it is, in the middle of the Mediterranean, Malta is not only a popular... - [Accounting In Malta, Tips & Tricks](https://borggalea.com/accounting-in-malta-tips-tricks/): Never let your accounting slip through the cracks. Read on to discover our quick and easy tips to level up your accounting game. - [Why Internal Auditing Is Crucial for Your Business](https://borggalea.com/why-internal-auditing-is-crucial-for-your-business/): Learn why an internal audit is crucial to protecting your assets and maintaining the financial stability and operational efficiency of your organisation. - [Fiscal Unit for the basis year 2021 can now be submitted](https://borggalea.com/fiscal-unit-for-the-basis-year-2021-can-now-be-submitted/): UPDATE – Borg Galea & Associates would like to inform our clients that benefit from the fiscal units, that their... - [Updates on the corporate tax returns for the basis year 2021](https://borggalea.com/updates-on-the-corporate-tax-returns-for-the-basis-year-2021/): UPDATE – Borg Galea & Associates would like to inform our clients that their corporate income tax return for the... - [The corporate tax return for basis year 2021 is now available!](https://borggalea.com/the-corporate-tax-return-for-basis-year-2021-is-now-available/): UPDATE - Borg Galea & Associates would like to inform our clients that the electronic filing of income tax returns... - [The corporate tax return for basis year 2021 is now available!](https://borggalea.com/the-corporate-tax-return-for-basis-year-2021-is-now-available-2/): UPDATE – Borg Galea & Associates would like to inform our clients that the electronic corporate income tax return for... - [Submission of the income tax returns for the basis year 2021](https://borggalea.com/submission-of-the-income-tax-returns-for-the-basis-year-2021/): UPDATE – Borg Galea & Associates would like to inform our clients that the deadline for physical income tax return... - [Guidance Note on the Importation of Bank Notes (CN 49070030)](https://borggalea.com/guidance-note-on-the-importation-of-bank-notes-cn-49070030/): UPDATE – Borg Galea & Associates would like to inform our clients that, by default, the VAT rate for the... - [Guidance Note on the Entities that are Eligible for Deduction Claims](https://borggalea.com/guidance-note-on-the-entities-that-are-eligible-for-deduction-claims/): UPDATE – Borg Galea & Associates would like to inform our clients that the following entities are eligible to claim... - [Press Release from the Ministry of Finance and Employment - Tax Deferral Scheme](https://borggalea.com/press-release-from-the-ministry-of-finance-and-employment-tax-deferral-scheme-2/): UPDATE – Borg Galea & Associates would like to inform our clients that the Ministry for Finance and Employment has... - [Press Release from the Ministry of Finance and Employment - Tax Deferral Scheme](https://borggalea.com/press-release-from-the-ministry-of-finance-and-employment-tax-deferral-scheme/): UPDATE – Borg Galea & Associates would like to inform our clients on several publications made by the Ministry of... - [What are the benefits of consolidations?](https://borggalea.com/benefits-of-consolidations/): Consolidations have much to offer especially to the shareholders as it gives them the opportunity to analyse the financial data. - [Guidance on the 2021 Annual Average Exchange Rates of the Euro](https://borggalea.com/guidance-on-the-2021-annual-average-exchange-rates-of-the-euro/): UPDATE – Borg Galea & Associates would like to inform our clients that the average exchange rate for the Euro... - [Typical Maltese Food You Must Try](https://borggalea.com/typical-maltese-food-you-must-try/): Maltese cuisine is known for its diverse mix of different Mediterranean cooking, which is influenced by the many countries that... - [Rental Income and Investment Property](https://borggalea.com/rental-income-and-investment-property/): Owning property with the intention to generate passive income has been considered by many as one of the safest types... - [What You Need to Know About Taxation in Malta](https://borggalea.com/what-you-need-to-know-about-taxation-in-malta/): Malta’s highly desired taxation system has made the country a favourite jurisdiction of choice for many foreign companies planning to... - [35 Facts about the Maltese Islands](https://borggalea.com/35-facts-about-the-maltese-islands/): 1. The Maltese islands are an archipelago made up of 5 islands, 3 of which are inhabited: Malta, Gozo (Għawdex),... - [Are you exempt from carrying out an audit?](https://borggalea.com/are-you-exempt-from-carrying-out-an-audit/): Did you know that you could be exempt from carrying out a statutory audit in Malta? Many asked us if... - [How to pick
your auditor](https://borggalea.com/how-to-pick-your-auditor/): Choosing the right auditor is an important decision which firms have to make. It is likely that you will work... - [Directors' and Auditors' Responsibilities](https://borggalea.com/directors-and-auditors-responsibilities/): In Malta, the majority of private limited companies rely solely on their auditors to prepare the financial statements as part... - [Why do I need book-keeping and accounts?](https://borggalea.com/why-do-i-need-book-keeping-and-accounts/): Many small businesses and self-employed individuals question whether they should keep their accounting records up to date like big businesses.... - [Relocating
to Malta](https://borggalea.com/relocating-to-malta/): Are you thinking or considering to move to the islands of Malta? As the smallest EU member state, we have... --- # # Detailed Content ## Pages > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-11-27 - Modified: 2024-11-27 - URL: https://borggalea.com/careers1/audit-senior-associate/ Audit Senior Associate Borg Galea and Associates is seeking a full-time Audit Senior Associate to join our growing team. The ideal candidate will take responsibility for overseeing audit processes and ensuring high-quality service delivery. Previous experience in an audit firm, particularly within a Big 4 environment, is highly valued Your Day-to-Day Overview: As an Audit Senior Associate, you will work as part of a dynamic team of problem solvers with extensive consulting and industry experience. Your specific responsibilities will include:Client Management: Proactively manage a portfolio of clients, ensuring effective communication and reporting to Managers and above. Team Leadership: Train and mentor junior staff, promoting their professional development and enhancing team performance. Self-Development: Utilize feedback and self-reflection to enhance personal strengths and address areas for improvement. Relationship Building: Establish and maintain effective working relationships with clients, adapting your approach to build trust and rapport. Technical Development: Contribute to the development of both your own and your team’s technical expertise in auditing standards and practices. Market Awareness: Stay informed about local and national business and economic trends that may have an impact on clients. Your Profile: To be considered for this role, candidates should meet the following criteria:Educational Background: Near completion of ACCA, ACA, or a recognized Accounting degree. Experience: A minimum of 3 years of external audit experience within a Big 4 firm is preferred. Knowledge of Standards: Familiarity with GAPSME, IFRS, and IASs is essential. Audit Skills: Proven experience in external audit planning, risk assessment, control identification, and testing is... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-09-11 - Modified: 2024-09-16 - URL: https://borggalea.com/careers1/advisory-associate/ Advisory Associate Join our growing Advisory section as a full-time Advisory Associate. If you are a career-driven individual with some experience in Maltese tax and aspiring to ascent your career ladder, then this role might be your perfect opportunity to join our firm. An Overview of What You’ll Be Doing: Researching, analyzing, and interpreting changing tax legislation in Malta and internationally. Conducting independent research on industries, projects, alongside other research tasks as deemed necessary. Assisting with the preparation and submission of documentation in relation to changesin the capital structure of corporate entities. Providing tax advice, including the drafting of tax reports in relation to both domesticand international tax matters. Advising on tax residence and domicile matters. Succession planning. Assistance with group restructurings. Planning work to ensure deadlines are met. Supporting with complex VAT assignments. Assisting with the preparation of relevant presentations. Assisting clients with provisional assessments or assessments issued by the Office of theCommissioner of Revenue. Liaising with the Office ofthe Commissioner for Revenue on clients’ VAT matters. Keeping up to date with legislation and conducting continuous research on VAT technical matters. Handling VAT compliance one-off jobs, such as VAT registrations and de-registrations. Compiling and submitting Intrastat declarations on behalf of clients. Conducting valuations, feasibility studies and business plans for SMEs as well asmultinational companies. Assessing financial due diligence. Assisting clients with state aid funding from both an EU and local perspective. Assisting in writing of technical articles on advisory matters for the firms’ websites. What We Are Looking for... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-04-04 - Modified: 2024-04-04 - URL: https://borggalea.com/careers1/accounting-taxation-senior-executive/ Accounting & Taxation Senior Executive We are currently accepting applications for a full-time, on-site Accounting & Taxation Senior Executive to join our growing accounting and tax team! If you are fully qualified, possess at least 2 years of client accounting and Maltese tax experience, and are up for an exciting career change, then we invite you to get in touch with us. You might be the next person joining our professional and vibrant team! An Overview of What You’ll Be Doing: The Accounting & Taxation Senior Executive is responsible for managing a portfolio of clients and ensuring their accounting and taxation needs are met. This includes the preparation and reviewing of financial statements, VAT returns, tax compliance, and other regulatory requirements. The Accounting & Taxation Senior Executive will also be involved in client relationship management and business development initiatives. The role also includes liaising with the auditors to ensure proper compliance with all relevant regulations and performing ad-hoc requests assigned by management that might arise from time to time. What We Are Looking for in You: You are qualified with an Accounting or Finance degree or ACCA. Possess a minimum of at least 2 years of working experience in Accounting and Maltese tax, preferably with client accounting. If you have work experience with a Big 4 firm, that would be a huge plus. Have a good working knowledge of Microsoft Tools, particularly Excel. Proficiency in the use of accounting software. Complete fluency in English, both verbal and written (no less... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-03-25 - Modified: 2024-03-25 - URL: https://borggalea.com/imprint/ IMPRINTBorg Galea & AssociatesBorg Galea Audit Limited / Borg Galea Group LimitedCentris Business Gateway, Level 4/W,Triq Is-Salib Tal-Imriehel, Zone 3,Central Business DistrictBirkirkara CBD3020Malta+356 27037012info@borggalea. com --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-03-25 - Modified: 2024-03-25 - URL: https://borggalea.com/disclaimer/ DISCLAIMER Terminology:Where used in this Disclaimer:‘we’, ‘us’, ‘our’, ‘company’ or ‘BG&A’ shall mean Borg Galea Audit Limited, the company duly registered in Malta, bearing company registration number C79290 and Borg Galea Group Limited, the company duly registered in Malta, bearing company registration number C79289. ‘you’, ‘your’ or ‘user’ shall all refer to any user of our website. Introduction:We are a company authorised to offer the services of an Accountant and an Auditor. The terms listed hereunder shall be effectual in regard to the company’s website; that being ‘borggalea. com’. Use of this domain/website shall constitute your acceptance to our Terms of Use and Privacy Policy which can be accessed here: ‘https://borggalea. com/privacy-policy/’. For further information about how and what kind of data is collected by BG&A, through the use of the website, we kindly ask you to refer to our aforementioned Privacy Policy and the terms found therein. Disclaimer:We take pride in providing you with the latest and most accurate information possible, however none of the information listed on our website can be construed or used as legal advice. We therefore cannot guarantee that the information listed on our website is accurate and up to date. Use of the information provided on our website shall be at your own risk and BG&A shall in no way be held liable for any loss or damages (of whatever kind or nature) suffered by you, through the use of our website of any information provided thereon. For legal advice, always make sure to... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2023-10-13 - Modified: 2024-07-30 - URL: https://borggalea.com/careers1/senior-audit-manager/ Senior Audit Manager Are you ready to take your career in audit management to the next level? Are you a seasoned professional with a passion for precision and a keen eye for detail? If so, we have an exciting opportunity for you! Join our growing and dynamic team as a Senior Audit Manager where you will be provided with the opportunity to showcase your expertise, drive strategic initiatives, and make a lasting impact on our firm’s continuing success. If you're ready to elevate your career and play a pivotal role in shaping our future, we want to hear from you. Come be a part of our dedicated team, where excellence in audit management is not just a goal but a way of life. Your Day to Day Overview: As a Senior Audit Manager, the following are the main day to day responsibilities: Project Management: Managing the firm’s portfolio Contributing during partner meetings in the planning of the firm’s engagements Client Communication: Building and maintaining client relationships Understanding the clients’ business needs and ensuring their full satisfaction Team Leader: Being an exemplary team leader by supervising and mentoring the audit team to ensure audit procedures are executed accurately and efficiently. Fostering and sustaining a collaborative and supportive work environment within the audit department as well as the whole firm in general. Technical Expertise: Staying well-updated with accounting and auditing standards, regulations and industry trends to ensure compliance and provide technical guidance to the audit team. Quality Control: Ensuring that audit work... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2023-10-13 - Modified: 2024-09-16 - URL: https://borggalea.com/careers1/audit-manager/ Audit Manager We are welcoming applications from prospective candidates seeking an Audit Manager role to join our growing firm. As an Audit Manager, you will hold a pivotal role in co-leading and managing the audit function within the firm. The ideal candidate will be responsible for overseeing a team of auditors, ensuring the accuracy and integrity of financial statements whilst providing valuable insights to our esteemed clients. This role calls for strong managerial skills, technical expertise in accounting and auditing combined with solid communications skills. Additionally, our prospective Audit Manager must be fully qualified and hold a minimum of 4 years of recent work expose in auditing. Your Day-to-Day Overview: Managing a client portfolio to ensure that all client needs are adhered to within the stipulated deadlines by managing the planning of the engagement and assuring that the appropriate resources are allocated. Liaising with clients in relation to all necessary preparations and compilation of documents, concurrently seeking to sustain a productive working relationship with them and promoting their overall satisfaction. Guiding the assigned audit team by providing them feedback, reviewing their work and coaching them as and when required. Reviewing financial statements and other reporting documents. Ensuring that all numbers are accurate, regulations are complied with and that the firm is in line with all statutory requirements. Utilising and keeping oneself well-versed with audit technology and the applicable firm-related standard software to ensure that all engagement targets are attained and service delivery is enforced. Providing training in this aspect will... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2023-06-14 - Modified: 2024-09-16 - URL: https://borggalea.com/careers1/semi-senior-auditor/ Semi Senior Auditor Would you like to join our Audit Department? We are currently seeking a full-time Semi Senior Auditor to join our growing firm and Audit Department. If you are up for an exciting career opportunity with the chance to grow in the coming months, this is the right place for you! We are looking for an experienced and responsible professional who is capable of supporting the efficient completion of accurate audits and maintaining exceptional levels of auditing quality and financial accuracy. You should be comfortable co-leading auditing projects of various sizes and be confident to delegate tasks and setting deadlines to other members of the team as and when required, concurrently assisting the audit managers in the successful management of the whole audit team. An Overview of What You'II Be Doing Guiding the junior auditors to carry out feedback and reviewing their work. Completing small audits with minimal supervision. Working with the audit managers to plan audits on engagements of various sizes and across various industries. Liaising with clients in relation to all necessary preparations and compilation of documents, concurrently seeking to sustain a productive working relationship with them and support their overall satisfaction. Preparing financial statements and other reporting documents. Be willing to expand one's own knowledge related to various client industries to be able to establish value enhancing recommendations. Utilizing and keeping up to date with audit technology tools and the applicable firm-related standard software to ensure that all engagement objectives are achieved and service delivery... --- > For the highest quality auditing services in Malta, turn to Borg Galea & Associates. Learn how we can help meet your legal obligations on time at a reasonable price. - Published: 2023-04-04 - Modified: 2023-04-04 - URL: https://borggalea.com/accounting-deadlines/ Accounting Deadlines June 2023 The following are the tax deadlines for this month. 31st June 2023 – Submission by employers of Form FS5 for the month of April 2023 together with the relative payment of FSS, national insurance, and maternity fund contributions. 31st June 2023 – Manual submission of income tax returns in respect of the year of assessment 2023 by companies whose accounting year ended on 31 August 2022. 31st June 2023 – Payment of settlement tax due in respect of year of assessment 2023 by companies whose accounting year ended on 31 August 2022 and which have NOT been granted a stamp duty determination by the Commissioner for Revenue. 31st June 2023 – Payment of settlement tax due in respect of year of assessment 2023 by companies whose accounting year ended on 30 November 2021 and which have been granted a stamp duty determination by the Commissioner for Revenue. May 2023 The following are the tax deadlines for this month. 31st May 2023 – Submission by employers of Form FS5 for the month of April 2023 together with the relative payment of FSS, national insurance, and maternity fund contributions. 31st May 2023 – Manual submission of income tax returns in respect of the year of assessment 2023 by companies whose accounting year ended on 31 August 2022. 31st May 2023 – Payment of settlement tax due in respect of year of assessment 2023 by companies whose accounting year ended on 31 August 2022 and which have NOT been... --- > For the highest quality auditing services in Malta, turn to Borg Galea & Associates. Learn how we can help meet your legal obligations on time at a reasonable price. - Published: 2023-04-04 - Modified: 2023-04-17 - URL: https://borggalea.com/funding-assistance/ Funding Assistance Understanding funding opportunities The European Union (EU) offers a multitude of funding programs that cover diverse areas, and each call for proposals is unique, with varying criteria and conditions for the grants. Therefore, applicants must be highly informed about the requirements to be eligible for EU funding for their projects or activities. At Borg Galea, we recognise that identifying the relevant grant and navigating the complex application process can be time-consuming and challenging. To ease the burden, we provide a comprehensive solution package from the identification of the appropriate grant to the coordination of the project, allowing you to remain focused on your core activities. How we help clients Our one-stop-shop service includes grant identification, application submission, and post-grant project compliance services, if requested. Our team carries out all the groundwork research, familiarises itself with your project, identifies the relevant call for proposal, outlines the requirements of the awarding body (EU Commission or Maltese authority), makes all necessary contacts, assists you throughout the application process until submission, acts as an intermediary during the selection process, and helps with the grant agreement and post-grant management of your project. Local assistance schemes Malta Enterprise and Business Enhance are the primary sources for local assistance schemes, offering a range of options, such as cash grants, tax incentives, support for networking events, feasibility studies, premise location, employee training, company certification, consultancy support for business, marketing plans, and SME business growth and innovation support. Our team conducts an initial high-level evaluation of the... --- - Published: 2023-03-20 - Modified: 2024-07-30 - URL: https://borggalea.com/careers1/business-development-manager/ Business Development Manager We are welcoming applications for a Business Development Manager on a full-time basis to join our growing firm. This is an on-site position from our office in Imriehel with the possibility of working abroad on secondments from time to time. If you are seeking a new and enticing career change, possess proven experience in the same or a similar role and feel eager to join a growing and diverse team of professionals, we invite you to read further. Day-to-Day Overview: Conducting research to identify new markets, industry and client needs and eventually formulate new sales areas, markets and strategies. Regularly meeting and discussing strategy and relevant processes with relevant stakeholders Developing and implementing an overarching business development strategy to sustain best practices across the company, maximise growth and ensure client satisfaction. Identifying and contacting potential clients through networking and marketing methods. Generating and handling new leads accordingly by identifying and contacting the right team members within our firm’s departments Collaborating in the planning and directing of the firm’s marketing and/or advertising campaigns. Planning and scheduling introductory and business meetings with prospective clients Creating sales presentations for potential clients. Promote the firms’ services by addressing and correctly predicting clients’ objectives. Manage any clients’ concerns, feedback, and aspirations. Build and sustain long-term business relationships with all new and existing clients. Keep up-to-date records of sales, revenue, and invoices. Collaborating with the accounting, auditing and compliance teams when required. Maintaining and sharing professional knowledge through education, professional networking, and relevant... --- - Published: 2023-03-20 - Modified: 2024-07-30 - URL: https://borggalea.com/careers1/assistant-audit-manager/ Assistant Audit Manager We are seeking to recruit a full-time Assistant Audit Manager to join our growing firm. If you are fully qualified, possess at least 4 years of work experience in audit and are up for an exciting career with a growing firm, then this is the right place for you! You should excel in working on and leading teams of auditing engagements of various sizes and across a portfolio of clients in various industries. Being comfortable