William Spiteri Bailey

Tailored accounting and business support solutions for your unique needs. --- Get in touch with our firm, a trusted financial partner, built for the speed and regulatory complexity of today. 💻 www.ncmb.eu 📞 +356 2133 0721 📧 [email protected] #MaltaBusiness #TaxServices #Tax #Accounting #Audit #Consulting #StrategicFinance #TaxCompliance #FinancialReporting #FinancialManagement #BusinessGrowth #FinancialAnalysis

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[#MaltaBudget2025] The Budget Implementation Bill has been published proposing amendments to the Income Tax Act, Chapter 123 of the Laws of Malta and the Income Tax Management Act, Chapter 372 of the Laws of Malta. The proposed changes are subject to Parliament approval and will only come into effect if executed via the Budget Measures Implementation Act. 👇 Read our article to learn more #BDOMalta #Malta #Tax | Josef Mercieca | Sara Farrugia | Svilena Vaklinova | Luca Mizzi

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Ruben Cuschieri, Council Member of The Malta Chamber, participated in the TV Programme Popolin 📺 which discussed the topic of cost of living. He highlighted 2 recommendations which The Malta Chamber proposed in its 2024 Pre-Budget Document: 1️⃣ Correct the anomaly in tax progression that was introduced when tax bands were tapered with the introduction of the second 25% tax band with a lower subtracted amount in the tax calculation which has the effect of a very high marginal tax rate on pay rises that shift employees from the first to the second 25% tax bracket. 2️⃣ Revise tax bands to compensate for the additional tax that will be paid on the COLA increases of 2023 and 2024. Watch here 👉 https://lnkd.in/drnVvMhj

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💡 Consistent with our commitment to provide updated information on current tax issues, we set down a brief overview of the main revisions introduced by the new Greek Code of Tax Procedures. ℹ Learn more here: https://lnkd.in/dQnqrwvi #KPMGTax

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Owners of property in Malta often find it challenging to understand what their fiscal implications are vis a vis buying, selling, developing or renting immovable property. Ruth Farrugia, our Tax Director, together with our Tax Assistant Manager, Julian Abela , will be discussing the arising fiscal implications that one needs to be aware of including the stamp duty on acquisition, the tax payable on selling or on leasing property, and the right of tax and VAT deductions throughout the whole process. Register for our upcoming webinar discussing real estate and taxation here: https://lnkd.in/dN_P9NuD #WeAreForvisMazars #tax #VAT #realestate #property

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From our Q3 2024 issue on #recommendation #implementation and #audit #followup, the Assistant Auditor General of the National Audit Office of Malta, Ms. Mercieca, writes about the audit office's process for formulating realistic, doable and feasible recommendations aimed at addressing root causes and improving processes. Read the full article here: https://buff.ly/4eqATj8

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According to the #Slovene Draft #VATAct, 2 or more taxable persons established or having their fixed establishment in #Slovenia, who are closely bound to one another by financial, economic and organisational links will be able to form a so-called #VATgroup and act as a single taxable person. It is expected that the new regulation will come into use on 1 January 2026 and will in general result in administrative #VATsimplification, as it will be possible to submit a single VAT return for the entire VAT group.  #SloveniaVAT #VAT #VATgroup #WTS #wtsglobal 

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Rely on our Accounting and Business Support services to manage your finances and streamline operations swiftly. --- Get in touch with our firm, a trusted financial partner, built for the speed and regulatory complexity of today. 💻 www.ncmb.eu 📞 +356 2133 0721 📧 [email protected] #MaltaBusiness #TaxServices #Tax #Accounting #Audit #Consulting #StrategicFinance #TaxCompliance #FinancialReporting #FinancialManagement #BusinessGrowth #FinancialAnalysis

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https://lnkd.in/dK6G42Pk Government is reducing the burden of controls and restrictive measures on business environment. This will be achieved by amending several legislative acts, which will contribute to the development of an attractive business environment that encourages investments and catalyzes entrepreneurial initiative.  The amendments were developed with the support of the Economic Council to the Prime Minister and Moldova Institutional and Structural Reforms Activity.

