ECTS credits: 1
Trainer: Chris Pace

The learner will be able to:

• Identify the most important provisions within the VAT Legislation that effect the financial services sector;
• Describe the partial attribution methodology;
• Obtain a good understanding of the landmark ECJ cases relevant to the financial services field;
• Identify the key criteria that need to be looked out for in order to establish the VAT treatment of a particular transaction;
• Identify applicable VAT exemptions relating to the area within which his/her business is operating;
• Ability to identify applicable compliance returns to be filled in and ability to fill them in correctly;
• Professionally discuss relevant VAT obligations and compliance issues in relation to the Financial Services Sector with office colleagues and clients;
• Professionally enquire with the VAT Department officials about interpretation of VAT rules and regulations and possibly obtain written VAT rulings from the VAT Department;
• Obtain an excellent use of advanced VAT terminology in relation to the financial services sector;
• Make professional judgements in respect of what falls within the scope of VAT, what compliance obligations are most relevant to the financial services sector and what is the level of risk for failing to comply with the relevant provisions of the law;
• Propose solution/best course of action and anticipate how a transaction would be treated from a VAT perspective;
• Gather a better technical and analytical understanding of the provisions of the VAT Act and EC VAT Directive and apply the relevance of the ECJ case law to the scenarios under review.
• Study and follow up further VAT developments in relation to the financial services sector and take an active interest of current ECJ case law in this regard.
• Establish a methodology in which certain transactions within the financial services sector should be tackled for VAT purposes;
• Breakdown a business case and establish the VAT considerations of the particular case from a VAT advisory perspective and a VAT compliance perspective.

ECTS credits: 1
Trainer: Chris Pace

The learner will be able to:

Define Supplies by Triangulation:

• Supplies of goods including transportation & installation of goods – analysis of the place of supply rules relating to such supplies (Third Schedule);
• Analysis of fixed vs business establishment;
• Treatment of vouchers for VAT purposes;
• Treatment of mixed supplies (including partial attribution) (Tenth Schedule);
• Treatment of cross border supplies/ free supplies/ electronically supplied services;
• Treatment of exempt without credit supplies (Fifth Schedule).

Identify VAT issues in the transaction/s being analyzed or performed;
Identify which questions to ask as to establish the facts pertaining to a particular scenario;
Questions concern the following:

• Is the transaction subject to VAT?
• Is it subject to VAT in Malta (reference to place of supply)?
• Is it subject to any exemption in terms of the VAT?
• Who is liable to VAT?

Get an advanced understanding of the applicable provisions within the Maltese VAT legislation. Reference to various provisions in the VATA and to a number of schedules namely, the Second, Third, Fifth, Seventh, Tenth and Fourteenth.
At the end of the module the learner will have mastered the following skills:

• Determine which questions to ask in order to establish the facts relevant for the purposes of identifying the VAT treatment of a particular transaction;
• Understand the relevance of ECJ case law to a particular scenarios;
• Understand the provisions of the VAT legislation relevant to specific scenarios;
• Professionally discuss VAT issues and developments with office colleagues and clients;
• Professionally enquire with the VAT Department officials about interpretation of VAT rules and regulations and possibly obtain written VAT rulings from the VAT Department;
• Obtain an excellent use of advanced VAT terminology;
• Determine what is relevant for the purposes of identifying the VAT treatment of a transaction;
• Propose solutions to the problems identified and decide on how a transaction would be best treated from a VAT perspective;
• Gather a better understanding of the provisions of the VAT Act and EC VAT Directive and apply the relevance of the ECJ case law to the scenarios under review;
• Study and develop further VAT developments and take an active interest of current ECJ case law related to VAT;
• Establish a methodology in which certain transactions should be tackled for VAT purposes;
• Breakdown a business case and establish the VAT considerations of the case both from a VAT advisory perspective and a VAT compliance perspective.

ECTS credits: 1
Trainer: Louise Micallef

The learner will be able to:

• Obtain an understanding of the applicable provisions within the Maltese tax incentives and grants legislation;
• Distinguish between sources of direct and indirect EU funding available for Maltese industries;
• Gain a background understanding of the EU rules governing the compatibility of State Aid with the Internal Market and define the various types of compatible State Aid on which the Maltese tax incentives and grants are mapped;
• Ability to compute different tax incentives, such as Investment Tax Credits and Research and Development Tax Credits, and reflect these workings in the appropriate attachments to a company’s electronic tax return;
• Determine and prepare the required documentation which is to be submitted to the relevant authorities for the obtainment of the various tax incentives and grants;
• Determine the tax treatment of different grants according to their nature;
• Professionally explain to colleagues and clients the various tax incentives and grants available to Maltese industries and individuals engaged in economic activities;
• Become proficient in state aid and EU grants and incentives terminology;
• Ability to make professional enquiries and interact with relevant authorities such as Malta Enterprise about the various grants and tax incentives available;
• Identify which is the most appropriate tax incentive or grant for a particular beneficiary, according to his circumstances;
• Identify the conditions to be satisfied by potential applicants for the various tax incentives and grants;
• Keep abreast with any updates to the relevant tax incentives and grants legislation and relevant guidelines and to evaluate and apply new tax incentives and grants on the basis of the criteria learned during the course;
• Advise enterprises on the requirements and conditions for eligibility to benefit from tax incentives and grants;
• Collaborate with relevant authorities to ensure that the proper procedures are followed in the application process for tax incentives and grants;
• Ensure the correct tax treatment of the various tax incentives and grants.