and confident to delegate tasks and setting deadlines to other members of the team as and when required is also essential. Concurrently, you will be assisting the audit manager and directors in the successful management of our audit team and the completion of all audit engagements. An Overview of What You’ll Be Doing: Working with the audit director and audit manager to plan audits Delegating work to junior and senior auditors in our team and then reviewing their work Solving audit-related issues Liaising with clients concerning all necessary preparations and compilation of documents Managing, coaching, and motivating the audit team Advising clients with accounting and auditing issues that might be identified during the audit stage Attending meetings with clients and senior auditors and completing the audit report Ensuring that audit deadlines are met Completing the file for partner review What We Are Looking for in You: A complete ACCA qualification or a recognized accounting University degree At least 4 years of auditing experience, two of which must have been spent leading an... --- - Published: 2023-03-14 - Modified: 2024-07-30 - URL: https://borggalea.com/careers1/accountant/ Accountant We are accepting applications for a full-time Accountant to join our growing accounting and tax team! The ideal candidate should be comfortable working on and leading accounting projects of various sizes and be confident to delegate tasks and setting deadlines to other members of the team as and when required, concurrently assisting the accounting manager in the successful management of our accounting team. An Overview of What You’ll Be Doing: The bookkeeping for a portfolio of clients (posting of invoices, reconciliation of bank statements, handle workings for accruals and prepayments). Preparing monthly/quarterly detailed management accounts. Liaising with auditors to ensure proper compliance with all regulations. Reviewing financial statements under IFRS and GAPSME framework. Compiling and submitting VAT returns and tax refund claim forms. Reviewing the work carried out by junior team members with attention to detail. Communicating with clients to acquire the necessary paperwork and documentation to complete the accounting and corporate tax returns. Reviewing and verifying clients’ tax forms to ensure their proper and timely submissions. Researching tax laws and regulations while seeking the advice of the accounting manager/director when dealing with particularly challenging tax circumstances. Assisting clients with benefitting from any applicable tax credit schemes. Responding to notices from tax authorities and liaising with the relevant entities. Assisting non-financial managers with the interpretation and provision of financial data. Performing any ad hoc requests by management. What We Are Looking for in You: Already residing in Malta. Holding a complete ACCA qualification or a University degree in Accountancy.... --- - Published: 2023-03-09 - Modified: 2024-07-30 - URL: https://borggalea.com/careers1/front-office-administrator/ Front Office Administrator Are you a dynamic, organized, and detail-oriented professional with a passion for creating exceptional first impressions? Join our vibrant team as a full-time Front Office Administrator, where you will be the heart of our company's operations, greeting clients with a warm welcome, managing administrative tasks with precision, and ensuring the seamless flow of our daily activities. In this pivotal role, you'll not only be the face of our organization but also the backbone of our office environment, making each day both exciting and rewarding. An Overview of What You'll Be Doing: Greeting and welcoming our clients, visitors and suppliers with a positive and helpful approach when they come to the office. Directing our clients and visitors to the appropriate person and office. Answering, screening, and transferring incoming phone calls as necessary. Responsible to maintain a well-organized and welcoming reception area. Preparing the boardroom for meetings and ensuring it is well-kept at all times. Managing and ordering office, kitchen and cleaning supplies and keeping a stock inventory. Collecting company post, organising courier pickups and deliveries, receiving and sorting shopping deliveries. Keeping updated records of office expenses and costs. Performing administrative duties to support our audit, accounting and compliance departments, such as the preparation of documents like Engagement letters, Form F's, Release letters, Clearance letters, Extension letters and so on. Handling the submission of online MBR reports. Any other duties that might arise from time to time such as assisting with team building and company events and onboarding of... --- - Published: 2023-02-27 - Modified: 2024-09-16 - URL: https://borggalea.com/accounting-advisory-services/ Accounting Advisory Services At Borg Galea & Associates, we offer a comprehensive range of accounting advisory services to help our clients navigate the complex and ever-changing financial landscape. Our team of experienced accountants is constantly monitoring international developments within the International Financial Reporting Standards (IFRS) as well as local regulatory requirements to ensure that our clients stay up-to-date with the latest regulations and standards. One of our primary areas of expertise is in financial reporting, where we can assist clients of all sizes in preparing accurate and compliant financial statements. Our accounting advisory services can help clients with accounting system implementation, financial statement preparation, and internal control procedures to ensure that their financial reporting is accurate and compliant with all relevant standards and regulations. Our accounting advisory services also extend to tax planning and compliance, where we can help clients navigate the complex world of taxation. Our team of experts can provide guidance on tax planning, compliance, and reporting, and can assist with the preparation of tax returns and other related documents. In addition to our technical accounting and tax services, our advisory services are also strategic and include long-term planning. We work closely with our clients to understand their business goals and objectives and provide guidance and support in developing a strategic plan that aligns with these goals. As part of our service, we also recommend which standards are imperative to our clients and how they can benefit by following one standard as opposed to the other. This is... --- - Published: 2023-02-27 - Modified: 2024-09-11 - URL: https://borggalea.com/assisting-start-ups/ Assisting Start-ups Starting a new business can be an exciting, but also challenging experience. From developing a business plan to securing funding, there are many steps involved in building and growing a successful startup. That's where startup advisory services can help. At Borg Galea & Associates, we offer a comprehensive suite of advisory services tailored to meet the unique needs of startups at all stages of development. Financial Advisory: At Borg Galea & Associates, we help startups with financial planning, forecasting, and management. We understand that every startup is unique, and we work closely with our clients to develop a customized financial model that aligns with their specific needs and goals. Our financial advisors can assist with preparing budgets, cash flow projections, and financial reports. We also help startups to identify potential sources of funding, such as venture capital, angel investors, and crowdfunding. Legal Advisory: Navigating the legal aspects of starting and running a business can be overwhelming for startups. At Borg Galea & Associates, our legal advisors can help startups with a range of legal issues, including incorporation, drafting contracts and agreements, protecting intellectual property, and complying with regulations. We have a team of experienced lawyers who can provide guidance on legal matters related to business formation, ownership, liability, and more. Marketing Advisory: Building a strong brand and acquiring customers is essential for the success of any startup. Our marketing advisors can help startups with market research, brand development, content creation, and digital marketing. We work closely with our... --- - Published: 2023-02-27 - Modified: 2024-09-16 - URL: https://borggalea.com/corporate-finance/ Corporate Finance Corporate finance is a broad area of finance that deals with the financial decisions made by companies and the ways in which they fund their operations, investments, and growth. It is concerned with the management of a company's financial resources, including its capital structure, investments, and financial risks. The primary goal of corporate finance is to maximize shareholder value, and it encompasses a wide range of activities, including:Capital budgeting: Deciding which projects or investments to undertake, and how much capital to allocate to each. Capital structure: Determining the optimal mix of debt and equity financing to fund a company's operations and investments. Financial risk management: Managing the risks associated with financial transactions, including foreign exchange risk, interest rate risk, and credit risk. Mergers and acquisitions: Evaluating the financial aspects of potential mergers and acquisitions, and determining the best financing strategies to support these transactions. Dividend policy: Deciding whether to pay dividends to shareholders, and if so, how much and how often. Corporate governance: Ensuring that a company is run in a responsible and ethical manner, and that its financial decisions are aligned with the interests of shareholders. Overall, corporate finance is an important area of finance that plays a critical role in the success of any company. By making informed financial decisions and effectively managing financial risks, corporations can maximize shareholder value and achieve long-term growth and profitability. The majority of our clients also ask us if we can assist them in raising capital either through the capital... --- - Published: 2023-02-27 - Modified: 2024-07-30 - URL: https://borggalea.com/corporate-finance/traditional-finance/ Traditional Finance Borg Galea & Associates is a reputable accounting firm that provides a wide range of financial services to clients in Malta. Among these services is the ability to assist clients in raising finance with all of the major banks in the country. This service is essential for businesses of all sizes, as financing is a critical aspect of any business operation. Whether you are considering that much needed overdraft facility or a loan to finance a business expansion, we are here for you. One of the key ways that Borg Galea & Associates can assist clients with raising finance is by preparing cashflows, discuss in advance the level of guarantees required and other related projections and documents. Cashflow projections are an essential component of any financing application, as they demonstrate to potential lenders how the business plans to generate cash in the future. These projections allow banks to assess the risk involved in lending to the business and determine whether it is a good fit for their lending criteria. Over the years we have developed profitable relationships with traditional and investment banks even outside of Malta to enable larger businesses finance bigger projects (typically ranging from €200m+). These types of projects require a complete different setup such as the setting up of SICAVs which play an important part in the finance project. With the right setup and approach, the entire process might take much less time than you might think. Another way that Borg Galea & Associates can... --- - Published: 2023-02-27 - Modified: 2024-07-30 - URL: https://borggalea.com/corporate-finance/capital-markets-finance/ Capital Markets Finance In addition to assisting clients with raising finance through traditional banking channels and government grants, Borg Galea & Associates also offers support for raising capital on the capital market. This can be achieved through two primary methods: advising on the issuance of bonds or assisting with the transformation of a company into a public limited company. When a company wishes to raise capital through bond issuance, there are several key considerations to take into account. Borg Galea & Associates can provide expert guidance on the suitability of bond issuance for a particular company, as well as the structure and terms of the bond issuance. They can also provide support in the preparation of the necessary documentation, such as prospectuses and financial statements, to ensure that the bond issuance is successful. In addition to bond issuance, another way for companies to raise capital on the capital market is by transforming into a public limited company. This process involves offering shares to the public in exchange for capital investment. Borg Galea & Associates can provide advice and support throughout the transformation process, ensuring that the company is properly structured and compliant with all relevant regulations. Over the years we have assisted companies to transform their private limited company to a public limited companies and by having their shares traded on international primary markets. Through these capital market services, Borg Galea & Associates can help clients access a wider pool of potential investors, increasing the likelihood of securing the necessary... --- - Published: 2023-02-27 - Modified: 2024-09-16 - URL: https://borggalea.com/risk-and-compliance/ Risk and Compliance At Borg Galea & Associates, we offer a comprehensive range of risk and compliance advisory services to help subject persons and regulated entities navigate the complex and ever-changing regulatory landscape. Our team of experts has extensive experience in working with clients in the European Union and understands the importance of having stringent Anti Money Laundering (AML) policies and procedures. For subject persons such as notaries and real estate agents, having robust AML policies is essential to avoid being caught up in money laundering and terrorism financing activities. At Borg Galea & Associates, we can provide custom-made AML policies and procedures that align with the specific needs of each subject person. Our team of experts can assist with the implementation of these policies, as well as the necessary training of employees to ensure that they understand their roles and responsibilities in preventing money laundering and terrorism financing. For regulated entities such as banks and fund administrators, compliance with regulatory requirements is critical. At Borg Galea & Associates, we can assist with regulatory applications, such as obtaining licenses and registrations. We can also provide custom-made policies and procedures that align with regulatory requirements and help ensure compliance. Our team of experts can assist with the onboarding of clients, as well as the necessary monitoring to ensure compliance with regulatory requirements. One of the key aspects of risk and compliance is knowing your client (KYC). KYC policies and procedures are an essential part of any effective AML program. At Borg... --- - Published: 2023-02-24 - Modified: 2024-09-16 - URL: https://borggalea.com/corporate-restructuring/ Corporate Restructuring General Introduction During the last couple of years, many companies have had to endure severe and unforeseen reductions in their productive capacity, increases in COVID-related costs, supply-chain disruptions, and a general decrease in the demand for revenue-generating goods and services. As a result, cash reserves have slowly withered away, and many companies are now approaching financial distress. While aggressively cutting costs, stopping key operations, or in more extreme scenarios filing for voluntary winding-up are all options that distressed companies must keep in mind, directors should not resort to such value-destroying action without first exploring all their options at hand. One often overlooked solution may be Corporate Restructuring. The implementation of a timely and tailor-made restructuring plan may help you safeguard your current operations and can concurrently result in a prearranged financial recovery. That is, if done right, corporate restructuring may improve your business’ long-term financial and operational performance, reduce or even eliminate profit-draining activities, and help in obtaining the most efficient forms financing; all without downsizing or losing key clientele. In truth, a company does not need to be in financial distress, or in the vicinity thereof, to benefit from corporate restructuring. Indeed, restructuring may also encompass a company’s intention to increase profitability by diversifying its offered goods and services, expanding its operational reach, increasing its competitive advantage, achieving economies of scale, or to take the company in a completely different direction altogether. Types of Corporate Restructuring Out-of-court restructuring includes:Financial Restructuring – Here, a company may wish to... --- - Published: 2023-01-30 - Modified: 2024-09-16 - URL: https://borggalea.com/careers1/accounts-executive/ Accounting and Tax Executive We are currently accepting applications for a full-time Accounting and Tax Executive to join our growing accounting and tax team! If you are fully qualified, possess at least 2 years of Client accounting and Maltese tax experience, and are up for an exciting career change, then we invite you to keep on reading. You might be the next person joining our professional and vibrant team! An Overview of What You’ll Be Doing: Bookkeeping for a portfolio of clients (posting of invoices, reconciliation of bank statements, handle workings for accruals and prepayments). Preparing monthly/quarterly detailed management accounts. Liaison with the auditors. Reviewing of financial statements under IFRS and GAPSME framework. Compiling and submitting VAT returns. Compiling and submitting tax returns and tax refund claim forms. Review of work carried out by Junior team members with attention to detail. Liaising with external auditors to ensure proper compliance with all regulations. Communicate with clients to acquire the necessary paperwork and documentation to complete the accounting and corporate tax returns. Review and verify client’s tax forms to ensure their proper and timely submissions. Research tax laws and regulations while seeking the advice of the accounting director when dealing with particularly challenging tax circumstances. Assist clients with benefitting from any applicable tax credit schemes. Respond to notices from tax authorities and liaise with the relevant entities. Assist non-financial managers with the interpretation and provision of financial data. What We Are Looking for in You: You are qualified with an Accounting or... --- - Published: 2022-11-22 - Modified: 2023-03-20 - URL: https://borggalea.com/careers1/accounting-manager/ Accounting Manager We are currently on the lookout for a full-time Accounting Manager to join our growing accounting team! If you are fully qualified, already well-experienced in the accounting profession and are up for an exciting career change, then we invite you to keep on reading. An Overview of What You’ll Be Doing: Providing ongoing support to a portfolio of both local and international clients. Managing the accounting team and monitoring performance. Providing feedback, guidance and coaching as and when necessary. Ensuring that all assigned tasks to the team are carried out within the pre-determined deadlines. Liaising with external auditors in the course of the audit and being the main point of contact. Reviewing the financial statements. Handle optimal resource allocation. Prepare legal documentation and other reports as required by the Companies’ Act and other relevant and applicable laws. Overall responsibility for ensuring the quality of the Company’s accounting following IFRS’s, GAPSME, and the Companies’ Act. Assist with and oversee any tax-related matters. Assist non-financial managers with the interpretation and provision of financial data. Perform any ad hoc requests by management that might arise from time to time What We Are Looking for in You: You are qualified with an Accounting or Finance degree and preferably also with a master’s in accountancy or ACCA. Proven working experience of at least 5 years within client accounting and as an Accounting Manager, Accounting Supervisor , or Finance Manager. Previous work experience with a Big 4 firm will be considered a huge plus. Have an... --- - Published: 2022-05-05 - Modified: 2025-01-27 - URL: https://borggalea.com/thank-you-get-a-quote/ Thank You for reaching out ! We received your message and you'll hear back from us soon. --- - Published: 2022-03-17 - Modified: 2025-01-27 - URL: https://borggalea.com/life-at-borg-galea/ Life at Borg Galea Our clients benefit from a wealth of experience garnered through years of work in taxation,accounting, auditing and advisory engagements. 11. 10. 2024 Pink October 2024 Every October we dedicate Fridays to wearing something pink to help raise and maintain awareness about Pink October. It is also a good opportunity to remember all the super warriors out there, whose strength and perseverance we strongly admire! Today, our team wore pink and was treated to a Pink October cupcake in aid of Hospice Malta. Our firm is happy to have supported another important movement during its Pink October awareness campaign and encourages not only our team but also the public in general to donate and support such invaluable causes. 20. 08. 2024 Summer Company Event Team Bonding at its Best! Earlier this week, we had a relaxing summer evening at the beautiful Castello Dei Baroni! Our team came together for a fantastic BBQ by the pool , enjoying great food , stunning views , and each other’s company It was the perfect way to unwind, share some laughs, and strengthen our team spirit. Here's to more cheerful and precious moments like these! 27. 03. 