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#Services provided by non-residents to local businesses are subject to #withholding tax of 15 percent. In this newsletter we consider some of the policy issues including as regards the rate, the scope (which now extends to services performed outside the country), double tax agreement considerations, as well as initiatives suggested by the United Nations Committee of Experts on #International Cooperation in #Tax Matters with regard to the international tax treatment of services. For more on this, see our newsletter: https://ow.ly/fXAx50RWAF8

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📢 The Malta Fiscal Advisory Council is delighted to announce the publication of our Assessment of the Annual Report for 2023! 📘 This comprehensive report aims to identify any macroeconomic and budgetary deviations from previous projections, evaluate compliance with the fiscal rules stipulated in the Fiscal Responsibility Act, and analyse whether the 2023 budgetary results aligned with the 2022 Medium-Term Fiscal Strategy (MTFS) and the fiscal targets as updated in the Draft Budget Plan (DBP) for 2023. Several recommendations were put forward by the Council, including: - The economy's growth should continue to be export-led, reducing reliance on domestic drivers, particularly private consumption. - Firms should direct excess profits into productive investments and initiatives to enhance labour productivity. This strategy will improve competitiveness and bolster the country's capacity for sustainable economic growth. - The government should avoid inflating government spending to ensure adherence with the benchmark fiscal expenditure path. Whilst efforts to restrain government expenditure should be explored, productive capital expenditure promoting medium to long-term growth should not be curtailed. - Fiscal consolidation should ensure that the required fiscal effort is achieved. Indeed, the structural adjustment must be more than the 0.4 pps. of GDP recorded in 2023, given that in an Excessive Deficit Procedure, a country must realise a minimum annual effort of 0.5 pps. The Government should also consider targeting a greater effort than the minimum required, particularly whilst in a high economic growth environment, to build fiscal buffers. - Despite GDP growth significantly exceeding forecasts for 2023, government revenue did not exhibit a corresponding increase. The elasticity of both direct and indirect taxes to GDP growth remained low compared to previous years. Such discrepancies should be investigated, and any necessary actions should be taken. - Maintain the buffer achieved below the 60% debt benchmark and closely monitor the various components contributing to changes in debt, particularly interest expenditure and the level of stock-flow adjustment. The latter exhibits considerable volatility and over the past years has turned out rather different than forecasted. - The Council reiterates its recommendation to prepare an adequate exit strategy in relation to the fixed-energy-price policy, adopting a more targeted approach and enhancing incentives for energy savings. We invite you to access the full report from our 🌐website: https://lnkd.in/eU9D-eeM Thank you for your continued support and interest in the work of the Malta Fiscal Advisory Council! 📈📊

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The Maltese accounting standards have changed significantly as a result of EU accession in 2004, primarily due to the introduction of IFRS for listed companies. While small and medium-sized enterprises can continue to use the simpler GAPSME standards, IFRS allows for international comparability but entails higher requirements and costs. For a full insight into the latest developments in accounting standards in Malta, visit: https://lnkd.in/dM3mAw47

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🚨 Check out September Tax & Legal Newsletter! 🚨   Stay updated with the latest developments impacting your business: 1️⃣ Tax Facilities Introduced by Government Emergency Ordinance no. 107/2024 – Learn about the latest tax incentives and how they could benefit your company. 2️⃣ Unitary Patent System – Discover the new streamlined patent process and what it means for protecting your intellectual property across Europe. 3️⃣ DORA Regulation – Digital Operational Resilience Act – Get informed on how to strengthen your business's digital resilience in the face of regulatory changes.   Don't miss these key insights! 📩 #TaxLaw #LegalUpdate #PatentSystem #DORA #Newsletter #StayInformed

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Market research finds "Family businesses need to up their game when it comes to corporate governance and strategic planning," The study was carried out by EMCS in collaboration with The Malta Chamber and the Family Business Office Malta. Read the full article 👉 https://lnkd.in/ewjX3jsh #emcsadvisory #familybusinesses #strategicplanning

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🔎 Does Your Cyprus Registered Company Need Audited Financial Statements? Revisiting Review Engagements - In this article, we revisit the Cyprus audit exemption criteria and break down what a review engagement entails. https://lnkd.in/d5G3grQH

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The auditor promotes this by adopting and applying the ethical requirements of the concepts embodied in the keywords: Integrity, Independence and Objectivity, Confidentiality, and Competence. #SaiConsulting #Ethics #Audit #EthicsAudit #Business #BusinessBulgaria #Europe

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