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COVID-19 Updates

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  • 29 May 2020 16:26 | Anonymous
    The Commissioner for Revenue would like to notify that the front office that processes share transfer documents for income tax and duty purposes housed within the premises of the Malta Business Registry (MBR) will re-open to the public on the 1st of June.
    Clients are being advised to wear medical face masks or face shields to visit our premises. Furthermore, clients will be asked to follow the precautionary instructions such as hand sanitizing and abiding by social distancing markings.
    A very limited number of customers will be allowed in the premises at any one time and therefore, clients are being encouraged to leave their documents in the MBR document deposit box which will be situated at the MBR ground floor.
    For more information, click here.

  • 28 May 2020 15:32 | Anonymous
    IFAC have issued a Small Business Continuity Checklist on How to Survive and Thrive post COVID-19.
    Refer to link.

  • 22 May 2020 17:00 | Anonymous
    Circular by Malta Financial Service Authority (MFSA) - The Implications of COVID-19 on the half-yearly financial reports
    The MFSA has issued a circular with reference to the European Securities and Markets Authority (ESMA) Public Statement dated 20th May, which highlights the Implications of COVID-19 on the half-yearly financial reports. The circular clarifies further areas such as:
    • Timing of publication of 2020 half-yearly financial reports,
    • Application of IAS 34,
    • Disclosures on significant uncertainties, going concern and risks linked to COVID-19,
    • Impairment on non-financial assets,
    • Presentation of COVID-19 related items in the statement of profit or loss and
    • Other disclosure requirements applicable to half-yearly financial statements.
    For further details, refer to the circular attached.
  • 21 May 2020 11:44 | Anonymous
    The COVID-19 outbreak has taken a toll on all of us -  unfortunately for some more than others, and in order to mitigate this, several considerations had to be well-thought-out including the implications on financial reporting as well as the way that a statutory audit shall be tackled due to these exceptional times.
    These were somewhat considerations already engrained in us as it is our ‘bread and butter’, but what reflections were considered in order to ensure that we remain compliant with the fundamental principles? Where we considerate of our Independence and Ethical behaviour? As guidance, when facing dilemmas on the latter, the International Ethics Standard Board for Accountants (IESBA) has published a questions and answers document which can be found here.

  • 15 May 2020 09:00 | Anonymous
    The Industrial Rent subsidy Scheme 2020 was issued on the 14th of May 2020. The purpose of the scheme, which will be applicable between the 1st February until 31st December 2022, is to financially assist new businesses and self-employed that would like to rent an industrial space from a third party to commence a new business activity, implement growth plans, handle an increase in orders and implement innovations to increase efficiency. The applicants eligible for this scheme must be engaged in the following operational activities and sectors: manufacturing, repair of machinery and equipment, maintenance and repairs of motor vehicles and other industrial activities. Applications will be administered by the Malta Enterprise.
    For more information, click here.

  • 12 May 2020 15:00 | Anonymous
    The Malta Financial Services Authority (MFSA) has issued a Circular, on 8th May, as a reminder to investment firms regarding their conduct of business obligations and related organizational requirements under MiFID II upon COVID-19.

  • 29 Apr 2020 15:00 | Anonymous
    The Commissioner for Revenue notifies that the deadlines for the electronic filing of income tax returns for companies have been extended as per the following link.
    Extensions apply only to the electronic filing of tax returns, and not to tax payments. Manual tax returns and all tax payments must reach the Office of the Commissioner for Revenue by the due dates contemplated by the Income Tax Acts.
  • 24 Apr 2020 12:00 | Anonymous
    Further to the below, European Insurance and Occupational Pensions Authority (EIOPA) has issued a Guide for Consumers to understand their insurance coverage during COVID-19 outbreak.
    The Malta Financial Services Authority (MFSA), on 3rd April,2020 has referred to the European Insurance and Occupational Pensions Authority (EIOPA)’s statement on actions to mitigate the impact of Covid-19 which can be accessed on the MFSA’s website.

  • 22 Apr 2020 15:00 | Anonymous
    On 22nd April,2020 the European Banking Authority (EBA) has issued further guidance (following the ones below) on the use of flexibility in relation to COVID-19. Within the following Statement the EBA calls for heightened attention to risks.
    On 3rd April, 2020 the European Banking Authority (EBA) has issued guidelines on treatments of the  public and private moratoria in light of COVID-19 measures. Also highlighted by MFSA here.
    On 1st April, 2020 EBA provided additional clarity on measures to mitigate the  impact of COVID-19 on the EU banking sector.

  • 17 Apr 2020 20:02 | Anonymous
    As announced by Minister for Finance and Financial Services Prof. Edward Scicluna during a press conference, in addition to the Guarantee Scheme issued through the Malta Development Bank (MDB), the Government will also be subsidizing interest rates on the working capital loans for two years and up to a maximum 2.5%. For further details refer to press release here.

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