2024 Easter 2024 Wishing everyone a very Happy and Blessed Easter! Ahead of this year’s Easter Sunday, we celebrated the spirit of joy, hope, and giving by wearing Easter colours and indulging in the traditional ‘figolla. ’ Through the purchasing of these ‘figolli’ we are pleased to have helped Amigos, a group of young... --- - Published: 2022-03-10 - Modified: 2023-03-20 - URL: https://borggalea.com/careers1/junior-compliance-associate/ Junior Compliance Associate We are seeking to recruit a full-time Junior Compliance Associate to join our growing firm. This role involves providing support to the Compliance team and to work directly with clients, advisors, and other team members to contribute an effective and efficient compliance service. You will be reporting to the Compliance Officer and the MLRO. Day-to-Day Overview Forming part of the compliance team to ensure a swift onboarding process in line with the company’s policies and procedures. Assisting the compliance team to make sure that the periodical monitoring is done correctly. Supporting the development and implementation of compliance policies and procedures in line with FIAU guidelines, local and EU legislations. Attend periodical training in-house or external training to ensure that your knowledge is constantly kept up to date. Ensuring the adequate maintenance of the compliance database. Contributing towards AML audits. Aiding with the preparation of compliance and AML periodic reports. Any other duties that might arise from time to time within the Compliance team. Role Requirements: Already residing in Malta. Previous experience in a compliance or legal environment is highly favorable. Possessing any degree. Candidates with qualifications not in law or finance should be willing to undergo additional training. Excellent written and verbal communication skills in English, and ideally also in German. Preference will be given to candidates with sound knowledge in both languages. Proficiency in all Microsoft Office applications. Exceptional organizational, communication, and time management skills. Punctuality and the ability to multi-task and prioritize tasks under minimal... --- - Published: 2022-03-10 - Modified: 2023-03-20 - URL: https://borggalea.com/careers1/assistant-audit-manager-2-2/ Assistant Audit Manager We are seeking to recruit a full-time Assistant Audit Manager to join our growing firm. If you are fully qualified, possess at least 4 years of work experience in audit and are up for anexciting career with a growing firm, then this is the right place for you! You should excel in working on and leading teams of auditing engagements of various sizesand across a portfolio of clients in various industries. Being comfortable and confident todelegate tasks and setting deadlines to other members of the team as and when required isalso essential. Concurrently, you will be assisting the audit manager and directors in thesuccessful management of our audit team and the completion of all audit engagements. An Overview of What You’ll Be Doing: Working with the audit director and audit manager to plan auditsDelegating work to junior and senior auditors in our team and then reviewing their workSolving audit-related issuesLiaising with clients concerning all necessary preparations and compilation of documentsManaging, coaching, and motivating the audit teamAdvising clients with accounting and auditing issues that might be identified during the audit stageAttending meetings with clients and senior auditors and completing the audit reportEnsuring that audit deadlines are met Completing the file for partner review What We Are Looking for in You: A complete ACCA qualification or a recognized accounting University degreeAt least 4 years of auditing experience, two of which must have been spent leading an audit engagement team. Experience working with the Big4 would be considered a strong assetBe... --- - Published: 2022-02-02 - Modified: 2025-01-27 - URL: https://borggalea.com/thank-you/ Thank You for reaching out ! We received your message and you'll hear back from us soon. --- - Published: 2021-10-06 - Modified: 2024-09-16 - URL: https://borggalea.com/malta-yacht-registration/ Malta Yacht Registration Why Malta? Malta is not just the ideal place to register your yacht because it is an island in the Mediterranean Sea, but because of the many VAT advantages incorporated within our law. Hence, the reason why so many super yachts around the world carry the Maltese flag. As you might already be aware, any yacht registered to EU residents should have its VAT paid in any country in the EU. Guidelines issued by the Maltese VAT department, endorsed by the EU, allow yacht owners the possibility of saving a significant portion of the VAT due on the yacht, reducing significantly the total VAT due. Not only because Malta has a VAT rate amounting to 18% but due to the VAT Yacht Leasing Scheme which reduces further the VAT expense as explained here. VAT Yacht Leasing Scheme A leasing agreement of a pleasure yacht is an agreement between: -- the ultimate beneficial owner; and- a Maltese incorporated companyWhereby the lessor (the owner of the craft), which should be a Malta registered company, leases it to the lessee for a consideration. The lessee can be any Maltese or non-Maltese person or company. The Malta VAT Act stipulates that the lease is a supply of services and the lessor has the right of deduction of input VAT. Any normal lease entered into Malta (excluding the VAT Yacht Leasing Scheme), should have chargeable VAT at the normal rate of 18%. However, when the VAT Yacht Leasing Scheme is applied, the... --- - Published: 2021-10-06 - Modified: 2024-09-11 - URL: https://borggalea.com/remote-gaming/ Remote Gaming Remote Gaming in Malta The shift from physical casinos to online gaming websites created a myriad of opportunities which catapulted the iGaming industry that runs on high tech innovation, which increases player interactivity and making it possible for users to access games anywhere at anytime. Malta has been the birthplace of regulated online gaming well before the millennium iGaming boom and is known by many experts in the industry as the European iGaming Capital. The first online gaming companies started to arrive in Malta in the late 1990s, before Malta even joined the European Union. These first igaming companies which arrived in Malta in the early 2000s were established under the Public Lotto Ordinance until the Remote Gaming Regulations were released in 2004. The Malta Gaming Authority (MGA) has been set up and active since 2004 welcoming businesses from all over the world to certify their platforms and regulate the way they conduct business. Hundreds of licenses have been issued since then, including to some of the world’s leading operators. In 2018, the MGA has been endowed with additional powers of discretion revolving compliance and enforcement functions which go hand in hand with anti-money laundering and the combating the funding of terrorism regulation developments. Many other countries try to compete with the iGaming regulations in Malta but fall short of offering the same attractive financial and regulated environment to operate from. The talented people involved, availability of data centres, specialised gaming accounting firms, online payment processors, specialised gaming... --- > Looking for reliable accountant and accounting services in Malta? Trust our expertise at Borg Galea & Associates. We provide comprehensive financial solutions to meet your business needs. Contact us today for professional accounting services in Malta. - Published: 2021-10-06 - Modified: 2024-11-16 - URL: https://borggalea.com/accounting/ Accountant and Accounting Services in Malta Accountants and Auditors You Can Trust Experience World-Class Accounting Services As one of the trusted accounting firms, Borg Galea & Associates offers full-range services for organizations in Malta. Whether you need bookkeeping services, financial planning, payroll management, preparation of your VAT return and financial statements, and management accounting, you can rely on our team of certified to meet legal requirements promptly and cost-effectively. Using reliable strategies and tailor-made solutions, we exceed expectations when it comes to accounting services in Malta, ensuring that corporate and private clients and social organizations are in compliance with local statutory reporting obligations. As an established accounting firm with over 50 years of combined experience, we are more than capable of providing reliable auditing services for start-ups and multinational companies across all industries. If you need professional accountants in Malta, we are at your disposal. Strengthen Your Business’ Financial Structure The Maltese market has become increasingly competitive. To thrive, Maltese companies need to amplify their financial control by developing solid accounting systems and documentation procedures for financial records and complying with corporate tax and VAT regulations. Enterprises both big and small need an updated and stable financial framework to maintain — and even expand — their bottom line. Securing a trustworthy team with a wealth of knowledge and extensive experience will allow your organization to accomplish that and more. Partner With Trusted Accountants in Malta Borg Galea & Associates combines expertise, innovation, and personalized service to provide effective solutions. In... --- > For the highest quality auditing services in Malta, turn to Borg Galea & Associates. Learn how we can help meet your legal obligations on time at a reasonable price. - Published: 2021-10-06 - Modified: 2024-12-01 - URL: https://borggalea.com/audit/ Audit Malta Leverage the Highest Quality Auditing Services Borg Galea & Associates offers a vast range of audit services across multiple industries. We bring to you our international experience and professional know-how that exceed market regulations and required standards. Whether your organisation is a start-up or operates at a multinational level, you can trust our team of highly trained and skilled professionals to provide you with auditing services of the highest quality. Flexible and easy to work with, you can count on us to meet legal obligations on time and at a reasonable price. Reduce Risk, Preserve Your Bottom Line All companies, no matter the size, have the legal obligation to submit tax and audit returns. However, we understand that handling the complexities of Malta’s tax systems can be a challenge. Minimize audit risks and avoid hefty fines and penalties by turning to our team of experts. As one of the primary audit firms in Malta, we are dedicated to helping your organisation thrive and prosper by enhancing your company’s financial control, accounting framework, and reporting systems. Work With One of the Leading Audit Firms in Malta Borg Galea & Associates is an established firm with an excellent track record, boasting a 100% client retention rate. With over 50 years of combined experience, we are well-equipped to provide exceptional auditing services across the private, public, and social sectors. We also exceed expectations and go the extra mile to address any issues beyond the scope of the contract when necessary. Work... --- > Looking for a trusted business partner to help you incorporate your company in Malta? Borg Galea Limited offers the most efficient Malta incorporation services. Give us a call at +356 2703 7012 or fill in our contact form. - Published: 2021-10-06 - Modified: 2024-11-16 - URL: https://borggalea.com/incorporation-malta/ Malta Incorporation Services Many businessmen looking to set up a company formation in Malta due to its attractive tax systems and a network of double taxation treaties. Malta presents many opportunities for businesses, but you need guidance from experts. Borg Galea Limited is a trusted firm specializing in accounting, auditing, and tax consulting with over 50 years of combined experience. We are licensed by the Malta Financing Services Authority (MFSA) and Maltese Accountancy Board, so count on our Malta incorporation services. Our team of dedicated professionals. to help assist you with the incorporation process and ensure that your company in Malta meets all the necessary legal requirements. Benefits of Incorporating a Company in Malta Company incorporation in Malta is the process of forming a new legal entity that can engage in business activities within the country. Malta is a popular location for company setup due to its favourable business environment, strategic location, and attractive tax rates for Maltese companies. The process of company incorporation in Malta typically involves choosing a unique company name, drafting the Memorandum and Articles of Association, company registration with the Malta Business Registry, obtaining necessary permits and licenses, opening a bank account, and registering for tax purposes. Once the company is registered and issued with a certificate of incorporation, it is a separate legal entity from its owners or shareholders. Businessmen can reap amazing benefits when they choose to incorporate their companies in Malta. These include:Taxation Benefits – Malta’s full-imputation corporate taxation system entitles shareholders to... --- > Borg Galea Limited is a trusted auditing agency in Malta. For fiscal consolidation and other services, call +356 2703 7012 to book a consultation. - Published: 2021-10-06 - Modified: 2024-12-01 - URL: https://borggalea.com/fiscal-consolidation-malta/ Fiscal Consolidation Malta Stay on Track With Tax Matters Malta’s fiscal consolidation regulations come with a variety of compliance obligations. Borg Galea Limited has a dedicated team of knowledgeable Malta tax consolidation experts to help your company stay on track with the latest tax matter and be fiscally responsible. If you’re planning to form a fiscal unit for your group of companies, you’ll need help in: Preparing and submitting financial statements, such as consolidated profit and loss accounts and consolidated balance sheets for all Maltese companies in the fiscal unit for each fiscal year Computing taxes for the same fiscal unit as a whole and for each company individually Comparing each tax liability to ensure that the companies are not abusing any forms of tax advantage out of their fiscal unit formation. The obligation to file an income tax return for the fiscal unit stays with the principal taxpayer (i. e. the holding company), but we can act as your tax representative. We will take care of the filing, submissions, and payments on your behalf every accounting period. We also provide valuable advice on statutory and fiscal obligations that spring from other tax compliance provisions in the Country-by-Country Reporting (CbCr), Foreign Account Tax Compliance Act (FATCA), Common Reporting Standard (CRS), and other applicable tax legislation procedures in Malta. Selamat Datang di Situs Slot Online Terpercaya dengan Maxwin Terbaik Hari Ini! Apakah Anda sedang mencari situs slot online terpercaya yang memberikan pengalaman bermain seru sekaligus peluang menang besar? Anda telah datang... --- > Looking for the best tax advice services in Malta? Let Borg Galea Limited manage your finances effectively and efficiently. Give us a call at +356 2703 7012 or fill in our contact form to reach our expert tax advisors. - Published: 2021-10-06 - Modified: 2024-12-01 - URL: https://borggalea.com/tax-advice-malta/ Tax Advice Malta Raising the Standard in Tax Advice Services As a Malta financial services authority, Borg Galea & Associates understands that tax planning can be a complex task for many individuals and businesses in Malta. As a trusted boutique tax advisory practice, we do not settle with a cookie-cutter approach. Our trusted tax advisor in Malta will assess your needs to provide truly personalized tax advice for your Maltese firm. Our local and international tax and VAT advisory services ensure that private international business clients have a dynamic tax structure that fulfills all your obligations on time. As one of the established Malta tax advisory firms with long-standing reputation, we have helped over 200 startup and multinational companies across various industries become tax and VAT compliant. Providing Reliable Tax Advice Services in Malta for a Better Future As a specialist in tax advice, our tax services go beyond helping you save more money. Our wealth of knowledge and experience in tax accounting and laws enables us to translate your personal and business goals into actionable steps to maximize your organization’s tax position and avoid potential complications. Staying up-to-date with the latest Maltese tax system and regulations allows us to provide effective and accurate advice. Work together with our licensed accountants; we bring considerable knowledge and expertise on how to legally reduce your tax liability, compute taxes on diverse investment portfolios, and find the right deductions and credits applicable. Work With an Experienced Auditing Firm As an established tax service... --- > Discover the Malta company tax rate and optimize your tax planning. Contact us at +356 2703 7012 for expert guidance and support. Fill out the form to consult with our team of tax professionals today! - Published: 2021-10-06 - Modified: 2024-11-16 - URL: https://borggalea.com/company-tax-rate-malta/ Malta Company Tax Rate Stay on Track With Tax Matters Malta's fiscal consolidation regulations come with a variety of compliance obligations. Borg Galea Limited has a dedicated team of knowledgeable tax experts to help your company stay on track with the latest tax matters, and be fiscally responsible. If you're planning on forming a fiscal unit for your group of companies, you'll need help in:Preparing and submitting consolidated financial statements, such as profit and loss accounts and balance sheets for all companies in the fiscal unit for each fiscal yearComputing taxes for the fiscal unit as a whole and for each company individuallyComparing tax liabilities to ensure that the companies are not abusing any forms of tax advantage out of their fiscal unit formation. The obligation to file a tax return for the fiscal unit stays with the principal taxpayer (i. e. the holding company), but we can act as your tax representative. We will take care of the filing, submissions, and payments on your behalf. We also provide valuable advice on statutory and fiscal obligations that spring from other tax compliance provisions in the Country-by-Country Reporting (CbCr), Foreign Account Tax Compliance Act (FATCA), Common Reporting Standard (CRS), and other applicable tax legislation procedures in Malta. Partner With Trusted Fiscal Consolidation Experts in Malta With Borg Galea & Associates, you meet your fiscal obligations on time, for a reasonable price. Our financial experts are well-equipped to offer tax solutions tailored to your company's needs. We help you figure out the... --- > Borg Galea is a trusted Maltese auditing agency offering taxation services for Holding Companies in Malta. Get in touch and consult with us by dialling +356 2703 7012. - Published: 2021-10-06 - Modified: 2024-08-12 - URL: https://borggalea.com/company-holding-taxation-malta/ Malta Holding Company Taxation A Malta holding company can be used to hold business assets, shares, securities, immovable property, and personal assets, including investments, real estate, intellectual property, yachts, and fixed assets. Malta has numerous pro-business tax laws, favourable to non-resident or foreign shareholders and investors in the Holding Company jurisdiction. Maltese Holding Companies can perform tax optimization or tax planning to cut down tax leakage legally. Entrust tax-related business activities to Borg Galea & Associates. Our Malta holding company taxation services can help you maximise your company’s financial potential. What Makes Taxation of Malta Holding Companies Attractive to Investors? Although Malta has no distinctive holding company regime, the domestic tax treatment granted to companies with different types of income and the 2007 participation exemption make Malta a prime European Union (EU) location to hold foreign investments through a Maltese Holding Company. Tax Treaty Network and Attractive Withholding Tax Rate Malta has a network of more than 70 double taxation agreements or treaties. For registered Maltese companies that are in possession of over 10% of the issued minimum share capital of an overseas subsidiary, the rate of withholding tax on dividends a Malta company received from a treaty partner is reduced to 5%. As an EU member, the EU Parent/Subsidiary Directive can further reduce withholding taxes to zero on dividends from many EU countries. Participation Exemption and Capital Gains Tax Exemption Participating holdings derived dividends and capital gains are exempt from Malta tax. The 2018 Budget Implementation Act has introduced... --- > Do you need experts to help you with tax refund processing in Malta? Connect with Borg Galea Limited now by dialling +356 2703 7012 or filling in our form. - Published: 2021-10-06 - Modified: 2024-12-01 - URL: https://borggalea.com/tax-refund-malta/ Tax Refunds Malta Maximise Your Company’s Tax Refunds Malta continues to attract numerous investors due to its transparent, completely onshore, but exceptionally competitive tax system. The Malta tax system fully conforms with the European Union legislation and is backed up by over 70 Double Taxation agreements but allows for tax refunds in Malta as low as 5%, adding amazing value to all companies registered in Malta. Malta also has an impressive financial services sector and a robust regulator which ensures the provision of top-notch professional advice in matters related to international tax systems. For assistance with the Maltese tax refund system, turn to Borg Galea Limited. Get Professional Tax Refund Advice From a Trusted Auditing Agency A reliable Malta firm can help you get lucrative international tax planning opportunities and organise business activities to achieve a more tax-efficient operation from a foreign income account. Borg Galea Limited can provide you and your Maltese company with beneficial tax refund advice using Malta’s corporate income tax system. We assist in the planning and building of an efficient corporate tax accounting structure for your Malta-based business. We work to fulfill all the compliance requirements of Maltese companies while planning dividends, issuing dividend warrants, and preparing your tax return applications in Malta. Panduan Terbaru Situs Slot Resmi & Slot88 Terpercaya di Tahun 2024 Selamat datang di panduan lengkap untuk menjelajahi dunia seru permainan slot online! Bagi Anda yang menyukai permainan seperti Zeus Slot atau sedang mencari tips terbaru untuk bermain di situs Slot88 terpercaya,... --- > Be an established tax resident in Malta with the help of a leading first-rate tax consultancy firm in the country. Get in touch with Borg Galea today; call us at +356 2703 7012 or fill in our contact form. - Published: 2021-10-06 - Modified: 2024-09-11 - URL: https://borggalea.com/tax-resident-malta/ Tax Resident Malta | Borg Galea Limited Establish Your Tax Residency in Malta Malta tax residency has become an in-demand option for many non-domiciled individuals looking to relocate to the area. The island offers several tax residence programmes that allow qualified individuals to benefit from reduced taxes on income remitted to MaltaIf you are looking to become a tax resident in Malta, Borg Galea & Associates can assist you through the whole application process. With a team of qualified advisors, we offer applicants exceptional financial services and advice on legal, corporate, accounting, and tax in Malta. Tax Residency in Malta An individual is considered a tax resident in Malta if they spend more than 183 days in the country in a calendar year. If an individual spends less than 183 days in Malta, they may still be considered a tax resident if are "domiciled" in Malta. Domicile is a legal concept that refers to an individual's permanent home, or the place where they have the strongest ties. For companies, Maltese tax residency is determined by the place where the company is incorporated or registered. A company that is incorporated in Malta is considered a tax resident of Malta, regardless of where the company's operations are located. Programmes for Malta Tax Resident Applicants Non-domiciled individuals can take up tax residency through these programmes:Residence Programme (RP)Applicable to non-Maltese nationals (EU/EEA/Swiss)Flat tax rate of 15% on remitted incomeMinimum tax requirement of €15,000 per annum (after deduction of double taxation)Malta Global Residence Programme (GRP)Applicable... --- - Published: 2021-10-06 - Modified: 2025-01-27 - URL: https://borggalea.com/vat-a10/ Value Added Tax (VAT) Article 10 VAT registration Any company that registers for VAT under Article 10 gets a VAT number that has an MT prefix. If you register under article 10, you will need to: -Issue tax invoices on every supply you makeSubmit your VAT returns for three months levy period not later than 6 weeks after the tax period expires or as the commissioner directs. Once a taxable person makes a supply for a consideration in Malta (other than an exempt without credit supply), the taxable person shall apply to be registered under this article within 30 days from the date of that supply. In other words, you should register for VAT within 30 days of carrying out your first sale. However, it is advisable to register before. If you are supplying goods and services and your annual turnover exceeds the established entry threshold, you have to register for VAT under article 10, by which you will be liable to charge VAT on your taxable supplies and you could claim back the VAT you incur in the course of your taxable activity under certain conditions. For those whose turnover does not surpass the stipulated entry threshold, they may register for VAT as exempt under article 11. Back to VAT Services For professional assistance, please contact: --- - Published: 2021-10-06 - Modified: 2025-01-27 - URL: https://borggalea.com/vat-a11/ Value Added Tax (VAT) Article 11 VAT registration When a taxable person registers for VAT under article 11, he does not charge VAT on his supplies. Also, it will not be possible to claim back the VAT that you incur while undertaking your economic activity. Registering under this article depends on the entry and exit threshold. A taxable person whose annual turnover does not exceed the entry threshold as per the table below may opt to register under article 11 of the VAT act. The entry threshold is the amount of turnover per annum under which a taxable person could opt to register as an exempt person under article 11. Selecting which threshold to apply depends on the type of goods and services you are supplying. i. e. either services with high value added (e. g services of an accountant or a lawyer) or services with low value added. The latter are services where the value of that service includes goods which are incorporated in the value of that service (e. g. an electrician or catering service). The exit threshold threshold is applied in the case where a person who is registered under article 10 would change his registration to article 11. Different Threshold: Economic Activity Entry Threshold Exit Threshold Economic activity