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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
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
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
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
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
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
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,
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
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
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
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,
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
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
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
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
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
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
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
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
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
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
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
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,
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Borg Galea is licensed by the Maltese Accountancy Board to provide accountancy and auditing services.