ECTS credits: 2
Trainer: Jeanette Calleja Borg

Almost in all organizations at some point in their history, a need is felt to remould and reinvent in light of the changing business scenario or goals and objectives. Change of ownership may be one of the restructuring changes needed especially when changes in tax legislation indicate that a more beneficial path may be embarked on by the group as a whole through changes in the group structure or ownership structure.In 2007, changes in the Maltese Legislation have introduced an extension to the concept of the refundable tax credit system of 6/7ths, 5/7ths or 2/3rds of tax paid by companies registered in Malta.

Due to the above mentioned tax legislative changes, many existing group structures have changed the ownership structure to be in line with the conditions outlined by the refundable tax credit mechanism and to be in a better position to benefit from the new tax advantages generated through changes in the tax legislation.

This interactive short intensive course seeks to provide attendees with an in-depth understanding of the tax legislation governing a company restructuring exercise, transfer of immovable property and the refunds available to shareholders upon a dividend distribution.

This course will also provide participants with an understanding of the computational aspects in a company restructuring exercise and will provide attendees with a walk through of the tax compliance procedures and tax compliance documentation required to be submitted with the Inland Revenue Department with respect to: share transfers; property transfers; and shareholders registration and claiming of refunds.

The learner will be able to:

Identify Tax issues in the transaction/s being analyzed or performed, including tax compliance obligations such as: 

the preparation of shareholders’ registration form and shareholders’ refund claim form for the purposes of making a claim of Malta tax refunds in terms of the Malta tax payment and refund system;

the preparation of the relevant schedules required in terms of the Capital Gains Rules (S.L.123.27) and the Duty on Documents and Transfers Rules (S.L.364.06) for transfers of shares in a company and deemed transfers of value in a company, and for transfers of immovable property situated in Malta;

• Identify which questions to ask as to establish the facts pertaining to a particular scenario;
• Get an advanced understanding of the applicable provisions within the Maltese Income Tax legislation, mainly Article 5 and Article 5A of the Income Tax Act regulating capital gains and transfers of immovable property in Malta, as well as Article 48(4) and Article 48(4A) of the Income Tax Management Act which regulates Malta tax refund claims in terms of the Malta tax payment and refund system;
• Determine which questions to ask in order to establish the facts relevant for the purposes of identifying the Tax treatment of a particular transaction;
• Understand the relevance of ECJ case law to a particular scenarios;
• Understand the provisions of the Income Tax legislation relevant to specific scenarios;
• Professionally discuss Tax issues and developments with office colleagues and clients;
• Professionally enquire with the Income Tax Department officials about interpretation of Income Tax rules and regulations and possibly obtain written Income Tax rulings from the IRD;
• The learner will obtain an excellent use of advanced Tax terminology;
• Determine what is relevant for the purposes of identifying the Income tax treatment of a transaction;
• Professionally propose solutions to the problems identified and decide on how a transaction would be best treated from a Tax perspective;
• Gather a better understanding of the provisions of the Tax Act and relevant EU Directives and apply the relevance of the ECJ case law to the scenarios under review.
• Ability to study and develop further Income Tax developments and take an active interest of current ECJ case law related to Income Tax
• Establish a methodology in which certain transactions should be tackled for Income Tax purposes.
• Ability to breakdown a business case and establish the Income Tax considerations of the case both from a Tax advisory perspective and a Tax compliance perspective

Dr. Jeanette Calleja Borg is a practitioner in the area of tax compliance with over 14 years experience. She read for a Bachelor of Commerce, a Bachelor of Accountancy (Hons.), a Masters in Financial Services from the University of Malta and subsequently a Ph.D in Taxation from the School of Law, within the Centre for Commercial Legal Studies at Queen Mary, University of London. Her area of research was Cross Border Group Loss Relief in the EU. Dr. Calleja Borg has also been a guest researcher at the Institute for Austrian and International Tax Law in Vienna during 2011 and 2012/2013. Dr. Jeanette Calleja Borg is a member of the Malta Institute of Taxation Council and the Malta Institute for Accountants.

Malta tax and VAT consultant engaged mainly in direct and indirect tax issues relating both to local and foreign businesses. Provides advice on the setting up of new Maltese tax structures for foreign investors who wish to optimise their tax position. Involved in corporate restructuring exercises involving mergers and divisions. Registered as an Authorised Registered Mandatory (ARM) with the International Tax Unit in terms of which can assist foreign high net worth individuals in obtaining special tax status in terms of the various residency schemes applicable in Malta.

Deleted: Holds a degree in Accounting from the University of Malta and also achieved a distinction the Diploma in Taxation awarded by the Malta Institute of Taxation. He is a member of the Malta Institute of Accountants, the Malta Institute of Taxation and the Institute of Financial Services Practitioners. Lecturer in taxation for ACCA and ACA local variant taxation papers. Delivered seminars on tax issues locally. Member of the Tax Committee of the Malta Institute of Taxation.

Louise Micallef B.A. (Hons) Accountancy, A.I.A., F.M.I.T., Dip (Tax), C.P.A., obtained an Accountancy degree from the University of Malta in 1995, and is currently reading for a Masters in European Union Law, specialising in Commercial Law. Added: To be confirmed.

She joined Deloitte’s Tax Department in 1995, where she is a manager responsible for the provision of corporate tax services (compliance and advisory) to companies operating in Malta. Her particular focus is on companies benefiting from a wide spectrum of grants and incentives, available in terms of the Malta Enterprise Act, Cap 463 of the Laws of Malta and other legislation. In the past, she gave tax advisory assistance to eligible local and foreign companies setting up in Malta, to secure tax incentives under the Business Promotion Act and Regulations, and has lectured extensively on the subject in courses organised by professional bodies.