consisting mainly of supplies of goods €35,000 €28,000 Economic activity consisting mainly of supplies of services with low value added €24,000 €19,000 Other economic activities €20,000 €17,000 Back to VAT Services For professional assistance, please contact: --- - Published: 2021-10-06 - Modified: 2025-01-27 - URL: https://borggalea.com/vat-a12/ Value Added Tax (VAT) Article 12 VAT registration Those who acquire intra-community goods while in Malta with a Value of more than €10,000 for the whole year should register for VAT under article 12. They are also required to pay VAT every time they acquire such intra-community goods. If you are registered under article 11 as an exempt taxable person and you intend to make Intra-Community acquisitions and pay VAT thereon in Malta, then you need to register also under article 12 to obtain a valid identification number for this purpose and qualify for such an arrangement. Back to VAT Services For professional assistance, please contact: --- - Published: 2021-10-06 - Modified: 2025-01-27 - URL: https://borggalea.com/vat-submissions-and-deadlines/ Value Added Tax (VAT) Submissions and Deadlines Taxable persons registered under Article 10 Taxable persons registered under article 10 must submit their VAT returns within 6 weeks following the end of each VAT quarter. The VAT period typically allocated to a person registered under article 10 would be a period of 3 calendar months. A 12 month VAT period applies where the value of sales made does not exceed the relevant 'Exit Threshold' Taxable persons registered under Article 11 Taxable persons registered under article 11 must submit their VAT declarations on a yearly basis by the 15th March and 15th February respectively following the end of the calendar year. Taxable persons registered under Article 12 Monthly notices of intra-community acquisitions of goods are to be submitted 15 days after every calendar month have elapsed in which such acquisition took place. On the other hand declarations of purchases of services for which the taxable person is liable to self-charge VAT in Malta are to be submitted to the Commissioner for Revenue by no later than 1 month and 15 days from the end of the month in which the service is received. On a yearly basis a declaration has also to be submitted including the amount of goods and services received through intra-community acquisitions for the whole year. VAT Recapitulative Statements Taxable persons registered under Article 10 may also be required to periodically (monthly / quarterly) submit statements summarising the intra-community sales directly to the European Union’s VAT Information Exchange System... --- - Published: 2021-10-06 - Modified: 2025-03-20 - URL: https://borggalea.com/get-a-quote/ Get a Quote Fill in the form below to get a quote on our services. Fill in the form below to get a quote on our services --- - Published: 2021-09-14 - Modified: 2024-09-16 - URL: https://borggalea.com/careers1/junior-accountant/ Junior Accountant An Overview of What You’ll Be Doing: The daily monitoring of bookkeeping activitiesMaintaining company accounting records and preparing periodic management reports (monthly, quarterly, or yearly)Compiling statutory and regulatory requirement submissionsHandling system postings needed before preparation of management accountsPreparing monthly detailed management accountsPreparing periodic reports and helping in the preparation of the budget processLiaising with external auditors to ensure proper compliance with all regulationsCompiling and submitting VAT returnsInterpreting and providing financial data to non-financial managersPerforming ad hoc requests by top management What We Are Looking for in You: You are currently starting or are in the process of acquiring an accounting qualification such as ACCA or possess an Advanced Diploma in AccountingPreferably already possess experience and good knowledge in the fieldYou possess very good knowledge of Excel and Word. Familiarity with the use of accounting software is advantageousYou are fluent in English. Fluency in additional language/s is a plusYou are a good communicator and an active listenerYou have strong organisational skills and a good eye for detailYou think outside the box with a high element of pro-activenessYou have good time management skills and can multi-task and prioritise tasksMulti-tasking and time-management skills, with the ability to prioritise tasksAble to work in a group and work with various departmentsYou are willing to be part of a fast-growing international and local work environmentYou are dependable, exhibit a professional demeanour and demonstrate a positive ‘Can Do’ attitude What We Offer: We believe that our employees are integral to our firm and our clients.... --- - Published: 2021-09-14 - Modified: 2024-09-16 - URL: https://borggalea.com/careers1/tax-specialist/ Tax Specialist We are currently accepting applications for a full-time Tax Specialist to join our growing accounting team! If you are fully qualified, possess at least 2 years of Maltese tax experience, and are up for an exciting career change, then we invite you to keep on reading. You might be the next person joining our professional and vibrant team! An Overview of What You'll Be Doing: Compiling and submitting tax returns and tax refund claim formsPreparing monthly detailed management accountsPreparing periodic reports and helping in the preparation of the budget processLiaising with external auditors to ensure proper compliance with all regulationsCompiling and submitting VAT returnsCommunicate with clients to acquire the necessary paperwork and documentation to complete corporate tax returnsReview and verify client’s tax forms to ensure their proper and timely submissionsResearch tax laws and regulations while seeking the advice of the accounting director when dealing with particularly challenging tax circumstancesAssist clients with benefitting from any applicable tax credit schemesAssist with tax auditsRespond to notices from tax authorities and liaise with the relevant entitiesAssist non-financial managers with the interpretation and provision of financial dataPerform ad hoc requests by management What We Are Looking for in You: You are qualified with an Accounting or Finance degree or ACCA. If you are in the final stages of your ACCA qualification but have experience in Maltese taxation and are already in possession of the FÓ module, then we encourage you to apply as well. Preferably hold a CPA license. Possess a minimum of... --- - Published: 2021-09-14 - Modified: 2024-09-16 - URL: https://borggalea.com/careers1/senior-auditor/ Senior Auditor Would you like to join our Audit department? We are accepting applications for a qualified, experienced, and responsible full-time Senior Auditor who is capable of ensuring the efficient completion of accurate audits and maintaining exceptional levels of auditing quality and financial accuracy. The ideal candidate should be comfortable leading auditing engagements of various sizes and be confident to delegate tasks and setting deadlines to the junior members of the team as and when required. These duties entail supervision and assistance from the Audit Managers, with whom the Senior Auditor will be working hand in hand with and supporting to ensure the successful management of the audit team. An Overview of What You'II Be Doing Guiding the junior auditors to carry out feedback and reviewing their work. Completing small audits with minimal supervision. Workingwith the Audit Managers to plan audits on engagements of various sizes and across a varying industry portfolio. Liaising with clients in relation to all necessary preparations and compilation of documents, concurrently seeking to sustain a productive working relationship with them and promoting their overall satisfaction. Preparing financial statements and other reporting documents. Utilising and keeping oneself well-verse with audit technology and the applicable firm-related standard software to ensure that all engagement targets are attained and service delivery is enforced. Assisting the Audit Managers in ensuring that all numbers are accurate, regulations are complied with and that the firm is in line with all statutory requirements. Attending meetings on an adhoc basis with clients, Audit Managers,... --- - Published: 2021-09-13 - Modified: 2024-09-16 - URL: https://borggalea.com/registered-address-in-malta/ Having a Registered Address in Malta Every company which is registered in Malta must also have a registered office here in Malta. The Malta Business Registry suggests that the office of a company's accountants, law firm or that of corporate service provider may be used as a registered address. As of 2021, the services of a registered address became more restrictive and only those authorised by the MFSA to provide such services are authorised to provide the service of Registered Address. What is a registered address? A registered address is an official address of the Company whereby important documents of the company and that of its officers, as well as shareholders, as the case might be can be securely delivered. This must be a place in Malta irrespective of where the business is carried out. Are there any requirements? At the very minimum a number of documents should be kept pertaining to the company and showing information about the owners at its registered address. Some documents (list is not an exhaustive one) includes: -Incorporation documents;Share registers and share certificates;Annual accounts;Dividend warrants;And more... Can I use my own address as a registered address? Yes of course. However, this is not always possible for start-ups. Furthermore, if you are renting out an office or other operating space, you will need the consent of the landlord to use their premises as the registered address of the Company. DisclaimerRegistered Address Services falls within the list of licensable activities as per the Company Service Providers... --- - Published: 2021-09-13 - Modified: 2024-09-16 - URL: https://borggalea.com/special-audit-reports/ Special Audit Reports Our range of audit and assurance services is not limited to carrying out the statutory auditing engagements. On a number of occassions, we assist firms and individuals by providing the following 'special' auditing services:Expert reports in line with A73 of the companies act;Audits of security holdings;Audits of management reports; Expert Reports Article 73 of the Companies Act (Chap 386 of the laws of Malta) state that the subscription of share capital may only be made against the payment of cash or cash equivalents or alternatively, if such subscription is going to be made by way of a payment in kind, A73(4) of the Companies Act (Chap 386) states that an expert's report has to be drafted by a certified registered auditor. Some of the most common use of such expert reports are for the capitalisation of loans which were previously granted to the company or when there is a cross boarder restructing for taxation efficiency purposes. For professional assistance, please contact: +356 2703 7012 info@borggalea. com Contact us to learn more To learn more about our services, do not hesitate to get in touch. Kindly submit your information via the form and one of our expert advisors will get in touch with you within 24 hours. Alternatively, do not hesitate to give us a call on +356 2703 7012 or just send us an email on info@borggalea. com. --- - Published: 2021-09-13 - Modified: 2024-09-16 - URL: https://borggalea.com/income-tax-consolidation-in-malta/ Income Tax Consolidation in Malta Overview If you benefited from Malta’s advantageous tax refund system, or are eligible to do so, keep reading. For those who cannot benefit from the tax refund, unfortunately you cannot benefit from this either. Legal notice 110 of 2019 was introduced with the aim to improve the waiting times required to process tax refunds, making Malta an even more attractive tax friendly and beneficial jurisdiction. This notice introduced the Consolidated Group regulations as a subsidiary legislation of the Income Tax Act (Chap 123 of the Laws of Malta). In a nutshell this notice allows a group of companies to pay the effective tax rate immediately and avoids having to pay the full tax and get the refund. To be able to pay the effective tax rate immediately and benefit from this, companies have to form what is referred to as a fiscal unit. A fiscal unit means a group of companies which is typically portraited as a holding company and its subsidiaries. To be able to create a fiscal unit, a few criteria have to be meet. The 2 main ones are: -1) The parent company holds at least 95% shareholding in the subsidiaries; and2) The accounting period of the members of the fiscal unit starts and ends on the same date. Loading... In the first instance, all companies can be part of the fiscal unit. However, in the second instance, subsidiary 3 cannot join the fiscal unit as the parent only holds 80% of... --- - Published: 2021-09-13 - Modified: 2024-09-11 - URL: https://borggalea.com/personal-tax-return/ Personal tax in Malta Not all individuals who earn or derive income in Malta are required to prepare individual tax returns. Our tax experts have extensive experience in assisting businesses, company directors, expatriates, and foreign investors to move or invest in Malta. Our services The Commissioner for Revenue requires individuals to submit their personal tax return for the previous year by not later than the 30th of June. Our tax experts will discuss with you the basis of your income and will be integral in the preparation and submission of your tax return on a timely basis. Should it be the case that you made mistakes in past declarations, we will be more than happy to prepare the required tax adjustments forms and submit them on your behalf. Our services also encompass handling tax disputes, objections and appeals and negotiate with the inland revenue on your behalf. Our advise focuses on tax minimisation however this is always done in a legal and safe manner not to jeopardise our clients. For professional assistance, please contact: +356 2703 7012 info@borggalea. com Contact us to learn more To learn more about our services, do not hesitate to get in touch. Kindly submit your information via the form and one of our expert advisors will get in touch with you within 24 hours. Alternatively, do not hesitate to give us a call on +356 2703 7012 or just send us an email on info@borggalea. com. --- - Published: 2021-09-13 - Modified: 2024-09-16 - URL: https://borggalea.com/investment-property-tax/ Investment Property Taxation You'll probably already aware that rental income can be taxed at the rate of 15% on the gross income received. However this should not be the general rule and an automated process. Wrong or lack of information can lead to significant added taxation expenses, penalties and added administration hurdles you'll have to overcome. It is possible that the rental income does not attract taxation in the first place which means that your entire rental income would be tax free. Other situations might not make it possible for you to benefit from the 15% final withholding tax. Rental income from the Housing Authority Property which is rented to the housing authority and satisfies certain criteria, can be taxed at a flat rate of 5% to 10% on the gross rental income. The difference in rates depend on whether one is renting the immovable property directly to the Housing Authority or to tenants who are benefiting from the rent subsidies covered by the Housing Authority. For landlords who rent directly to the Housing Authority, for them to benefit from the 5% rate, they must be the actual owners of the property. Additionally, the immovable property should be leased for a period of at least 10 years. The 5% tax is final and cannot be used as credit against tax receivable. Lastly, the Housing Authority automatically withholds the tax payment when issuing the payment to the landlord and it is the responsibility of the Housing Authority to pay the taxes... --- - Published: 2021-09-13 - Modified: 2024-12-01 - URL: https://borggalea.com/company-formation/ Malta Company Formation Agents Company formation in Malta should be much more than just having a company. Anyone can open a company, but is it the right structure for you? Having the right setup means that one will be operating more efficiently, pay less taxes and incur less expenses. For this reason, it is very important that prior to setting up a new company, you understand and explore all the different options which are at your disposal. 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Game slot di situs indobet, slotvip, eslot, gemoy138, indowin88jp, indobetslot88, telah menjadi salah satu permainan yang paling digemari di dunia perjudian di link link login slot, baik offline di kasino maupun online. Kepopuleran ini bukan tanpa alasan. Berikut adalah beberapa alasan utama mengapa slot online begitu diminati:1.... --- - Published: 2021-09-13 - Modified: 2024-09-11 - URL: https://borggalea.com/company-liquidation-in-malta/ Company Liquidation in Malta Company liquidations are never an easy task to accomplish. It is understandable for it to be an emotional process but as the saying goes, every beginning has an end. At Borg Galea & Associates, we can be your liquidators of choice in Malta to help you liquidate your Malta company in an effortless manner. Loading... Voluntary liquidation A voluntary liquidation process commences when the shareholders pass an extraordinary resolution to close the company down. This may happen for a variety of reasons such as the objective of the company has been reached and there is no purpose in keeping the company in existence, the company is no longer meeting its objectives or there are liquidity problems to mention just a few scenarios. The liquidation process has to be managed by a warranted liquidator who might be either a certified public accountant or registered auditor or a warranted lawyer. The liquidator takes over the helms of the company from its directors and assumes all the power and responsibilities away from the directors. The main objective is to settle all the dues owed by the company, collect all of its receivables and finally distribute whatever assets are left and owned by the company. Liquidator powers The liquidators powers are wide and far reaching. Liquidators are also allowed to sell the company's assets as they see fit. Yet they still owe a duty of care towards the shareholders. Hence it is imperative for company shareholders to choose a liquidator... --- - Published: 2021-09-13 - Modified: 2024-09-16 - URL: https://borggalea.com/exo-number-application/ EXO Number Application The current COVID-19 has accelerated remote working, which in the accounting and finance world translates to having an accessible accounting system and is not restricted to just your office. Many businesses shifted or are currently shifting from handwriting receipts on Government issued VAT books to E-Invoicing. Vifto, is an emerging notable accounting system which many of our clients have shifted to as it makes collaboration amongst different members easy and practical. Loading... These businesses are taking the opportunity to start issuing E-Invoices. An E-invoice essentially means an invoice which has been generated from an accounting software. In many other countries outside of Malta, this is considered as the norm and has been so for a number of years already! E-invoicing is also on top of the EU’s agenda. The European Union envisages that in a few years, handwritten invoices will be obsolete. E-invoicing pose three main advantages; (1) the obvious environmental benefit as less paper would be wasted on printed invoices (2) added accountability which would reduce VAT evasion; (3) and it is easier for customers to keep track of old invoices in electronic format. An E-invoice does not exempt businesses from their responsibilities. An E-invoice must still meet the minimum criteria as set out the twelfth schedule of the VAT Act. Some basic information which must be included are: -Name of tax person issuing the invoiceBusiness addressBusiness VAT numberInvoice numberDate Description of the goods or services soldVAT RatesTotal AmountOther more specific information is required such as... --- - Published: 2021-09-13 - Modified: 2024-09-16 - URL: https://borggalea.com/malta-tax-refunds/ Malta Tax Refunds Overview Malta's taxation system has passed the test of time and managed to overcome various hurdles along the way. One of the most significant challenges where when Malta joined the European Union. At that point in time, the Maltese taxation system had a concept which was known as the ‘International Trading Company' and the European Union wanted this to be abolished. As a response, Malta amended its regulations, making them more favourable to those within the EU to relocate to Malta and start benefiting tax rates as low as 5% immediately. This makes Malta a leading tax friendly jurisdiction, in the EU and in the rest of the world. Loading... How much tax do you pay when in Malta? Generally speaking, everyone in Malta has to pay 35%. Yet, companies which are owned by non-domiciled individuals, in 99. 9% of the cases are eligible to benefit from Malta’s tax refund system. This has the potential to reduce the tax rate to as low as 5%. What makes a company eligible for tax refunds? Generally speaking, any company which is incorporated in Malta and owned by non-domiciled individuals can benefit from the tax refund. In a non political way of speaking, one can say that any company which is not owned by Maltese individuals can benefit from this. Yet a few restrictions still apply which mainly deal with the operations of the company. If a company provides services which are directly related to immovable property such as building... --- - Published: 2021-09-13 - Modified: 2024-09-09 - URL: https://borggalea.com/secretarial/ Company Secretary What is a Company Secretary and who can act as a one? Under Maltese Law, more specifically under the Companies Act, Chapter 386 of the Laws of Malta, each and every Company incorporated in Malta must have a Company Secretary. Yet, the name misleads many as to what is a Company Secretary and what does one do? The role of the Company Secretary became official and part of the Maltese Law with the enactment of the Companies Act in 1995. Prior to that, even though in practise a number of companies already employed a company secretary to carry out various functions, the role was not a legal obligation. The enactment of the Companies Act introduced a list of duties for which company secretaries should be responsible for. It is quite common for Company Secretaries to be associated with directors. Those who make such assumption cannot be blamed. Many times, a company’s directors and company secretary are listed in the same space as evidenced on the Malta Business Registry which lists company directors and company secretaries on the same page or on published financial statements. Yet the role of a Company Secretary is completely different from the role of directors. Whereas directors have the authority to lead a company and make decisions the role of the company secretary inherently requires one to communicate, observe and report. The companies act sets only a few conditions for individual to be appointed as company secretary. Assuming that the company setup allows it,... --- > Borg Galea Limited offers bookkeeping assistance for Malta companies in decision making, as well as achieving and maintaining business growth. Call us today at +356 2703 7012. - Published: 2021-09-10 - Modified: 2024-12-01 - URL: https://borggalea.com/bookkeeping/ Bookkeeping in Malta Get Your Financial Affairs in Order Once a company is established in Malta, one of its obligations as per the Companies Act 1995 is to keep proper accounting records. These records should reflect the true and fair position of the companies’ affairs, actual financial performance, and cash flows. Accounting records are to be kept at the registered office or any other office as may be decided by the directors of the company. Apart from being a statutory obligation to keep proper accounting and bookkeeping in Malta, it is also crucial that proper records are kept as these will assist in making business-related decisions especially assisting stakeholders in making informed decisions regarding their investment. 