RSM Malta

VAT update

The Malta VAT Department has issued a reminder to anyone carrying on an economic activity (i.e. in business) that there is a requirement to register for VAT by no later than 30 June 2015.

This change follows a recent measure introduced in the Malta 2015 Budget removing the VAT registration threshold, which had been EUR7,000.

Consequently new businesses are required to register as soon as they issue their first invoice.

For small traders there is still the option to be exempted from collecting and paying VAT but there remains a requirement to register for VAT and issue fiscal receipts. This also applies to anyone who had been deregistered by the VAT Department. Exempt registered persons with a turnover of less than EUR7,000 per year will not be required to submit an annual declaration to the VAT Department.

Anyone not yet registered should apply by 30 June 2015.

If you would like help in registering for VAT or if you have any questions please get in contact with Samantha Snow on samantha.snow@rsmmalta.com.mt