Course Description: 

The session will delve into recent VAT and income tax changes through which separate entities can be regarded as one taxable person for VAT purposes and as a single fiscal unit for income tax purposes.

The first part of the session we will delve into the application and implications associated with the setting up of a Malta VAT Group. The session will start off by giving a brief overview of relevance of VAT Grouping in light of VAT law and VAT principles and then goes on to highlight:

1. The conditions that need to be fulfilled for a taxable person to be entitled to create and join a Malta VAT Group;
2. The VAT saving opportunities associated with VAT Grouping – this will be done by means of illustrative examples of how VAT Grouping can be applied in the gambling and financial services industries; and
3. Additional implications associated with the setting up of a Malta VAT Group and factors that need to be taken into account in assessing whether to join a Malta VAT Group

During the second part of the session we will brush up on the relevant income tax obligations of companies, including the application of the tax refund system and the implications associated with the recent introduction of the rules relating to tax consolidation. The part of the session mainly cover the following aspects:

1. The Formation of the Fiscal unit and analyse the conditions to determine which entities can form part of the fiscal unit;
2. The Pros and Cons of the Fiscal Consolidation;
3. The Mechanics/Tax Procedure of the Fiscal Consolidation rules vis-à-vis refund scheme; and
4. The Required Administrative Procedures when applying the Fiscal Consolidation Rules.

Target Audience:

Accountants, lawyers and other professionals who would like a better understanding of tax consolidation rules and how they interact with the current partial tax refund system as well as accountants, lawyers and other professionals seeking to gain an appreciation for VAT Grouping rules, particularly professionals dealing with VAT matters of entities in the gaming, financial services and insurance industries.

Learning Outcomes:

As a result of the session you should be able to identify the key points to consider when determining whether to opt for consolidation, thereby making use of opportunities for tax efficiency for your group. Participants will have the opportunity to put forth questions both before and during the live session.

Trainers:

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Terms and conditions.