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Berikut adalah alasan... --- - Published: 2021-09-10 - Modified: 2024-09-16 - URL: https://borggalea.com/management-accounts/ Management Accounting At Borg Galea & Associates, apart from the basic bookkeeping services, we also offer management accounts preparation to private and public organisations. Management accounts are essential to your business as they provide you with key performance indicators on the go. Any anomalies can be captured much earlier and decision making will be based on robust financial information. Despite their importance, there is no legal obligations for firms to prepare management accounts. Hence, there is no formal format or a 'one size fits all' template. This gives business owners the flexibility to tell us what they want to achieve from the management accounts and we will tailor make our service as per your requirements. Our clients usually require the following: Monthly or quarterly reportingIncome insightsExpenses analysisDebtors analysis and managementFast growing businesses are known to extract as many Key Performance Indicators (KPIs) from their financial reporting to make robust decision and continuously follow up their budgets. For professional assistance, please contact: +356 2703 7012 info@borggalea. com Contact us to learn more To learn more about our services, do not hesitate to get in touch. Kindly submit your information via the form and one of our expert advisors will get in touch with you within 24 hours. Alternatively, do not hesitate to give us a call on +356 2703 7012 or just send us an email on info@borggalea. com. --- - Published: 2021-09-10 - Modified: 2024-09-11 - URL: https://borggalea.com/payroll/ Payroll Who needs payroll services? Any company or individual who employs personnel, irrespective whether on a part-time or a full-time basis, they need to carry out payroll activities. Such activities go beyond the generation of monthly payslips. What payroll services do you offer? At the very basic, payroll services can be listed as follows: -Payslip preparationPreparation and submission of the FS3s, FS5s and FS7Applying for the permit to be an employer (PE Number)Register and deregister your employsAdvise and keep track of employee leaveApart from the administrative tasks at Borg Galea & Associates we can also assist you with tailor made requests such as employment contracts, appraisal systems and other requests you might have. For professional assistance, please contact: +356 2703 7012 info@borggalea. com Contact us to learn more To learn more about our services, do not hesitate to get in touch. Kindly submit your information via the form and one of our expert advisors will get in touch with you within 24 hours. Alternatively, do not hesitate to give us a call on +356 2703 7012 or just send us an email on info@borggalea. com. --- > If your company needs professional assistance with VAT requirements in Malta, turn to Borg Galea Limited. We specialize in VAT management and obligations. Call us today at +356 2703 7012 to learn more about our VAT services in Malta. - Published: 2021-09-10 - Modified: 2024-11-16 - URL: https://borggalea.com/vat-malta/ Value Added Tax (VAT) Services Malta Understand the VAT Regulations in Malta Operating companies must adhere to the general VAT rate of 18% for most goods and services. However, there are certain circumstances that may allow for lower rates to be applied. Regardless of the VAT rate applied, it is important for companies to ensure compliance with Maltese VAT regulations in order to avoid penalties and fines. This can include registering for VAT with the Maltese tax authorities, charging and collecting VAT on eligible taxable supplies and services, and submitting regular VAT returns. Seeking professional guidance on VAT services in Malta can also be helpful in ensuring compliance and managing VAT obligations effectively. Certain industries, such as the gaming industry, can also operate without charging VAT, if they satisfy certain criteria as prescribed in the VAT Act of the laws of Malta. On the other hand, operating within the hospitality industry and provide short let accommodations are allowed to charge VAT compliance at the rate of 7% before the relevant tax period ends. Three distinctive Articles (A10, A11 & A12) in the VAT Act, determine if the company should be registered or not for VAT. The Maltese VAT Act, allows a great number of companies to deduct the VAT declarations it incurred on its economic taxable activities and reduces the cost of the expenses incurred during the standard tax period. Furthermore, Maltese companies registered for VAT purposes under Articles 10 & 12 can apply for the Reverse Charge Mechanism when... --- > Are you looking for a trusted accounting firm to help you with the annual audit of your financial statements? Contact Borg Galea & Associates today. - Published: 2021-09-10 - Modified: 2024-11-16 - URL: https://borggalea.com/audit-and-assurance/ Audit and Assurance in Malta Having an annual audit of the financial statements is a statutory requirement as per the laws of Malta. At Borg Galea & Associates, we strive to carry out auditing work to add value to our clients. This is how we do it. Audit Process Every audit engagement carried out by us involves detailed planning and is carried out in a constructive atmosphere between the client and the firm. Every audit is unique however the audit process is similar most of the times. It usual involves four distinctive stages: Planning (which is also referred to as preliminary review), Fieldwork, Audit Report and Follow-up Review. Client involvement is critical at each and every stage of the audit process. Attention from the directors and accounting is crucial in all stages. Our objective is to minimize the time required from our clients as to reduce the ongoing activity disruption by utilising Smart Audit Systems and other technological tools which help us gather and analyse more information. Loading... Planning During the planning portion of the audit, we notify the client of the audit, discuss the scope and objectives of the examination in a formal meeting with organization management, gather information on important processes, evaluate existing controls, and plan the remaining audit steps. Engagement Letter Once the planning stage is conducted, we analyse prospective clients in line with our business risk assessment and successful clients are sent an official engagement letter. This letter communicates the scope and objectives of the audit,... --- - Published: 2021-09-09 - Modified: 2024-07-29 - URL: https://borggalea.com/nathaniel-borg/ Nathaniel Borg Director - Audit & Advisory Qualifications Fellow Certified Chartered Accountant Master of Business Administration (B'Ham) Registered Auditor Languages English, Maltese, Italian and French Contact Details borg@borggalea. com Email +356 2703 7012 Telephone +356 9968 4883 Mobile LinkedIn Professional Network Online Consultation Set a Consultation Nathaniel's accounting experience has its roots when he joined one of Malta's largest automotive firms over 15 years ago. While in this tenure, Nathaniel was responsible for a wide portfolio of tasks ranging from accounting and day to day operations of the business. Nathaniel is proud that his input resulted in exponential growth within the firm by successfully increasing the market share held by the firm. After a number of years, Nathaniel decided to join one of the big 4 Audit firms to specialise in the Financial Services Industry, mainly focusing in Auditing. During his stay, Nathaniel formed part and managed the Audit Engagement Teams of some of Malta's largest group of companies. While working at the Big 4, Nathaniel garnered international exposure by being seconded in the United Kingdom. In the UK, Nathaniel formed part of the audit teams working on some of the largest global banks and famous insurance companies. Prior to founding Borg Galea, Nathaniel also served as the Head of Accounts in a corporate service provider in Malta, experiencing a variety of clients especially in the gaming industry. --- - Published: 2021-09-09 - Modified: 2024-09-27 - URL: https://borggalea.com/roderick-galea/ Roderick Galea Director - Accounts & Tax Qualifications Bachelor of Accountancy (Hons) (Melit) Certified Public Accountant Languages English, Maltese, Italian Contact Details galea@borggalea. com Email +356 2703 7012 Telephone +356 9985 5335 Mobile LinkedIn Professional Network Online Consultation Set a Consultation Roderick Galea is a Certified Public Accountant holding over 16 years of post-qualification experience in top accounting positions. After graduating with a Bachelor of Accountancy (Hons) from the University of Malta, Roderick started his career in the hospitality industry. During his tenure of 13 years as a Financial Controller he developed key accounting and financial competencies including, but not limited to, maintaining financial records, managing financial and capital budgets, risk assessments and business strategy reviews. Roderick also accomplished to be an exceptional communicator, with excellent organizational, decision making and time management skills. He has a proven track record of consistently meeting and regularly surpassing demanding performance goals. After several years working in the hospitality industry and prior to founding Borg Galea, Roderick decided to move forward and expand his experience in client accounting and taxation of several international and local clients. --- - Published: 2021-08-27 - Modified: 2025-01-22 - URL: https://borggalea.com/services1/ Our Services When you become a client of Borg Galea & Associates, you will be supported by our teams of expert qualified individuals and all of their knowledge and past experience. Our goal is not to present you with just numbers, but with our proactive, friendly and business acumen approach, we believe to be adding value to your business at each and every service stage. Learn more about our services and how we can serve you better: Accounting Accounting Services Bookkeeping Management Accounting Payroll Services VAT Return Preparation Advisory Company Formation Secretarial Liquidations and Dissolutions Malta Incorporation Services Registered Office Accounting Advicory Services Assisting Start-ups Corporate Finance Corporate Restructuring Remote Gaming Risk and Compliance Audit & Assurance Audit Malta Audits and Assurance EXO Number Application Special Audit Reports Tax Consolidated Tax Returns Fiscal Consolidation Malta Personal Tax Return Malta Company Tax Rate Malta Holding Company Taxation Malta Tax Refund Rental Income Tax Advice Tax Refund Tax Management and Compliance Tax Resident Malta Tax Return Preparation Vat Services Malta Maritime Yacht Registration Our Services We are proud to provide a vast range of financial and business advisory services to local and foreign individual and businesses Accounting and Bookkeeping Accountant and Accounting Services Bookkeeping Management Accounting Payroll Services VAT return preperation Accounting Accountant and Accounting Services Bookkeeping Management Accounting Payroll Services VAT return preperation Corporate Audit Malta Audits and Assurance Company Formation Company Secretarial Liquidations and Dissolutions Malta Incorporation Services Registered Office Special Audit Reports Audit Malta Audits and Assurance Company Formation... --- - Published: 2021-08-27 - Modified: 2021-09-16 - URL: https://borggalea.com/news/ News Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo. --- - Published: 2021-08-27 - Modified: 2025-01-24 - URL: https://borggalea.com/careers1/ Careers Are you a professional with years of experience or still studying? Check out our latest vacancies and join our team. Motivated to Work? Happy clients are the result of the hard work that comes from happy employees. Our employees represent our firm. They work hard and well for our success and are rewarded for it. At Borg Galea & Associates, we are committed to providing professional development in your current role, as well as for your career aspirations. We offer room for growth and opportunities to take your career to the next level. If you are looking for an energetic workplace with a beautiful environment where colleagues are friends and hard work is rewarded, we want to hear from youSatisfied clients are the result of hard work derived from happy employees. Our employees represent our firm. They work hard and well for our success and are rewarded for it. At Borg Galea & Associates, we are committed to providing professional development in your current role and your career aspirations. We offer room for growth and relevant opportunities to take your career to the next level. If you are looking for a workplace with a welcoming, multicultural environment where colleagues are friends and hard work is rewarded, we want to hear from you. Alongside flexible working hours, we also offer the following employee benefits:Highly competitive salary packages and performance bonusesProfessional development training sessions offered by us and/or 3rd parties and CPE subsidisation. Coaching and mentoring to support and sustain your... --- - Published: 2021-08-27 - Modified: 2025-01-28 - URL: https://borggalea.com/publications/ Publications Stay up to date with the latest information. Accounting and Bookkeeping Advisory Services Audit and Assurance Malta Publications Taxation Updates All --- - Published: 2021-08-27 - Modified: 2024-07-22 - URL: https://borggalea.com/privacy-policy/ Privacy Policy for Borg Galea & Associates At Borg Galea & Associates, accessible from https://borggalea. com/, one of our main priorities is the privacy of our visitors. This Privacy Policy document contains types of information that is collected and recorded by Borg Galea & Associates and how we use it. If you have additional questions or require more information about our Privacy Policy, do not hesitate to contact us. This Privacy Policy applies only to our online activities and is valid for visitors to our website with regards to the information that they shared and/or collect in Borg Galea & Associates. This policy is not applicable to any information collected offline or via channels other than this website. Consent By using our website, you hereby consent to our Privacy Policy and agree to its terms. Information we collect The personal information that you are asked to provide, and the reasons why you are asked to provide it, will be made clear to you at the point we ask you to provide your personal information. If you contact us directly, we may receive additional information about you such as your name, email address, phone number, the contents of the message and/or attachments you may send us, and any other information you may choose to provide. When you register for an Account, we may ask for your contact information, including items such as name, company name, address, email address, and telephone number. How we use your information We use the information we... --- - Published: 2021-08-25 - Modified: 2025-04-07 - URL: https://borggalea.com/about-us/ About our firm Our clients benefit from a wealth of experience garnered through years of work in taxation, accounting, auditing and advisory engagements. Whowe are As a licensed accounting, auditing and consulting firm, we are proud to share our wealth of experience across the private, public and social sectors to help all organisations thrive and prosper. From start-ups to multinationals, we partner with our clients to deliver services which exceed expectations, boost their organisations and build enduring capabilities. Proud Members of 50 Professional Members in our team. Exuberantly working hand-in-hand with our clients. 50+ Combined years of experience. Always seaking to learn and improve our skills. 1500+ Customers in the last four years from various disciplines and from all around the globe. 10K+ Engagements. From start-ups to multinationals. Carried out using Cloud technology. 50K+ Hours of hard work dedicated towards successfully achiving our clients' goals and objectives. Borg Galea is licensed by the Maltese Accountancy Board to provide accountancy and auditing services. We work hardin all fields We are proud to provide a vast range of financial and business advisory services to local and foreign individuals and businesses Accounting Our accountants are proud to assist you and your business by keeping your accounting data up to date and in line with all the regulatory compliance. Audit A vast range of audit services covering various industries bringing to you our international experience to exceed the market regulations and standards Company Formation At Borg Galea we can provide you with various options... --- - Published: 2021-08-25 - Modified: 2025-03-20 - URL: https://borggalea.com/contact/ Contact Us Have any questions? Get in touch. Contact Us Monday to Friday 08:30 AM - 5:00 PM Telephone +356 2703 7012 Email info@borggalea. com --- - Published: 2021-08-23 - Modified: 2025-04-07 - URL: https://borggalea.com/ Audit, Accounting & Tax Advice in Malta Borg Galea & Associates - One of the leading licensed accounting, auditing and consulting firms in Malta. O Viagra ajuda a obter e manter uma ereção. Em nossa farmácia você pode comprar Viagra sem receita barato online em Portugal. Our Services Who we are As a licensed accounting, auditing and consulting firm, Borg Galea & Associates is proud to share our wealth of experience across the private, public and social sectors to help all organisations thrive and prosper. From start-ups to multinationals, we partner with our clients to deliver services which exceed expectations, boost their organisations and build enduring capabilitiesO Viagra ajuda a obter e manter uma ereção. Em nossa farmácia você pode comprar Viagra sem receita barato online em Portugal. Some of our Services We are proud to provide a vast range of financial and business advisory services to local and foreign individuals and businesses Audit We offer a vast range of auditing services accepted by the Malta Business Registry (MBR) across many different industries, bringing you our international experience to exceed the market regulations and required standards while keep the process as simple as possible. Accounting and Bookkeeping Our accountants are proud to assist you and your business by keeping your accounting data up to date and in line with all the regulatory compliance. You will have complete access to the accounting software, records and workings as we use a state of the art software to empower our clients. Tax Planning... --- --- --- ## Posts > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-09-18 - Modified: 2024-09-18 - URL: https://borggalea.com/a-comprehensive-guide-to-maltas-yacht-registration/ - Categories: Malta Publications Much has been said and written in recent years about Malta’s reputable position as one of the largest international ship registers across the globe. Fuelled by a robust legal and regulatory framework and bolstered by a comprehensive array of international maritime services and infrastructure, Malta's maritime flag registry stands at the forefront on an international level, ranking first in Europe and sixth globally in terms of registered tonnage. Over the past decades, Malta has developed its natural harbours, making significant investments in modern superyacht marinas. Simultaneously, it has fostered the establishment of numerous onshore service providers, including top-tier yacht yards and yacht management companies, all of which adhere to the highest standards. Registering a commercial yacht in Malta can offer significant advantages due to its favourable legal yachting regime and the financial benefits associated with Value Added Tax (VAT) registration of yachts. However, before delving into these benefits, it's crucial to understand the fundamental concepts of yacht VAT registration. The European Union (EU) VAT is essentially a consumption tax system that applies throughout all member states of the EU. VAT is payable on any yacht sailing across EU waters unless it falls under the temporary importation relief. Such type of temporary admission makes it possible for any non-EU privately owned yacht to sail within the EU for a period of not more than eighteen months upon its first arrival, otherwise known as the period of discharge. Opting to navigate yachts across the EU on a permanent basis requires paying VAT... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-09-18 - Modified: 2025-01-28 - URL: https://borggalea.com/latest-amendments-to-the-merchant-shipping-act/ - Categories: Advisory Services Shipping companies now have the option to be established and operate under the Merchant Shipping Act instead of the Companies Act. The Merchant Shipping Regulations underwent an amendment on 21st February 2020, notably through Legal Notice 31 of the same year. Such companies are now required to submit audited financial statements to the Malta Business Registry within the stipulated period. In terms of these amendments, such requirements closely resemble and are almost identical to those applicable to private limited liability companies established under the Companies Act. These amendments also entail the imposition of penalties as outlined in the eleventh schedule of the Companies Act in cases of default. Approval by management and submissions to the Malta Business Registry must be completed within 10months and 42 days from the conclusion of the period designated for the presentation of annual accounts as stipulated by Article 182 of the Companies Act. For the majority of the companies (those having a 31st December year end, this means that the audited financial statements have to be approved by not later than 31st October of the following year and filed with the Malta Business Registry by not later than 12th December. Meanwhile, article 182(3) of the Companies Act stipulates that if a company's first accounting period exceeds 12 months from its registration date, the timeframe for approving the company's annual accounts in a general meeting shall be reduced by the period exceeding the twelve-month threshold. Nevertheless, this period cannot be reduced to less than 6 months... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-09-18 - Modified: 2024-09-18 - URL: https://borggalea.com/assessing-maltas-tonnage-tax-regime/ - Categories: Malta Publications The Maritime Sector constitutes a fundamental component of the Maltese economy, with Malta's entrance into the European Union propelling it to become a leading maritime hub across the Mediterranean region. Malta has established a comprehensive legal and regulatory framework specifically tailored to the shipping industry. This framework has facilitated the development of the Maltese shipping flag into a highly esteemed international ship register, currently ranking as one of the largest globally. As per one of our recently related published articles, Malta’s maritime flag registry specifically ranks first in Europe and sixth globally in terms of registered tonnage. Notwithstanding Malta's strategic current focus towards fostering a robust framework for the super-yacht industry, mirroring the achievements of the shipping merchant fleet, a primary incentive for numerous ship-owners in selecting the Malta Flag relate principally to Malta’s Tonnage Tax Rules. Principally, a shipping company is liable to pay tonnage tax rather than income tax on the actual profits registered by the company. This type of tax is mainly calculated based on ship net tonnage, that is on the volume of ships operated by the shipping company. Effective from December 17, 2017, the European Commission (EC) granted conditional approval to the Maltese Tonnage Tax Rules for a ten-year period. Subsequent to this decision, the Maltese government amended its Tonnage tax rules during 2018 principally through the implementation of legal notices 127 and 128. Such synchronisation evidently boosted trust and confidence of ship-owners towards the Maltese flag and its accompanying legislative framework. Apart from the... