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MALTA

  • Government passes Act No. IX of 2022 regulating social enterprise organizations and their administration
    • The Social Enterprise Act 2022 has been published by the Maltese Government, regulating social enterprise organisations and their administration. The Act specifies provisions relating to the statute of social enterprise organisations along with regulations on their dissolution, winding up or cessation. It also requires the appointment of a Regulator of social enterprise organisations and introduces a Register containing information on such organisations. The new Act is not yet in force, but is expected to be effective in the coming months.
      https://legislation.mt/eli/act/2022/9/eng

AML/CFT

  • Malta taken off the FATF Greylist
    • Malta was voted off the Financial Action Task Force grey list. This is a much-awaited news that restores trust in the Maltese jurisdiction. A lot has been achieved in a short span of time particularly in relation to the FATF Action Plan which introduced new means of doing things that provide businesses with peace of mind when doing business.
      https://mbr.mt/2022/06/27/malta-taken-off-the-fatf-greylist/
  • EBA publishes Guidelines on the Role and Responsibilities of the AML/CFT Compliance Officer
    • Guidelines have been published by the European Banking Authority (EBA), specifying the role and responsibilities of the anti-money laundering and counter funding of terrorism (AML/CFT) compliance officer, and of the management body of credit or financial institutions. These guidelines aim to ensure a common interpretation and the adequate implementation of AML/CFT internal governance arrangements across the EU and set clear expectations on the role, tasks and responsibilities of the AML/CFT compliance officer, and the management body and how they interact, including at group level.
      https://www.eba.europa.eu/eba-publishes-guidelines-role-and-responsibilities-amlcft-compliance-officer

TAX

  • Update to Year of Assessment 2022 Tax Returns for Companies
  • YA 2022 Fiscal Unit Tax Return submissions available
  • EU Call for Evidence on Administrative Co-operation in the Field of VAT
    • The Commission has launched a Call for Evidence on the application of the administrative cooperation in the field of VAT governed by Council Regulation (EU) No 904/2010 on administrative cooperation and combatting fraud in the field of value added tax. This exercise will look at how the framework for administrative cooperation on VAT and the fight against VAT fraud has been applied between 2014 to date. It will also look at how the rules set out in the VAT e-commerce package have been applied since they entered into force on 1 July 2021 and will analyse the VAT Information Exchange System (VIES).
      https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/13179-VAT-administrative-cooperation-and-fight-against-fraud-evaluation-_en
  • EU Annual Report on Taxation 2022 published
    • From 1 March 2023, all freight forwarders, air carriers, express couriers, and postal operators transporting goods to or through the European Union (including Norway and Switzerland) will be required to submit advance cargo information in the form of a complete entry summary declaration (ENS), under the second phase of the EU’s new customs pre-arrival security and safety programme – Import Control System 2 (ICS2) Release 2.
      https://ec.europa.eu/taxation_customs/news/new-requirements-inbound-air-shipments-eu-2022-06-30_en

AVIATION

EUROPEAN UNION

  • EU – New Zealand Trade Agreement: Unlocking sustainable economic growth
    • The EU and New Zealand have concluded negotiations for a Trade Agreement, which is set to open significant economic opportunities for companies and consumers on both sides. The deal also includes unprecedented sustainability commitments, including respect of the Paris Climate Agreement and core labour rights, which are enforceable through trade sanctions as a last resort.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4158
  • Commission welcomed political agreement on Regulation on distortive foreign subsidies
    • The Commission welcomed the political agreement reached today between the European Parliament and EU Member States on the Foreign Subsidies Regulation (‘FSR’). The FSR is an important addition to the EU toolbox to address distortions caused by foreign subsidies and ensure a level playing field for all companies operating in the EU Single Market.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4190
  • New Roaming rules for travellers in the EU
    • On the 1st of July 2022, the new improved Roaming regulation enters into force. It extends “Roam-like-at-home” until 2032 – the scheme thanks to which travellers in the EU and the EEA can call, text and surf abroad without extra charges. The new rules will also bring about significant benefits for EU businesses and citizens, who will enjoy a better roaming experience, with the same quality of mobile service abroad as they have at home. The new rules also improve access to emergency communications across the EU and guarantee clear information about services that may be subject to extra charges.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4198
  • Commission released a new strategy to drive its internal digital transformation
    • The Commission adopted a new Digital Strategy under the theme “Next Generation Digital Commission”. This corporate strategy sets out a vision for a digitally transformed, more agile administration that will contribute to the achievement of the EU’s strategic priorities, including Europe’s Digital Decade and the European Green Deal. Smooth interaction between people, processes, data and technology will underpin a fully digitalised Commission.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4199
  • Commission adopted 2022 Strategic Foresight Report
    • The Commission has adopted the 2022 Strategic Foresight Report – “Twinning the green and digital transitions in the new geopolitical context”. As we prepare to accelerate both transitions, the report identifies ten key areas of action with the objective of maximising synergies and consistency between our climate and digital ambitions. By doing so, the EU will strengthen its cross-sector resilience and open strategic autonomy and be better prepared to face new global challenges between now and 2050.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4004
  • Commission welcomed political agreement on new rules to enhance the resilience of critical entities
    • The Commission welcomes the political agreement between the European Parliament and the Council on the Directive on the resilience of critical entities (CER Directive), proposed by the Commission in December 2020. As a key part of the EU’s work to build a Security Union, the new rules will strengthen the resilience of critical infrastructure to a range of threats, including natural hazards, terrorist attacks, insider threats, or sabotage, as well as public health emergencies like the recent COVID-19 pandemic.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4157
  • Commission welcomed swift adoption of new gas storage rules
    • New storage legislation adopted today will strengthen the EU’s security of gas supply in view of the upcoming and next winters. Faced with the threat of supply disruptions by Russia, the EU Gas Storage Regulation requires that Europe’s gas reserves are refilled before the winter, and their management protected from outside interference. In particular, the new rules will require the EU Member States to fill storage facilities to 80% of capacity by November this year – and to 90% in the years after.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4080
  • Commission launches new Alliance to make hydrogen-powered and electric aircraft a reality
    • The Commission officially launched the Alliance for Zero Emission Aviation, calling on the members of the aviation community to join forces in preparing for the advent of zero emission aircraft. The Alliance for Zero Emission Aviation aims to prepare the aviation ecosystem for the entry into service of hydrogen- and electric-powered aircraft, to ensure that air transport contributes to Europe’s 2050 climate neutrality objective.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_3854
  • Political agreement on the Serious Cross-Border Threats to Health Regulation
    • The Commission welcomed the political agreement reached by the European Parliament and the Council today on the Serious Cross-Border Threats to Health Regulation. The new rules are providing the EU with a comprehensive legal framework to govern joint action on preparedness, surveillance, risk assessment, and early warning and response.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4010
  • Commission unveils new approach to trade agreements to promote green and just growth
    • The European Commission is taking a major step in making EU trade greener, fairer and more sustainable. It has unveiled a new plan to enhance the contribution of EU trade agreements in protecting the climate, environment and labour rights worldwide. In its Communication on “The power of trade partnerships: together for green and just economic growth”, the Commission is putting forward how to further strengthen the implementation and enforcement of Trade and Sustainable Development (TSD) chapters of the EU’s trade agreements.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_3921

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