The Fifth Schedule to the Maltese VAT Act provides for various VAT exemptions which are applicable to specific transactions/activities. The session will focus on the main VAT exemptions primarily:
- Exemptions with credit;
- Exemptions without Credit;
- Exempt Intra community Acquisitions; and
- Exempt importation.
During the session we will discuss mainly the conditions/criteria which need to be satisfied in order for such exemptions to apply including the effect on the right of refund too. The importance is primarily two-fold; on one side one needs to ensure that the exemptions are only applied when all the applicable conditions are satisfied, hence avoiding under declaring any output VAT (with the respective implications of penalties and interest). On the other hand it is equally important to be aware of the applicability of the exemptions, which if not identified in a timely manner might lead to the un-necessary imposition of VAT when not essentially required, hence potentially leading to over-charging on certain supplies with the respective implications on competitiveness. Reference to specific situations/ examples which will be continuously made throughout the session in a user-friendly manner whilst encouraging questions from the attendees to make the session as relevant as possible.Download Event Brochure