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-09-12 - Modified: 2024-09-16 - URL: https://borggalea.com/why-auditors-prefer-to-work-with-neat-and-organised-working-papers/ - Categories: Audit and Assurance Auditors often exhibit a keen focus on meticulously crafted Excel documents, thorough documentation, and impeccable organisational skills. For seasoned professionals in the field, these attributes become instinctive. It may be surprising to learn that most auditors weren't inherently inclined towards such precision or the creation of intricate working papers. Rather, they developed these skills through rigorous training by their mentors early in their careers. There is a compelling reason why this meticulous training was emphasised. Auditors must work within a highly regulated framework. They cannot act at their own discretion. Employing professional judgment does not mean disregarding these rules. Auditors are obligated to adhere to all pertinent International Standards for Auditing (ISAs). Additionally, they must comply with the International Standards on Quality Control (ISQC). Ensuring quality in the audit file has always been essential. In 2022, the International Auditing and Assurance Standards Board (IAASB) replaced the sole existing ISQC with two new "International Standards on Quality Management,” ISQM1 and ISQM2, as part of its quality management initiative. This was not all. Auditors are not left off the hook so easily. Many ISAs indirectly deal with quality, and there are a few—mainly ISA 230 Audit Documentation, ISA 500 Audit Evidence, and ISA 220 Quality Control for an Audit of Financial Statements—that directly and explicitly require high standards of documentation in the auditor’s work. Just as healthcare professionals are expected to maintain exceptional documentation to ensure patient care quality, auditors must uphold exacting standards in their working papers to guarantee the integrity... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-07-19 - Modified: 2024-09-16 - URL: https://borggalea.com/the-importance-of-a-letter-of-engagement-for-an-auditing-firm-introduction-what-is-the-letter-of-engagement/ - Categories: Audit and Assurance What is the letter of engagement? The engagement letter is one of the most fundamental elements within an audit engagement. It is in fact, the first step which every audit must start from. In basic terms, this is the written document which both the client and the audit firm conform to, and it outlines the terms and conditions on which the audit is to be based. ISA 210, Agreeing the terms of audit engagements, is the main regulatory component which functions as a backbone to build a proper LOE. It is structured in a way to illustrate the various topics which will be dealt with throughout the audit engagement, mainly the defining of the scope and objectives of the audit, specifying the responsibilities of both parties, establishing a proper and fixed timeline for when the audit is to commence and when it is to end, as well as denoting a variety of other components such as the terms of the deliverables, which might include invoices or any other documentation that is required. Other than this, the LOE is mainly used as a stepping stone for fee arrangements and to liaise the ultimate responsibilities that are borne from both the parties in question. It is also beneficial to mention the limitation of scope set by the client for the audit before it commences as this will be a great strong point for auditors to decide whether to accept a client or not. The following are the main topics found within the... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-07-19 - Modified: 2025-01-28 - URL: https://borggalea.com/leveraging-technology-to-enhance-healthcare-delivery-overcoming-challenges-and-maximizing-patient-outcomes/ - Categories: Advisory Services Introduction to Technology in Healthcare The world has become more integrated with technology and its influence is apparent in almost every aspect of society, and healthcare is no exception. With the continued incorporation of technology in healthcare, patient care will continue to improve. Several areas in healthcare where technology is making an impact include telehealth medicine, wearable devices, preventative care utilisation, patient portal, and integrated systems. As more personal health information is collected through these resources, the availability of big data allows for the preferred personalisation of treatment based on individual patients. Technology is innovatively used in healthcare, resulting in more options and flexibility for patients and providers. Despite technology's potential to dramatically improve healthcare, there are still obstacles to overcome. As our reliance on technology continues to grow, conceivably, so will the risks associated with it. Healthcare organisations must create solutions to alleviate their burdens. Solutions require technological as well as leadership initiatives. The main concern is how best to maximize the proficient use of technology to assure the best care delivery systems are effectively implemented. This manuscript discusses six areas of vital importance concerning the future of technology in healthcare, including analytics which focuses on the data's broad spectrum, applications in healthcare, proactive approaches, and electronic health records & information technology, with the future of health informatics discussed. Challenges in Implementing Technology Solutions The widespread adoption and integration of cutting-edge technological solutions have the potential to significantly improve the way healthcare is delivered. Improved healthcare delivery, in turn,... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-07-19 - Modified: 2025-01-28 - URL: https://borggalea.com/the-future-of-healthcare-predictions-and-trends/ - Categories: Advisory Services The Future of Healthcare: Predictions and Trends The healthcare sector urgently needs new tech innovations, and quickly, as inventive minds and financial backers challenge a traditionally cautious industry. Improvements are seen in patient engagement as well as treatment and clinic operations. There's both gradual and radical innovation brewing. With great changes on the horizon, this article outlines 15 predictions for where health tech is headed in the next decade—an optimistic outlook that suggests health tech could ease cost pressures soon and promote proactive long-term health management. This article proposes potential trends for health tech's trajectory. It encourages a critical analysis of these projections to gain deeper insights into the cutting edge of health technology. Healthcare is characterised by its slow adoption of technology. Tech experts and investors often observe the healthcare industry's hesitation to adopt new technologies due to regulatory costs, data security issues, outdated government procurement methods, and a perception of healthcare workers as resistant to change. This has led to statements like Michael Greeley's belief that healthcare is ripe for disruption by entrepreneurs, yet the idea that such disruptors would emerge overnight is unrealistic because that’s not how disruption typically occurs. Technological Advancements in Healthcare We are living this dream light years ahead through advanced drug manufacturing machines, artificial intelligence in hospitality, patient teleportation, drone-based transportation of medicines, and teeth regeneration through exposure to light. High demands, combined with public scrutiny and increasing healthcare costs, are the emotional, political, and financial fuel that technology is feeding to ensure... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-07-19 - Modified: 2025-01-28 - URL: https://borggalea.com/the-impact-of-ai-and-machine-learning-on-healthcare-delivery/ - Categories: Advisory Services Introduction to AI and Machine Learning in Healthcare Health is an important aspect of lifestyles, and countries globally are always trying to deploy cutting-edge technologies for increasing the overall health of the population. During recent years, much focus has been placed on artificial intelligence (AI) and machine learning, with politicians and the public recognising the massive potential in improving healthcare outcomes. With the huge and growing amount of data worldwide, we are now also seeing a growing number of AI and machine learning healthcare applications, which are expected to replace radiologists soon. The paper analyses the applications needed to run these technologies, explores current use cases during diagnosis, clinical decision support, and precision medicine (including how it differs from genomics), examines the technologies of other non-AI and non-machine learning applications, along with the future effect of these in the healthcare space, providing some evidence of output and initial results from these research areas. The purpose is also to offer some guidelines for practice, as relevant, and to illuminate the potential risks and divergent implications of this innovative technology. All over the world, countries are facing aging populations, while global life expectancy in 2040 is expected to become 81. 2 years. AI and machine learning are changing healthcare in many areas, such as healthcare IT, diagnostics, clinical decision support, precision medicine, and genomics. How can AI and machine learning help in the healthcare field? They can help with Revenue Cycle Management (RCM) and population health management. Diagnostics is a hard task... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-07-08 - Modified: 2025-01-28 - URL: https://borggalea.com/role-of-esg-in-oil-gas-industry-focus-on-middle-east/ - Categories: Advisory Services 1. Introduction to ESG and its Relevance in the Oil and Gas Sector In recent years, investment strategies have shifted, and capital allocation decisions now favour companies with good ESG ratings. As a result, the ESG rating system plays a key role in improving ESG practices across different sectors, including oil and gas. The industry, however, performed poorly in terms of ESG ratings owing to the scale of the environmental damage it causes, the negative social effects at different project stages, and the level of corporate governance issues. To address these challenges, oil and gas companies are integrating ESG factors into their long-term strategies, establishing ESG engagement teams, and setting up independent bodies to oversee ESG governance guidelines. The Middle East oil and gas industry, one of the most significant contributors to the global oil supply, is taking major steps to evaluate its existing ESG policies and to develop ESG-related practices with the help of national and international ESG frameworks. This chapter examines the role of ESG in the oil and gas industry with a specific focus on the Middle East. Environmental, social, and corporate governance (ESG) are a set of standards for a company’s operations that investors use to screen potential investments. ESG ratings are a measure of the role companies play on the environmental scale, social scale, and governance scale. An increasing number of asset owners and managers use ESG ratings when making capital allocation decisions. The oil and gas sector, a significant component of global equity indices,... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-07-08 - Modified: 2025-01-28 - URL: https://borggalea.com/impact-advantages-and-challenges-of-modern-enterprise-resource-planning-erp-systems/ - Categories: Advisory Services 1. Introduction to ERP Systems Modern ERP systems are evolving and expanding. With developments of new technologies such as cloud computing, mobile applications, and big data analytics, ERP vendors are now offering their solutions through Software as a Service (SaaS) models, allowing easier and quicker implementations to interested organisations. Additionally, organisations can utilise and take advantage of best of breed applications that are easily integrated with their ERP systems. As a result, the business benefits of ERP systems are increasing. ERP systems, despite their name, improve the flow of information by integrating various enterprise applications. They use a unified database to store data from different modules, which can then be used and shared by all the modules. In essence, ERP systems provide the capability for seamless integration of all activities inside an organisation as well as those carried out along the supply chain, including processes related to customers, suppliers, and partners. Enterprise Resource Planning (ERP) systems have become integral across different organisational functions and activities. ERP systems are used to facilitate and automate business processes related to finance and accounting, sales and marketing, human resources, production, inventory control, and distribution, among others. Therefore, ERP systems are powerful and at the same time complex, encompassing diverse capabilities and requiring high level of integration across an organisation’s business areas. 2. The Impact of ERP Systems on Organisations Today's business environment is fast moving, extremely complex, and highly competitive. It requires the ability to react and respond quickly to changes in the internal... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-07-08 - Modified: 2025-01-28 - URL: https://borggalea.com/integrating-erp-systems-in-the-insurance-industry-a-strategic-approach/ - Categories: Advisory Services 1. Introduction to ERP Systems in the Insurance Industry Nowadays, there is a consensus in the insurance business that the real competitive advantage is created by companies that can be the fastest and easiest to do business with. The opportunity to significantly reduce the effort of doing business with the customer can open new markets at home and abroad. Companies that start to use web-based applications to gain value in their interaction with the customer will win, in contrast, those that wait will surely begin to lose. It is very clear that to sustain the e-business initiatives, insurance companies must have an extensive state-of-the-art technology infrastructure in place. The key to such success goes back to one of the great principles - Industries that possess the best information about the customer, the employee, and the company can be guided to the best decision, can deliver the best value, and ultimately win big. In a fast-changing market, the adaptability of back-office processes is the key to gaining a competitive advantage. Using rules-based software, insurance companies can improve responsiveness, increase productivity, and reducing costs. Let us consider, for example, the importance of technology in the shortening of underwriting times, in the accurate underwriting risk assessment, in the customization of products and services, in managing and monitoring operation expenses, and in loyalty-building. To improve responsiveness, increase productivity, and reduce costs, insurance companies are facing the challenge of developing innovative solutions based on state-of-the-art technology infrastructures. Enterprise Resource Planning (ERP) systems are pivotal in... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-07-08 - Modified: 2025-01-28 - URL: https://borggalea.com/challenges-in-erp-for-manufacturing-batching-plants-a-case-study-in-cement-and-concrete-production/ - Categories: Advisory Services 1. Introduction to Enterprise Resource Planning (ERP) in Manufacturing ERP systems typically assist commercial entities in several areas such as production, sales, procurement, inventory management, quality management, maintenance, and financial transactions conducted inside the organisation. Furthermore, ERP methods are utilised to execute tasks such as international sales, roll-out delivery, technical conception, and several others. The unique geometry and performance characteristics of a product are highly important factors to consider when selecting the optimal production technique. However, when we closely examine individual products that are produced, consumed, and customised, we find that they play a crucial role in the market and have a high value in terms of production. In this context, the act of "managing" these products is more about customisation and meeting market demands rather than simply responding to manufacturing needs. An enterprise resource planning (ERP) system is specifically intended to efficiently and comprehensively manage the information and resources of a whole organisation. In the manufacturing industry, ERP refers to the integration of planning, controlling, and informational management processes into a unified system. An ERP system primarily serves to facilitate a company's ability to initiate, monitor, and document the whole production and sales process, from order placement to product commercialization. It streamlines production scheduling and enables the collecting of symbolic data. Currently, there is a growing need for sophisticated automation systems to support environmentally friendly manufacturing operations. Historically, financially well-endowed manufacturing businesses have been the primary users of automated manufacturing systems. Presently, the intense competition in the industrial sector... --- > Borg Galea offers career opportunities for Audit Managers to lead and ensure financial compliance, leveraging expertise in auditing and team management. - Published: 2024-07-08 - Modified: 2024-07-08 - URL: https://borggalea.com/advantages-when-purchasing-and-registering-yacht-in-malta/ - Categories: Malta Publications For yacht owners looking for a strategic and advantageous location to register their vessel, the archipelago of Malta in the Mediterranean presents an enticing option. Any yacht owner should give serious thought to the value-added tax (VAT) consequences, and the Maltese flag is both a symbol of nautical tradition and a representation of a jurisdiction that offers several benefits. Malta offers yachts a very attractive Value Added Tax (VAT) treatment. Yacht leasing companies can save a lot of money and enjoy a more attractive yachting destination thanks to Malta's reduced VAT rates for short-term yacht leases. In addition, the regulations for effective use and pleasure permit a fair value-added tax charge on long-term charters, which is determined by the amount of time spent outside EU waters. This lessens the tax burden and promotes longer charters. Businesses can also take advantage of VAT recovery on economic activity expenses, including the possibility of recovering VAT from other countries. This shows that Malta is serious about facilitating international trade and business. In addition, some of the most beautiful cruising grounds in the world are within easy reach of Malta thanks to its strategic location at the intersection of three continents: Europe, Africa, and the Middle East. Malta boasts the largest register in Europe and the sixth largest globally, ensuring that yachts flying the Maltese flag enjoy global esteem. A hallmark of the Maltese registration is its regularly revised regulations, which aim to be both strong and adaptable, meeting the demands of modern yacht... --- > Borg Galea & Associates provides the details and updates about the election for spouses for the submission of a separate tax return. Find out more to navigate tax season as a couple. - Published: 2023-04-24 - Modified: 2025-01-28 - URL: https://borggalea.com/election-for-spouses-to-submit-a-separate-tax-return/ - Categories: Taxation UPDATE - In the case of a married couple who are living together, any of the spouses may elect to submit a separate tax return if both spouses earn qualifying income or where the couple has a separation of assets agreement in place. The application for such an election is done online through the e-ID. A separate tax return can be availed of for the basis year in which an application is made. Borg Galea & Associates would like to inform our clients that the Office of the Commissioner for Revenue issued a manual which explains such an election in more detail, to serve as guidance to taxpayers. The manual can be found here. For more information, kindly contact us at: +356 2703 7012 or send an email to tax@borggalea. com. --- > Learn about the application of the tax on income from part-time work. Here’s an update from Borg Galea & Associates. - Published: 2023-04-04 - Modified: 2025-01-28 - URL: https://borggalea.com/the-tax-treatment-of-income-from-part-time-work/ - Categories: Taxation Who can qualify – Those in full-time employment, pensioners and students, and are registered with Jobsplus as part-time employed or self-employed, and in the case of the latter keeps appropriate records and are registered for VAT purposes, if required. Tax rate – From the basis year 01 January 2022, the tax rate for both part-time employed and part-time self-employed is 10%. Thresholds – Part-Time Rules apply only on the first EUR 10,000 in the case of income from employment and EUR 12,000 in the case of income from self-employment. Declarations – Income earned in excess of the part-time work thresholds must be declared in the tax return with other income. Submission – is available online using an individual’s e-ID and submitting the TA22 form for self-employed individuals and TA23 form for employed individuals where the FSS deductions have not been made. Deadline – 30 April UPDATE - Borg Galea & Associates would like to inform our clients that the Office of the Commissioner for Revenue issued a manual on the application of the tax on income from part-time work to serve as guidance to taxpayers. The manual can be found here. For more information, kindly contact us at: +356 2703 7012 or send an email to tax@borggalea. com. --- > Learn about the latest update on the tax treatment of rental income. Stay up-to-date with the changes and ensure you comply with the new regulations. For inquiries, contact Borg Galea & Associates at +356 2703 7012 - Published: 2023-04-03 - Modified: 2023-04-06 - URL: https://borggalea.com/the-tax-treatment-of-rental-income/ - Categories: Updates Rental income may be taxed in two ways: Final withholding tax of 15% Taxpayers may opt to pay tax on all rental income at a final withholding tax of 15%. Deductions are not available against final withholding taxes. The 15% final withholding tax rate is calculated on the gross rental income received. Furthermore, the final withholding tax of 15% applies to both residents and non-residents. To benefit from a final withholding tax of 15%, taxpayers must complete the prescribed TA24 form either manually or online and submit it within the prescribed period (30 April). 