Fiscal Consolidation – Income Tax and VAT

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:

i. The conditions that need to be fulfilled for a taxable person to be entitled to create and join a Malta VAT Group;
ii. 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
iii. 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.

Date: 08/07/2020

Time: 10:00 – 11:15

Venue: Live online session – details of how to join the meeting will be sent once registration is complete

Participants are invited to join muted in order to avoid interruptions. Questions are to be either sent via email to kla@kpmg.com.mt before the session or sent during the session via Slido.

Fee: €25

CPE Hours: This course qualifies for 1.25 hours of structured CPE which can be classified as Core Competency. A certificate of attendance will be provided at the end of the session.

Trainers:

Juanita Brockdorff– Partner, Tax Services, KPMG Malta

Since joining KPMG in 2002, Juanita has worked in corporate taxation, providing advice to multinationals seeking assistance in tax matters and related planning. Her work covers both international and domestic tax issues, extending to direct and indirect taxation. She has advised a wide variety of multinationals especially in financial services industry, namely, asset managers, banks, and insurance underwriters. Juanita has also delivered restructuring advice to gaming clients. She leads the Tax Committee at the Institute of Financial Services Practitioners, providing feedback on proposed legislation, including on cryptocurrencies and ICOs, to government authorities. In addition she has assisted clients with effective global tax solutioning, including mergers and acquisitions and advised on access to tax treaties, foreign tax credits, financing and efficient repatriation. She leads the automatic exchange of information service line. Juanita is particularly interested in the EU’s impact on tax matters and has acted as advisor to the Government on various tax-related EU law issues. Juanita regularly delivers presentations on topical tax issues at both local and international fora and has published articles in various international tax journals and reviews. Juanita is a highly-respected specialist in her field, is a member of the International Fiscal Association, and is recognised by Expert Guides and ranked as a Band 1 practitioner of note by Chambers and Partners, where she is highly rated for her “expertise and drive“ and as one who “advises a raft of impressive clients on both direct and indirect taxation mandates. She is particularly noted for her work on behalf of leading multinationals.”

Louise Grima  Manager, Tax – VAT Compliance/Advisory, KPMG Malta

Louise Grima is a Manager at KPMG Malta. She joined KPMG in 2015 after graduating with a Master in Accountancy from the University of Malta and has since worked in direct and indirect taxation assisting clients established in a number of fields including retailing, gaming, banking, funds amongst others. Louise was awarded the 2015 MIA Best Student of the Year prize for Master in Accountancy Group 2013/2015, holds a Diploma in VAT compliance and has successfully completed the Advanced Diploma in International Taxation with an overall distinction. Louise regularly delivers seminars on both direct and indirect taxation.

Luisa Gauci Assistant Manager, Tax – International Tax Advisory, KPMG Malta

Luisa is an Assistant Manager at KPMG. Luisa is an accountant by profession having joined KPMG in 2015 after concluding the Masters in Accountancy Degree in Malta. Luisa has also completed her studies in Domestic and International Taxation and is in possession of the Advanced Diploma in International Taxation (ADIT).

Luisa is involved in the provision of domestic and international tax compliance and advisory services. Luisa has been actively involved in developing the FATCA / CRS service offering of KPMG. Her work extends to developing and reviewing FATCA / CRS policy and on-boarding documentation of financial services companies, both local and international with a presence in Malta.

 

Course Features

  • Guided Learning 1hr 15 mins
  • Language English
  • Assessments Not Applicable
Since joining KPMG in 2002, Juanita has worked in corporate taxation, providing advice to multinationals seeking assistance in tax matters and related planning. Her work covers both international and domestic tax issues, extending to direct and indirect taxation. She has advised a wide variety of multinationals especially in financial services industry, namely, asset managers, banks, and insurance underwriters. Juanita has also delivered restructuring advice to gaming clients. She leads the Tax Committee at the Institute of Financial Services Practitioners, providing feedback on proposed legislation, including on cryptocurrencies and ICOs, to government authorities. In addition she has assisted clients with effective global tax solutioning, including mergers and acquisitions and advised on access to tax treaties, foreign tax credits, financing and efficient repatriation. She leads the automatic exchange of information service line. Juanita is particularly interested in the EU’s impact on tax matters and has acted as advisor to the Government on various tax-related EU law issues. Juanita regularly delivers presentations on topical tax issues at both local and international fora and has published articles in various international tax journals and reviews. Juanita is a highly-respected specialist in her field, is a member of the International Fiscal Association, and is recognised by Expert Guides and ranked as a Band 1 practitioner of note by Chambers and Partners, where she is highly rated for her “expertise and drive“ and as one who “advises a raft of impressive clients on both direct and indirect taxation mandates. She is particularly noted for her work on behalf of leading multinationals.”
Luisa Gauci

Assistant Manager

Luisa is an Assistant Manager at KPMG. Luisa is an accountant by profession having joined KPMG in 2015 after concluding the Masters in Accountancy Degree in Malta. Luisa has also completed her studies in Domestic and International Taxation and is in possession of the Advanced Diploma in International Taxation (ADIT). Luisa is involved in the provision of domestic and international tax compliance and advisory services. Luisa has been actively involved in developing the FATCA / CRS service offering of KPMG. Her work extends to developing and reviewing FATCA / CRS policy and on-boarding documentation of financial services companies, both local and international with a presence in Malta.
Louise Grima
Louise Grima is a Manager at KPMG Malta. She joined KPMG in 2015 after graduating with a Master in Accountancy from the University of Malta and has since worked in direct and indirect taxation assisting clients established in a number of fields including retailing, gaming, banking, funds amongst others. Louise was awarded the 2015 MIA Best Student of the Year prize for Master in Accountancy Group 2013/2015, holds a Diploma in VAT compliance and has successfully completed the Advanced Diploma in International Taxation with an overall distinction. Louise regularly delivers seminars on both direct and indirect taxation.