Malta:
Country-by-Country Reporting: Penalties
To print this article, all you need is to be registered or login on Mondaq.com.
The recently published amendments to the Cooperation with Other
Jurisdictions on Tax Matters Regulations introduce
penalties for non-compliance with Maltese Country-by-Country
reporting (CbCr) obligations. CbCr is a tax compliance obligation
that requires MNEs to annually file a comprehensive group tax
report to cover every jurisdiction where they have a tax
residence.
All Maltese Constituent Entities (irrespective of whether they
fall under the obligation to file CbCr or not) must notify the CfR
about the MNE entity who will be filing the CbCr by no later than
the last day for filing of a tax return of that Maltese Constituent
Entity for the preceding fiscal year.
Failure of a Maltese Constituent Entity to inform the CfR of the
entity who will be filing the CbCr or to inform that such a
Constituent Entity falls under the obligation to file the CbCr in
its respective capacity, will result in the penalty of €200
and €50 for every day of non-compliance to each stated
obligation separately.
The total penalty is capped at €5,000 for non-compliance to
each stated obligation separately.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Tax from Malta
Tax Residency & The "60-day" Rule
A. Karitzis & Associates L.L.C
An individual is considered to be tax resident in the Republic of Cyprus provided that he/she was physically present in the Republic of Cyprus for a period exceeding 183 days.
2023 Global Transfer Pricing Guide
Loyens & Loeff
Transfer pricing remains a primary focus of the international tax community. International efforts led primarily by the Organisation for Economic Co-operation and Development...
Holding Regimes In A New Era - 2023 Edition
Loyens & Loeff
We are pleased to present the 2023 edition of the Loyens & Loeff publication Holding Regimes in a New Era – Comparison of Tax and Non-Tax Aspects of Selected Countries.
ECOFIN Council Reaches An Agreement On DAC8
ATOZ
At yesterday's ECOFIN meeting, the EU Council agreed on a general approach regarding foreseen amendments to the directive on administrative cooperation in the area of taxation.
UAE SME's Brace For New Corporate Tax Law
BSA Ahmad Bin Hezeem & Associates LLP
The implementation of corporate tax in the UAE is imminent and effective starting 1st June 2023. Federal corporate tax has been implemented in the UAE...