2. Declared as part of taxable income (i. e. in the income tax return) Taxpayers may opt to declare rental income in their tax returns. Rental income declared as part of taxable income for any year of assessment will be added to other income, will be subject to tax at the applicable rate based on the applicable tax rate, without special consideration. In the case of individuals, the applicable rate will depend on the individual's tax bracket in which the gross income (including rental income) falls. No special rate of tax will apply. UPDATE - Borg Galea & Associates would like to inform our clients that the Office of the Commissioner for Revenue issued a manual on the taxation of rental income to serve as guidance to taxpayers. The manual can be found here. For more information, kindly contact us at: +356 2703 7012 or send an email to tax@borggalea. com. --- > Did you incur taxes outside Malta? Here’s what you need to do. - Published: 2023-04-03 - Modified: 2023-09-13 - URL: https://borggalea.com/i-incurred-tax-outside-of-malta/ - Categories: Updates Navigating taxation laws can be challenging, especially when income is incurred outside of Malta. The taxability of an individual or company in Malta is determined by their residence and domicile. In this article, we will explain how income incurred outside of Malta is taxed and the relief available to avoid double taxation. Malta Taxes on Worldwide Income An individual who is ordinarily resident and domiciled in Malta is subject to tax on their worldwide income, including income derived outside of Malta. Likewise, a company incorporated in Malta is considered to be resident and domiciled in Malta and is subject to tax on its worldwide income and capital gains. However, if an individual is not ordinarily resident or domiciled in Malta, they will only be subject to tax on any income and capital gains arising in Malta and on any income arising outside of Malta if it is received in Malta. Similarly, if a company is a resident in Malta but not domiciled in Malta, it will be subject to income and capital gains arising in Malta and on income (but not capital gains) arising outside Malta, provided that the income is received in Malta. Double Taxation Relief More often than not, income arising outside Malta would have already been subject to tax by foreign tax jurisdictions. The phenomenon of double taxation has long been recognised as being a significant obstacle to the development of cross-border trade and investment. To overcome this, countries may enter into reciprocal double taxation agreements or... --- > Borg Galea & Associates is sharing an update regarding the fiscal unit tax payment deadline. Here’s what you need to know. - Published: 2023-03-23 - Modified: 2023-03-23 - URL: https://borggalea.com/fiscal-unit-tax-payment-deadline/ - Categories: Updates UPDATE - Borg Galea & Associates would like to inform our clients that the tax payment deadline of 18 months following the end of the accounting period is applicable to companies in possession of a determination under the relevant paragraphs of Article 47 of the Duty on Documents and Transfers Act (DDTA determination), shall for the Year of Assessment 2023 apply also with respect to tax payable by a fiscal unit on its chargeable income provided that all members of the fiscal unit are either in possession of the DDTA determination or non-resident companies not liable to tax in Malta. With respect to fiscal units not entitled to the 18-month extension as per above, the deadline for the payment of settlement tax with respect to Year of Assessment 2023 is applicable to companies not in possession of a DDTA determination. For the avoidance of doubt, tax payable on chargeable income allocated to the foreign income account of the principal taxpayer shall in any case become due within 18 months after the end of the accounting period. For more information, kindly contact us at: +356 2703 7012 or send an email to tax@borggalea. com. --- > Dreaming of setting up a start-up business? Apply for a € 10-million grant today! Here’s what you need to know. - Published: 2023-03-20 - Modified: 2023-09-13 - URL: https://borggalea.com/apply-for-the-e10-million-malta-enterprise-grant-for-start-up-businesses/ - Categories: Updates Are you a small start-up business looking for government support to help establish and grow your enterprise? The Malta Enterprise Corporation has announced a new incentive to assist eligible small start-ups to develop their business plans, hire employees, and purchase necessary equipment. This program offers up to €10 million in funding, which is an excellent opportunity to get your business off the ground or take it to the next level. Here is what you need to know about this grant program: Eligibility Criteria The Malta Enterprise Corporation's guidelines specify several eligibility criteria that must be met to receive this grant. For instance, your business must be a recognized legal entity, such as a self-employed, co-operative, or limited liability company. Furthermore, the proposed business must engage in eligible activities such as manufacturing, software development, health, biotechnology, pharmaceuticals, and life sciences. Additionally, to be eligible for Pre-Business Plan Support, you must meet at least one of the three specific criteria, while for Post-Business Plan Support, you must meet at least two criteria. There are disqualifying criteria as well that need to be checked before applying. Incentive Description This Malta Enterprise grant is intended to support small start-up undertakings that are in the process of establishing and/or consolidating a business operation that has been deemed as economically feasible and innovative. You can receive up to €200k in aid, and it is capped at €25k per quarter for a period not exceeding 24 months. Pre-Business Plan Support offers initial seed funding of up to... --- > An update to the DAC6 guidelines has been made. Here’s what you need to know. - Published: 2023-03-08 - Modified: 2023-03-09 - URL: https://borggalea.com/dac6-reportable-cross-border-arrangements/ - Categories: Updates UPDATE - Borg Galea & Associates would like to inform our clients that an update to the DAC6 guidelines has been issued with updates to Section 6. 5 and Annex 1 which are available here. In addition, a guideline in relation to the consequences of the judgement of the Court of Justice of the European Union (CJEU) in Case C-694/20 is available here. The guideline is in relation to the waiver from filing information in respect of a reportable cross-border arrangement (DAC 6). For more information, kindly contact us at: +356 2703 7012 or send an email to tax@borggalea. com. --- > Learn about income taxation for employment abroad. Here’s how you can calculate taxes for a 30-day period of employment in Malta. - Published: 2023-03-06 - Modified: 2023-03-08 - URL: https://borggalea.com/clarification-reemployment-outside-malta-30-day-period/ - Categories: Updates Clarification on the taxation of income relating to employment exercised abroad – calculating the 30-day period of presence in Malta BACKGROUND – Article 56(17) of Malta’s Income Tax Act provides a potentially favourable tax rate of 15% on income derived from employment exercised outside of Malta. The reduced rate of tax applies to employment income and certain specific conditions and restrictions apply. UPDATE – Borg Galea & Associates would like to inform our clients that one of the conditions for the applicability of such proviso is that during the relevant year the employee is not present in Malta for a period or periods that in aggregate exceed 30 days. In calculating the 30-day period, presence in Malta on vacation leave or sick leave is to be disregarded. Moreover, presence in Malta in the following scenarios will be treated as if the employee were in Malta on vacation leave and will therefore also be disregarded: an employee works abroad on a shift basis and stays in Malta in between shifts; an employee works abroad on a time-on / time-off basis and stays in Malta during the time-off periods; an employee works regularly abroad and stays in Malta during weekends and public holidays. For more information on the taxation of income relating to employment exercised abroad, kindly contact us at: +356 2703 7012 or send an email to hili@borggalea. com. --- > Find out the guidance on the 2022 annual average exchange rates of the euro, the inflation index for 2022, and the HQP threshold for 2023. - Published: 2023-03-06 - Modified: 2023-03-08 - URL: https://borggalea.com/guidance-on-the-2022-annual-average-of-euro-exchange-rates-and-others/ - Categories: Updates Guidance on the 2022 Annual Average Exchange Rates of the Euro, the Inflation Index for 2022, and the HQP threshold for 2023. UPDATE – Borg Galea & Associates would like to inform our clients that the average exchange rate for the Euro (EUR) for 2022 used by the tax department in Malta is: UK Pound Sterling 0. 85276 US Dollar 1. 0530 Canadian Dollar 1. 3695 Australian Dollar 1. 5167 Swiss Franc 1. 0047 Japanese Yen 138. 03 Chinese Yuan Renminbi 7. 0788 (Source: CBM website) The inflation index for 2022 is 947. 40 (Source: NSO website) The Highly Qualified Persons (HQP) threshold for 2023: Income received by the professional should amount to at least EUR 75,000 adjusted annually in line with the Retail Price Index. The minimum income for the basis year 2023 must exceed the threshold of EUR 93,669. For more information, kindly contact us at: +356 2703 7012 or send an email to hili@borggalea. com. --- > Borg Galea & Associates shares an update regarding the implementation of guidelines on the automatic exchange of financial account information. - Published: 2023-03-06 - Modified: 2023-03-08 - URL: https://borggalea.com/update-of-the-implementing-guidelines-on-automatic-exchange-of-financial-account-information/ - Categories: Updates UPDATE – Borg Galea & Associates would like to inform our clients that the Commissioner for Revenue informs Reporting Malta Financial Institutions that version 4. 3 of the AEOI Implementing Guidelines has been published and is available here. The updates are indicated in section 1. 4 and refer to section 12. 2 (reporting of TIN codes in relation to FATCA for reporting years 2023 and 2024). The deadlines for filing of financial account information in terms of regulations 30, 41 and 45 of the Cooperation with Other Jurisdictions in Tax Matters Regulations (SL 123. 127) are 30th March 2023 (excel spreadsheet reporting and nil return submissions) and 30th April 2023 (XML reporting). For more information, kindly contact us at: +356 2703 7012 or send an email to hili@borggalea. com. --- > The deadline allowed for submission of the annual notification by non-disclosing intermediaries is being extended. Here’s what you need to know. - Published: 2023-03-06 - Modified: 2023-03-08 - URL: https://borggalea.com/deadline-extended-for-annual-notification-form/ - Categories: Updates DAC6: Extension of deadline for Annual Notification Form to be submitted by non-disclosing intermediaries. UPDATE - Borg Galea & Associates would like to inform our clients that the deadline allowed for submission of the annual notification by non-disclosing intermediaries is being extended. In this regard, non-disclosing intermediaries waiving their reporting obligation under Regulation 13(7)(e) of the Cooperation with Other Jurisdiction on Tax Matters Regulations are required to submit the annual notification regarding cross-border arrangements where the trigger point for reporting took place during 2022, by not later than 30th March 2023. A further update will be provided when the 2022 annual notification form is available for download. For more information, kindly contact us at: +356 2703 7012 or send an email to hili@borggalea. com. --- > The Office of Commissioner for Revenue is seeking feedback from Reporting Malta Financial Institutions on the relief given by the U.S. Find out more. - Published: 2023-03-06 - Modified: 2023-03-08 - URL: https://borggalea.com/fatca-feedback-on-reporting-relief-given-by-the-us/ - Categories: Updates Feedback on the relief for reporting on certain pre-existing accounts that are U. S. reportable accounts. UPDATE – Borg Galea & Associates would like to inform our clients that the Office of Commissioner for Revenue is seeking feedback from Reporting Malta Financial Institutions on the relief given by the U. S. on certain pre-existing accounts that are U. S reportable accounts, as per the Guidelines on Automatic Exchange of Financial Account Information. In this respect, Reporting Malta Financial Institutions are invited to give their views on whether this relief given by the U. S. provides sufficient comfort. Should you wish to provide feedback please get in touch and we will guide you accordingly. The period for submitting feedback ends on 10th March 2023. For further guidance, kindly contact us at: +356 2703 7012 or send an email to hili@borggalea. com. --- - Published: 2023-02-27 - Modified: 2024-07-30 - URL: https://borggalea.com/basic-must-know-maltese-vat/ - Categories: Taxation Value-Added Tax (VAT) is a transaction-based tax, having nothing to do with how much income one earns in a particular year like income tax. This article is going to focus on discussing the basic must-knows on this topic. For those who are not familiar with the term VAT, the concepts are very much the same as GST in the United States and Canada. One of the striking differences is that the prices in European Union are always quoted inclusive of VAT whereas in the United States of America and Canada, the prices are quoted excluding GST and one has to manually add them later which leads to some confusion. Who Is Liable to Register for VAT? If you are a person performing an economic activity, whatever the result or scope of that activity, then you are considered a taxable person. What is an economic activity? Economic activity is any activity which is carried out by a person who is not an employee and consists of any one or more of the following: Any trade, business, profession or vocation and the provision of any personal services; The exploitation of tangible or intangible property for the purpose of obtaining income therefrom on a continuing basis; The provision by a club, association or organisation of the facilities or advantages available to its members for a subscription or other consideration and; The admission of persons to any premises for consideration. If you are rendering any of the above services, it is likely that you... --- > Shipping enterprises are subject to taxes. Find out what you need to know regarding the taxation of your shipping business. - Published: 2023-02-24 - Modified: 2023-07-07 - URL: https://borggalea.com/taxation-shipping-enterprises-in-malta/ - Categories: Taxation When determining under which flag administration a vessel is to be registered, fiscal considerations will surely be of crucial importance. European Union Member States took various measures in order to sustain the competitiveness of EU flag states One of the measures taken by the Member states was to replace the traditional method of taxing the income of shipping companies and introduce a system of taxation based on the tonnage of the vessel, or fleet of vessels belonging to the shipping company, referred to as the Tonnage Tax. This system of taxation has benefitted international shipping companies operating cargo and passenger ships. On the 17th December 2017, the European Commission conditionally approved the Maltese Tonnage Tax Regulations for a period of ten years. This decision was introduced by the Maltese Government through transposition into the Maltese legislation by means of amendments to Legal Notices 127 and 128 of 2018. The Maltese Tonnage Tax Regulations provide that all ships falling within the scope of the regulations will be liable to pay a tonnage tax whilst being eligible for exemptions from other tax regimes, and shall be exempt from income tax in Malta. This comes about by virtue of the Merchant Shipping (Taxation and Other Matters relating to Shipping Organizations) Regulations, as amended in 2018, which exempts from income tax any income derived from shipping activities. In fact, regulation 5 of the said Regulations stipulates that: “No further tax under the Income Tax Act shall be charged or payable on the income of... --- > Companies operating in Malta are subject to taxation on their income and capital gains outside the country. Here’s what you need to know about the participation exemption report. - Published: 2023-02-24 - Modified: 2023-03-03 - URL: https://borggalea.com/participation-exemption-report/ - Categories: Taxation Companies incorporated in Malta are treated as domiciled and residents in Malta and are subject to tax on their worldwide income and capital gains. Therefore any dividends received by a Maltese company from, a foreign subsidiary, or capital gains derived from the sale of shares held in such a foreign subsidiary, would be taxable in Malta. ACT II of 2007, being the legislative instrument implementing various measures that were agreed upon by Malta and the European Union, added paragraph (u) to Article 12 (1) of the Income Tax Act (ITA), whereby an exemption known as the Participation Exemption was introduced. The Participation Exemption does not apply to all persons in general but only to companies registered in Malta. The exemption as enacted in Article 12(1)(u) of the ITA applies only to income received from a participating holding, and to any capital gain derived from the disposal of such a holding. A participating holding shall exist where: (a) A company resident in Malta holds directly at least 5% of the equity shares in another company, body of persons or collective investment scheme, which holding confers an entitlement to at least 5% to any two of the following rights: (i) A right to vote (ii) A right to profits available for distribution; (iii) A right to assets available for distribution on a winding up of the; or (b) A company is an equity shareholder and is entitled to purchase the balance of the equity shares or has the right of first refusal... --- > Learn why Customer Due Diligence (CDD) is an important element of managing risk and protecting the business against fraud. Read on to know more. - Published: 2022-08-11 - Modified: 2022-08-26 - URL: https://borggalea.com/customer-due-diligence-why-does-it-matter/ - Categories: Malta Publications Nowadays, everyone seems to be talking about customer due diligence. In the past couple of years in Malta, we’ve experienced a paradigm shift in the way financial business transactions are conducted. Just a few years ago, it was the norm to walk into a bank for the first time and exit with a bank account, those days are now long gone. Similarly, if one needs professional accounting services or to buy a property, you need due diligence. Those who are not accustomed perceive due diligence as a mountain to climb. Others feel reluctant to provide professionals with their personal information with the most common question: “Why should I comply with your request for information? Isn’t personal data... personal? ” While we certainly do understand that many feel uneasy about sharing their confidential information, especially when no prior business relationship has been built, this article seeks to establish the reasons why we conduct Customer Due Diligence and how you may end up benefiting in the long run, if you participate. Introducing Customer Due Diligence (CDD) It is thanks to Malta’s increased efforts to shore up its compliance with international Anti Money Laundering and the Combatting of the Financing of Terrorism regulations that saw its removal from the infamous FATF’s Grey List in mid-June 2022. Therefore, in an effort to maintain the jurisdiction’s clean position, national regulators have imposed more stringent customer due diligence requirements on us ‘subject persons’. Accountants, auditors, notaries, banks and investment brokers are some of the most common... --- > Audit confirmation letters provide crucial information and help verify the finances of an organization. Read on to learn more. - Published: 2022-08-05 - Modified: 2022-08-10 - URL: https://borggalea.com/audit-confirmation-letters-everything-need-know/ - Categories: Audit and Assurance The Use of Confirmation Letters During the course of an audit, auditors are required to obtain sufficient audit evidence on the basis of which to establish their opinion. Confirmation letters are considered to be among the most persuasive forms of audit evidence because they are received directly from a third party. What are confirmation letters and why are they important? ISA 505 ISA 505 (which is one of the Internal Standards of Auditing followed by auditors) defines external confirmations as “audit evidence obtained as a direct written response to the auditor from a third party (the confirming party), in paper form, or by electronic or other media”. An audit confirmation letter is an inquiry sent by the auditor to a third party to establish the contents of the accounting records of the entity that is being audited. What Should the Confirmation Letter Include? The confirmation letter shall include relevant information that the recipient is able to confirm clearly identifying the exact and full name of the organisation being audited. Confirmations help in identifying discrepancies in accounting records, existence and rights and obligations. For auditors, obtaining responses is a critical stage in terms of information reliability. The auditor must take the necessary steps to obtain control over the process. These include designing the confirmation request, determining the parties to contact and the information to be requested, and delivering and making follow-ups on all the requests. Confirming parties should send responses directly to the auditors and not to the accounting department of... --- - Published: 2022-07-29 - Modified: 2024-07-30 - URL: https://borggalea.com/minimising-tax-through-full-imputation-and-tax-refund-systems/ - Categories: Taxation An Overview of Malta Situated as it is, in the middle of the Mediterranean, Malta is not only a popular tourist destination but also offers various investment opportunities. The island is an economic and logistical hub with a strategic location having close ties to Europe, Northern Africa, and the Middle East. It has a flexible and thriving economy with an excellent infrastructure. It is an established international financial centre and an EU jurisdiction with favourable tax rates. All of these make Malta an ideal place to invest in for various kinds of business ranging from the knowledge-based to the high-end manufacturing sectors. Taxation in Malta Upon satisfying certain conditions, the overall tax burden in Malta can be reduced to between 0% and 10%. This can be done through the application of a full imputation system of taxation as well as its system of tax refunds. Companies incorporated in Malta and/or whose key management and commercial decisions necessary for conducting the entity’s business are, in substance, being made in Malta are subject to a tax rate of 35% on their taxable profits. These taxable profits are then refunded back to the shareholders upon distribution of dividends, unless the company enacts a fiscal unit which allows it to pay immediately the effective tax rate ranging between 0% to 10%, with the majority of the businesses end up having an effective tax rate of 5%. Profits so taxed, become distributable, and are required to be allocated, depending on the nature and source of... --- > Never let your accounting slip through the cracks. Read on to discover our quick and easy tips to level up your accounting game. - Published: 2022-07-22 - Modified: 2024-08-08 - URL: https://borggalea.com/accounting-in-malta-tips-tricks/ - Categories: Accounting and Bookkeeping Regardless of how much money a company makes, efficient money management is one of the essential tools for successful businesses. A company’s books are the only accurate representation of financial information. KPIs (Key Performance Indicators) can be extracted from data which depicts revenue trends, profit-making operations, and loss-making ones. Should the books of any company be disorganized and inaccurate, such information would not be available. This will lead to important decisions being based on inaccurate or incomplete information, which may prove to be detrimental to the company’s success. In this article, we will be providing some tips and tricks on how to keep better accounting records in Malta. Good Accounting Starts with Sound Systems Accounting is more than hiring a reliable accountant to handle the numbers for you. Other soft skills have proven to be equally important. During this article, we will delve deeper into one particular skill, that of being organised. While this might sound obvious to you, we have noticed this skill to be lacking in so many entities. Being organised is more than keeping documents neatly stacked on one’s desk. It involves having a consistent process in place and the necessary tools to enable you to communicate with your accountant consistently to enable your accountant to keep your records accurately. If you are a business owner or form part of a firm’s administration, you need to master this skill at all costs. It is not a complex process. All you need is to have a clear process... --- > Learn why an internal audit is crucial to protecting your assets and maintaining the financial stability and operational efficiency of your organisation. - Published: 2022-07-13 - Modified: 2023-09-13 - URL: https://borggalea.com/why-internal-auditing-is-crucial-for-your-business/ - Categories: Audit and Assurance Introducing Internal Auditing The word “audit” has now taken a new meaning. Before, an audit was only associated with the annual statutory audit conducted by external auditors. However, due to today’s dynamic business environment, firms are constantly exposed to certain risks, where an entity’s success is based on the ability to adapt to environmental changes and manage business risks with the ultimate aim of fulfilling the organisational objectives. Creating a successful business has always been challenging, but it is seemingly becoming more complex. Whilst before an entity’s success was based on cost-cutting practices aiming to produce a product or provide a service at the lowest cost possible, today’s business environment is so much more than that. Due to the new risks being faced by entities, it is of utmost importance to have an effective risk management strategy in place, and if this is done properly this can enhance the success of your business. On a day-to-day basis, entities face various risks such as: Operational Risk - It occurs when an entity’s daily activities threaten to decrease its profits. Financial Risk - This can threaten an entity’s financial stability. IT Risk - This entails any negative business outcome involving the misuse of IT. Reputation Risk - This can threaten how an entity is viewed by the public which might lead to loss of sales, Health and Safety Risk - This consists of any hazards that might put a person’s health and safety in a vulnerable or harmful position, Legal Risk -... --- - Published: 2022-06-30 - Modified: 2024-07-30 - URL: https://borggalea.com/fiscal-unit-for-the-basis-year-2021-can-now-be-submitted/ - Categories: Updates UPDATE - Borg Galea & Associates would like to inform our clients that benefit from the fiscal units, that their fiscal unit consolidated tax return for the basis year 2021 can now be submitted. For more information on the submission of income tax returns, kindly contact us on: +356 27037012 --- - Published: 2022-06-20 - Modified: 2024-07-30 - URL: