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MALTA

  • Amendments to Credit Agreements for Consumers relating to Residential Immovable Property Regulations substitute powers of Director General to MFSA
    • On Tuesday 14th June, the Credit Agreements for Consumers relating to Residential Immovable Property Regulations have been amended to substitute the Director General’s powers onto the MFSA.
    • The MFSA’s powers and responsibilities now include:
      • Being notified of a European credit institution’s intention to carry out business in Malta, or where it is a tied credit intermediary, being notified of its credits and whether they take full and unconditional responsibility for the European credit intermediary’s activities.
      • Notifying the European regulatory authority of the relevant host Member States of automatic cessation of admission or withdrawal of a credit intermediary within 14 days.
      • Imposing and publishing administrative penalties according to Regulation 23C.
        https://legislation.mt/eli/ln/2022/167/eng

 

TAX

  • VAT Optional Reverse Charge Mechanism to stay in place until 2027
    • Council Directive (EU) 2022/890 of 3 June 2022 has amended Directive 2006/112/EC as regards the extension of the application period of the optional reverse charge mechanism in relation to supplies of certain goods and services susceptible to fraud and of the Quick Reaction Mechanism against VAT fraud.
    • Essentially the option for Member States to apply the reverse charge mechanism (art 199a) and the Quick Reaction Mechanism (QRM) (art 199b) will apply until 31 December 2026. These measures are intended to address the risk of VAT fraud, in particular, Missing Trader Intra-Community fraud, by shifting liability for VAT payment from the vendor to the customer.
      https://ec.europa.eu/taxation_customs/news/optional-reverse-charge-mechanism-stay-place-until-2027-2022-06-13_en

 

EUROPEAN UNION

  • Commission welcomes Member States’ targets for a more social Europe by 2030
    • EU employment and social affairs ministers presented their national targets to deliver on the European Pillar of Social Rights Action Plan by 2030. The Commission welcomed the Member States’ strong commitment to making Europe fair, inclusive and full of opportunities. With their national commitments, Member States support the joint efforts to reach the three EU headline targets for employment, skills and poverty reduction.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_3782
  • Commission welcomes the new stronger and more comprehensive Code of Practice on Disinformation
    • The Commission has published a strengthened Code of Practice on Disinformation. The 34 signatories, such as platforms, tech companies and civil society followed the 2021 Commission Guidance and took into account the lessons learnt from the COVID19 crisis and Russia’s war of aggression in Ukraine.
    • The reinforced Code builds on the first Code of Practice of 2018. The new Code sets out extensive and precise commitments by platforms and industry to fight disinformation and marks another important step for a more transparent, safe and trustworthy online environment.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_3664
  • Commission launches infringement proceedings against the UK for breaking international law and provides further details on possible solutions to facilitate the movement of goods between Great Britain and Northern Ireland
    • The European Commission has launched infringement proceedings against the United Kingdom for not complying with significant parts of the Protocol on Ireland / Northern Ireland. The aim of these infringement proceedings is to restore compliance with the Protocol in a number of key areas where the UK hasn’t been implementing it properly – ultimately with the goal of protecting the health and safety of EU citizens.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_3676
  • EU Digital COVID Certificate: Commission welcomes political agreement on one year extension
    • The European Commission has welcomed the provisional political agreement reached today by the European Parliament and the Council on the extension of the EU Digital COVID Certificate by one year, following the Commission’s proposal. The extension will allow persons to continue using their certificate to travel across the EU past the Regulation’s initial expiry date of 30 June 2022.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_3695
  • EU and Egypt step up cooperation on climate, energy and the green transition
    • The EU and Egypt issued a joint statement in Cairo on climate, energy and the green transition. The EU and Egypt will join efforts to implement the Paris Agreement and ensure ambitious outcomes at COP27, which takes place in Sharm El-Sheikh in November. The joint statement commits both parties to work together on a global just energy transition, on improving adaptation capacity, mitigating loss and damage due to climate change, and on increasing climate finance to respond to the needs of developing countries. The cooperation will have a particular focus on renewable energy sources, hydrogen, and energy efficiency.
      https://ec.europa.eu/commission/presscorner/detail/en/ip_22_3662

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