Back in August 2023, the Malta Tax and Customs Administration (MTCA) approached the Malta Institute of Accountants (MIA or the Institute) to initiate discussions in relation to possible amendments to be made to article 19(4) of the Income Tax Management Act [Cap. 372 of the Laws of Malta], with the view of aligning the audit requirement for companies under the Companies Act, and other local legislations.

During the 2024 Budget speech, the Minister for Finance referred to the above alignment of regulations. The Minister also mentioned that one of Government’s considerations is that of an audit exemption for certain entities, without however, compromising the integrity of the financial statements of these eligible entities.

In principle, the Institute agrees with the objective of simplifying the ‘audit’ requirements for certain eligible entities. In fact, following research carried out by the Institute, a paper including an analysis of this research together with ensuing recommendations was presented to MTCA. 

MIA hereby invites all members for a consultation meeting that will be held on 27^th August 2024 at 6.00 pm at Villa Arrigo. During this meeting, MIA representatives will be discussing the feedback received from MTCA further to the proposal submitted by MIA.