With effect from 1st January 2020, a set of new VAT rules commonly referred to as the 2020 Quick Fixes have come into force in Malta. These measures concern:
- Call-off Stock Arrangements;
- Chain Transactions;
- The application of the VAT exemption (0% VAT rate) on Intra-Community supplies in respect of (i) identification of customer and (ii) proof of transport.
Whilst providing clarifications on the applicable VAT implications, the new VAT rules present businesses with additional and stricter compliance requirements. Failure to comply with such requirements would in turn expose businesses to punitive measures, including fines and VAT assessments.
Our team at E&S Group can assist clients in identifying how the Quick Fixes may affect their businesses and the changes that may need to be implemented, to ultimately ensure VAT compliance.
Contact our Chief Financial Officer Antonella Lia on LinkedIn, email us for further information firstname.lastname@example.org or leave us a message below!