https://borggalea.com/updates-on-the-corporate-tax-returns-for-the-basis-year-2021/ - Categories: Updates UPDATE - Borg Galea & Associates would like to inform our clients that their corporate income tax return for the basis year 2021 can now be submitted. We would also like to notify you that there have been some minor changes to the income tax return which reflect the optional Covid-19 extension granted by Malta Enterprise on the certificate of validity for Micro Invest tax credits expiring in the years of assessment 2021, 2022, and 2023. For more information on the submission of income tax returns, kindly contact us on: +356 27037012 --- - Published: 2022-05-31 - Modified: 2024-07-30 - URL: https://borggalea.com/the-corporate-tax-return-for-basis-year-2021-is-now-available/ - Categories: Updates UPDATE - Borg Galea & Associates would like to inform our clients that the electronic filing of income tax returns for companies have been extended accordingly: UPDATE - Borg Galea & Associates would like to inform our clients that the electronic filing of income tax returns for companies have been extended accordingly: Manual Return Deadline Web Submission Extension Deadline 31st January 2021 31st March 2022 29/07/2022 28th February 2021 31st March 2022 29/07/2022 31st March 2021 31st March 2022 29/07/2022 1st April 2021 31st March 2022 29/07/2022 31st May 2021 31st March 2022 29/07/2022 30th June 2021 31st March 2022 29/07/2022 31st July 2021 30th April 2022 29/07/2022 31st August 2021 31st May 2022 29/07/2022 30th September 2021 30th June 2022 30/08/2022 31st October 2021 31st July 2022 30/09/2022 30th November 2021 31st August 2022 31/10/2022 31st December 2021 30th September 2022 30/11/2022 For more information on the submission of income tax returns, kindly contact us on + 356 27037012 --- - Published: 2022-05-31 - Modified: 2024-07-30 - URL: https://borggalea.com/the-corporate-tax-return-for-basis-year-2021-is-now-available-2/ - Categories: Updates UPDATE - Borg Galea & Associates would like to inform our clients that the electronic corporate income tax return for the basis year 2021 is now available online. However, since the facility to upload and submit this return will only be made available from mid-June 2022 onwards, further notification will be made on the date of submission in the near future. Further, the supplementary document in case of a Fiscal Unit will also be available in the coming weeks. Also of note are some minor changes made to this year’s tax return, arising from several amendments to national and supranational taxation legislation. For more information on the submission of income tax returns, kindly contact us on: +356 27037012 --- - Published: 2022-05-30 - Modified: 2024-07-30 - URL: https://borggalea.com/submission-of-the-income-tax-returns-for-the-basis-year-2021/ - Categories: Updates UPDATE - Borg Galea & Associates would like to inform our clients that the deadline for physical income tax return submission shall end on the 30th day of June of the year 2022. However, choosing to submit your tax return online grants us a further one-month extension, till the 31st day of July of the year 2022. This not only makes submitting your income tax return easier, but it also ensures its timely submission. For more information on the submission of income tax returns, kindly contact us on: +356 27037012 --- - Published: 2022-05-26 - Modified: 2024-07-30 - URL: https://borggalea.com/guidance-note-on-the-importation-of-bank-notes-cn-49070030/ - Categories: Updates UPDATE - Borg Galea & Associates would like to inform our clients that, by default, the VAT rate for the importation of bank notes that are classified under CN code 49070030 is 5%. However, where the importation of bank notes constitutes a financial transaction concerning banknotes in circulation used as legal tender, exemption from import VAT would apply. For more information, kindly contact us on: +356 27037012 --- - Published: 2022-05-24 - Modified: 2024-07-30 - URL: https://borggalea.com/guidance-note-on-the-entities-that-are-eligible-for-deduction-claims/ - Categories: Updates UPDATE - Borg Galea & Associates would like to inform our clients that the following entities are eligible to claim a Deduction on their income tax. Basis Year – 2021 1. Childcare Centres Name of Centre 1 ABC Childcare Centre San Ġwann 2 Active Learning Childcare Centre Msida 3 Active Learning Childcare Centre Mosta 4 All C'ees Childcare Centre Santa Luċija 5 Aunty Elena Childcare Centre San Ġwann 6 Bambinella Childcare Centre Marsa 7 Barney's Childcare and Development Centre Fgura 8 Bee Smart Childcare Centre Santa Venera 9 Bright Sparks Childcare Centre San Ġwann 10 Casa Maria Montessori B'kara 11 Casa Maria Montessori Tarxien 12 Child Jesus Educare Childcare Centre Mellieħa 13 Chiswick House School Bumble Bees Childcare Centre San Ġwann 14 Daisy Park Childcare Centre Attard 15 Dawra Durella Childcare Centre Naxxar 16 Dawra Durella Childcare Centre Attard 17 Doremi Child and Family Centre Swatar, B'Kara 20 Fairytales and Fables Childcare Centre Għargħur 21 First Steps Childcare Centre Qormi 22 First Steps Childcare Centre Marsa 23 Flutterby Childcare Centre Pembroke 24 Footsteps Childcare Centre Għarb, Gozo 25 Funtime Childcare Centre Għaxaq 26 Growing Owls Childcare Centre Żabbar 27 Happy Clouds Childcare Centre Żejtun 28 Happy Days Childcare Centre Gzira 29 Happy Faces Childcare Centre Swieqi 30 Happy Feet Childcare Centre Żabbar 31 Happy Kidz Childcare Centre San Ġiljan 33 Id-Denfil Childcare Centre Siġġiewi 35 Il-Bebbuxu Childcare Centre Santa Venera 36 Il-Bejta Childcare Centre Bormla 37 Il-Ferrovija Childcare Centre B'kara 38 Il-Kuluri Child Care Centre Birgu 39 Il-Manuċċa Childcare Centre... --- - Published: 2022-05-12 - Modified: 2024-07-30 - URL: https://borggalea.com/press-release-from-the-ministry-of-finance-and-employment-tax-deferral-scheme-2/ - Categories: Updates UPDATE - Borg Galea & Associates would like to inform our clients that the Ministry for Finance and Employment has released a Press Release in relation to the repayment of taxes that were eligible under the Tax Deferral Scheme. Link available at: https://www. gov. mt/en/Government/DOI/Press%20Releases/Pages/2022/05/11/pr220596. aspx For more information, kindly contact us on: +356 27037012 --- - Published: 2022-04-29 - Modified: 2024-07-30 - URL: https://borggalea.com/press-release-from-the-ministry-of-finance-and-employment-tax-deferral-scheme/ - Categories: Updates UPDATE - Borg Galea & Associates would like to inform our clients on several publications made by the Ministry of Finance of Employment. Firstly, the guidelines on the Mandatory Automatic Exchange of Information in relation to Cross-Border Arrangements are available here. Furthermore, FAQs on the Mandatory Automatic Exchange of Information in relation to Cross-Border Arrangements are available here. Whereas the DAC6 XML Schema to be used for filing information in relation to reportable cross-border arrangements and the DAC6 XML Schema user guide are available below: DAC6 XML Schema DAC6 XML Schema User Guide Lastly, the annual notification by non-disclosing intermediaries that is required in terms of regulation 13(7)(e) of the Cooperation with Other Jurisdictions on Tax Matters Regulations is available here. For more information, kindly contact us on: +356 27037012 --- > Consolidations have much to offer especially to the shareholders as it gives them the opportunity to analyse the financial data. - Published: 2022-03-02 - Modified: 2022-08-25 - URL: https://borggalea.com/benefits-of-consolidations/ - Categories: Taxation Congratulations if you have arrived at the stage where you are considering whether you need to consolidate your financial records. This is an important milestone typically associated with large and successful enterprises. It means that your hard work has paid off in terms of turning your business into a robust company with admirable revenue generation and a strong asset base. Consolidations should not be a mechanical exercise done just for the sake of satisfying the criteria set out by the Companies Act. Consolidations have much more to offer, especially to the shareholders as it gives them the opportunity to analyse the financial data of the group as a whole rather than seeing fragmented pictures of all the subsidiaries. This leads business owners to naturally ask “what are the benefits of consolidations? ”At Borg Galea & Associates, our team members have been providing consolidation services to Maltese and International businesses for over a decade and have learned many great lessons along the way, including the ideal processes to consolidate your companies in Malta. Who needs to consolidate? What are the consolidation exemptions? When it comes to consolidation, there are a few regulations that cannot be avoided and must be adhered to in their strictest manner. The first consolidation requirement which also happens to be the fulcrum of what is to follow is the fact that a company must own at least one subsidiary to be able to do any consolidations. As we can see, the term “own” might not be the... --- - Published: 2022-02-01 - Modified: 2024-07-30 - URL: https://borggalea.com/guidance-on-the-2021-annual-average-exchange-rates-of-the-euro/ - Categories: Updates UPDATE - Borg Galea & Associates would like to inform our clients that the average exchange rate for the Euro (EUR) for 2021 used by the tax department in Malta is: UK Pound Sterling 0. 8596 US Dollar 1. 1827 Canadian Dollar 1. 4826 Australian Dollar 1. 5749 Swiss Franc 1. 0811 Japanese Yen 129. 88 Chinese Yuan Renminbi 7. 6282 Meanwhile, the inflation Index for 2020: 892. 51 For more information, kindly contact us on: +356 27037012 --- - Published: 2021-11-03 - Modified: 2024-07-26 - URL: https://borggalea.com/typical-maltese-food-you-must-try/ - Categories: Malta Publications Maltese cuisine is known for its diverse mix of different Mediterranean cooking, which is influenced by the many countries that have conquered Malta over the century. As a melting pot of French, Silician, North African, English, Spanish, and Arabic foods, Maltese people were able to quickly adapt and transform the eclectic blend of flavours into their own bespoke versions, creating a unique and interesting taste. Traditional Maltese foods are rustic and heavily reliant upon the seasons. Its enormous servings can definitely fill you up to your satisfaction. Get ready to tickle your taste buds as we give you our personal top 15 must-try Maltese foods. 1. Rabbit Stew A definite must try, hence why it is listed as number 1 in the list! Rabbit stew, known in Maltese language as ‘Stuffat tal-Fenek,’ is not only considered Malta's national dish but is also one of the best dishes you will ever taste on the island. The meat is simmered slowly in a rich wine and tomato sauce infused with bay leaves for at least an hour or half to allow the flavours to complement each other and deliver a culinary experience like no other. This dish is so popular in Maltese culture that the Maltese often plan lunches and dinners around the word “fenkata,” which means that they will be eating rabbit stew for lunch or dinner. 2. Ġbejniet A type of Maltese cheese that is traditionally made from goat or sheep's milk, salt, and rennet. It is known for its... --- - Published: 2021-07-19 - Modified: 2024-07-30 - URL: https://borggalea.com/rental-income-and-investment-property/ - Categories: Taxation Owning property with the intention to generate passive income has been considered by many as one of the safest types of investments time after time. Properties in Malta and in many other developed countries around the world continue to register yearly increases in their market value, which makes investment property even more appealing. After all, property investment managed to produce some of the wealthiest people around the globe. This further delineates why experts consider this type of investment as a sound and robust investment. Banks also agree with this investment sentiment. As a result, they provide various financial products to support the acquisition of property. Banks typically also require property as a security, even in loans unrelated to property. This implies that one can own property without having to immediately fork out the entire sum that is required to acquire such property in the first place. The abundance of these property financing products makes property investment even more common amongst businesses and individuals, who are ultimately looking at ways to invest their savings, protect them from inflation and aiming to generate a passive income. Property investments tend to also be more predominant in those countries that despite their geographical limitations, are experiencing an ever-increasing influx of foreigners who decide to relocate. This is exactly the type of scenario that Malta is and has been coming across in the past few years, since many individuals are resettling for various purposes - namely retirement, business relocation or to find new career and... --- - Published: 2021-06-18 - Modified: 2024-07-24 - URL: https://borggalea.com/what-you-need-to-know-about-taxation-in-malta/ - Categories: Malta Publications Malta's highly desired taxation system has made the country a favourite jurisdiction of choice for many foreign companies planning to relocate their business interests or looking for a better market within Europe. In addition to its favourable income and taxation rate system, Malta takes pride in its efficient English workforces, which draw more traffic and feed their economy exponentially over the years. If you are thinking about making the big move to start benefitting from Malta’s advantageous taxation system, this article will provide you with some helpful information about how Malta's taxation system works. Type of Taxes in Malta Taxation is the most significant source of government revenue in almost all countries across the world. The country's tax revenue in 2019 amounted to $4,291. 7 million (source: https://nso. gov. mt/en/News_Releases/Documents/2020/10/News2020_174. pdf). Malta has 3 main tax revenue sources, including: Indirect Taxes Indirect taxes are a type of tax levied on goods and services that are ultimately passed and paid for by another entity or individual. The manufacturer or suppliers are tasked to collect the taxes and then remit them to the government. Here are different types of indirect taxes. Value-Added Tax (VAT): This is the most common type of indirect taxes and one which is experienced with nearly each and every purchase which companies and individuals alike make on a daily basis. VAT charged on goods and services at the generic rate of 18% is one of the lowest charged rates in the European Union, second only to Luxembourg’s 17%... --- - Published: 2021-06-09 - Modified: 2024-07-26 - URL: https://borggalea.com/35-facts-about-the-maltese-islands/ - Categories: Malta Publications 1. The Maltese islands are an archipelago made up of 5 islands, 3 of which are inhabited: Malta, Gozo (Għawdex), Comino (Kemmuna). The other two uninhabited islands are Cominotto (Kemmunett) and Filfla. 2. Valletta is the capital city and it was the first planned city in Europe. It was constructed by the Knights of Saint John and named after their Grandmaster, Jean de La Valette, who unfortunately never got to see the city before he died. Valletta took 15 years to complete. 3. Mdina, previously called Medina, is the old capital city of Malta 4. The archipelago’s size is 316km2 5. The population of the Maltese islands currently stands at 514,564 inhabitants (as of 2019 - www. gov. mt) 6. Malta is in the CET time zone (GMT+1). 7. It has been an independent nation since 1964. 8. The country became known as a Republic within the Commonwealth in 1974. 9. The Republic of Malta has been an EU member state since 1st May, 2004. https://www. youtube. com/watch? v=Mn6SyiZD3cM 10. Malta is a member of the Commonwealth. 11. Malta is also a member of the Schengen Area. 12. Malta replaced its Lira currency to the Euro (€) in January 2008. 13. Roman Catholicism is the dominant religion. 14. Malta has two official languages: Maltese and English. 15. The Maltese Cross is the national symbol. 16. The earliest archaeological remains in Malta date from about 5000 BCE. 17. Malta offers an average of 3,000+ hours of sunshine per year with an... --- - Published: 2021-02-04 - Modified: 2024-07-26 - URL: https://borggalea.com/are-you-exempt-from-carrying-out-an-audit/ - Categories: Audit and Assurance Did you know that you could be exempt from carrying out a statutory audit in Malta? Many asked us if it was possible to save from doing an audit, especially startups. The financial regulator heard such requests and in 2019 issued legal notice 101 which goes by the name Companies Act (audit exemption) Regulations. These new regulations exempts a small portion of companies from having their financial statements audited for the first few periods. Many governments, economists and policy makers around the world claim that small businesses and start-ups are the backbone of a strong economy. As such, governments from all corners of the globe attempt to implement new measures which encourages new businesses to grow and flourish. Malta is not an exception. Quite on the contrary, the island tries to attract and encourage new businesses to move here. One of the many measures taken for the jurisdiction to be considered in a more favourable light than others was to slash away the statutory audit requirement, albeit for a limited period of time. This subsidiary regulation was set out on just 2 pages to maintain simplicity and avoid bureaucracy. In such spirit, apart from requiring the company to be registered within the 5 part of the companies act, only 2 criteria were listed to exempt a company from having to carry out an audit in Malta. The first criteria which was laid down requires ALL shareholders of the company to be qualifying shareholders. The regulations defines qualifying shareholders as those... --- - Published: 2021-01-24 - Modified: 2024-07-30 - URL: https://borggalea.com/how-to-pick-your-auditor/ - Categories: Audit and Assurance Choosing the right auditor is an important decision which firms have to make. It is likely that you will work with your auditor year-after-year and their insights are integral to your organisation. So how do you go around and choose the best auditor for your firm? A common misconception shared amongst small and family-owned businesses is that an audit is just an added burden required to satisfy administrative compliance regulations. However, this should not be the case and the audit process should be able to deliver much more than that. The right auditor should be able to add value to your business. We've come up with some requirements firms should take into consideration prior to engaging their auditor. Things to look out for 1. Industry Experience No-one knows your business as much as you do. However, your appointed auditor should be versatile enough and holds valuable industry insights. An auditor with such knowledge means that the engagement will be more efficient as less time will be spent on generic questions. Furthermore, the auditor will be able to bring a wealth of industry knowledge which will eventually help boast your business. 2. Experienced staff Having experienced staff as part of the audit engagement team compliments the above. A stable audit firm is one with few staff turnover. In turn this gives stability to your assigned audit engagement team. There is nothing more annoying than having to repeat the same understanding to new audit engagement teams year on year. Staff continuity will... --- - Published: 2021-01-20 - Modified: 2024-07-24 - URL: https://borggalea.com/directors-and-auditors-responsibilities/ - Categories: Audit and Assurance In Malta, the majority of private limited companies rely solely on their auditors to prepare the financial statements as part of the audit process. However, who is ultimately responsible for the financial statements? In preparing this publication, the authors researched different parts of the Companies Act (Chap 386 of the laws of Malta) as well as international standards for auditing. This publications aims to provide additional information about the role of directors. Since it customary for auditors to prepare the financial statements of private limited companies, directors question who is responsible for the financial statements? Is it the directors who are responsible or the auditors since they are being paid to provide such service? Directors' Responsibilities The Companies Act (Chap 386) clearly states that the directors have the lions share of the responsibilities when it comes to the preparation of the financial statements. As a starting point, the Companies Act requires directors to prepare and present financial statements about their companies, which show a realistic position of the company as at year end. Financial statements tend to consist of the Income Statement and Balance Sheet, Notes to the accounts, Auditors' report and accompanying schedules. Other variations and additional financial components may be required depending on the accounting financial framework being applied and the country in question. The income statement provides information about the profitability of the company for the year under review whereas the balance sheet presents information about the company's assets and liabilities up till the financial year end.... --- - Published: 2021-01-15 - Modified: 2024-07-24 - URL: https://borggalea.com/why-do-i-need-book-keeping-and-accounts/ - Categories: Accounting and Bookkeeping Many small businesses and self-employed individuals question whether they should keep their accounting records up to date like big businesses. The simple answer to this is that every business and self-employed individual, irrespective of their size, should keep their records up to date. This article will explain why everyone should have their accounting data up to date. So what are accounting records? Accounting records shows information about your income, expenses, assets and liabilities. Apart from these, any other type of transaction which has a monetary value, irrespective of this nature, is likely to be considered as part of the accounting records. Yet, there is no universal definition in place which surgically defines accounting records. Many also consider this as a catch phrase for all documents which in one form or another collects business information. Different types of accounting records Generally speaking, accounting records come into two forms: Single Entry Double Entry Single entry is deemed to be the more simplistic form and is mostly suitable for the smallest of business operations such as self employed individuals. On the other hand, double entry requires that each and every transaction should be accompanied by at least two entries, a debit and a credit. The aim is to have the books balanced. As a general rule, the total debit entries and the total credit entries of any given business should match to the cent without any exceptions. If there is a difference, it implies that an entry was recorded incorrectly. The double entry... --- - Published: 2021-01-14 - Modified: 2024-07-26 - URL: https://borggalea.com/relocating-to-malta/ - Categories: Malta Publications Are you thinking or considering to move to the islands of Malta? As the smallest EU member state, we have much to offer. This publication aims to provide some useful information to help you make up your mind. Basic facts and statistics Here are some basic facts about Malta: Malta is the smallest EU member having a total size of 316km2 EU member since 2004 Currency - Euro Population - 500,000 Languages - English and Maltese (many also speak Italian) Corporate tax rate - 0% up to 35% Personal Income tax rates - 0% - 35% Located South of Italy in the Mediterranean Sea PrevNext About Malta While being one of the smallest countries in the world, Malta boasts a lengthy and colourful history. It is a very popular destination for tourists. The relaxed livestyle, warm climate, generous taxation system and overall safety of the island encourages many to relocate here. People who opt to relocate here come from every walk of life such as business people looking to minimize their taxation while within the EU, young professionals seeking to live and work in a positive yet rewarding atmosphere and pensioners who retire in Malta to enjoy the warm weather and the many benefits which the islands provide. Apart from the many who decide to relocate permanently, many tourists flock to the islands throughout the year. Yet, many do not know that Malta not only has one of the lowest corporate taxation in the EU, but has of the lowest... --- ---