Tuesday 23 April 2024
09:00 | Domestic Vat Updates
Kieran Vassallo
During this session, the speaker will revisit some of the key changes which came about in 2023 and which have had a significant impact on VAT and VAT practitioners. Furthermore, the speaker will explore the measures that have been proposed through the 2024 Budget and the impact which these proposed changes are expected to have once implemented.
10:00 | The Application of the 12% Reduced VAT Rates
Louise Grima
With effect from 1st January 2024 a 12% reduced VAT rate has been introduced in Malta covering a number of supplies namely (i) custody and management of securities; (ii) management of credit and credit guarantees by a person other than the person that granted the credit; (iii) hiring of pleasure boats (in certain situations); and (iv) services consisting of the care of the human body by a health care professional when such service is not VAT-exempt. A high-level overview will be provided of the purview of the reduced VAT rate, the persons impacted and the implications this could have on businesses engaged in such supplies.
11:00 | Break
11:15 | EU VAT Developments
Saviour Bezzina
The session will discuss EU recent and upcoming changes to VAT and related legislation, including background information and explanation of other provisions which are connected to the said developments and changes for a better understanding of the implications emerging from such changes. Moreover we will have a look at some principles highlighted in recent/upcoming CJEU VAT cases. The session will delve both into technical as well as practical implications with a view to ensure proper and timely compliance with the various VAT obligations impacted by the said changes.
12.15 | Close of Session
Friday 26 April 2024
09:00 | The New Scheme For SME'S
Kenneth Cremona
On 18 February 2020, the finance ministers of the EU member states have agreed to new simplification rules which will open the VAT exemption to small businesses established in other member states as from 1st January 2025. This aims to reduce red tape and administrative burdens for SMEs and create a level playing field for businesses regardless of where they are established in the EU. During this session, the main takeaways for these new rules will be discussed.
10:00 | The Reduced VAT Rate Directive
Davit Berdzuli
The Reduced VAT Rates Directive sets out new parameters within which Member States can establish reduced VAT rates and gives Member States more latitude in determining which goods and services could be eligible for reduced VAT rates or exemptions with credit. The aim of increasing the level of discretion of Member States is to strengthen the resilience of their health systems, improve their digital performance and contribute to a climate-neutral and green economy.
Additionally, the Reduced VAT Rates Directive has introduced significant changes to the place of supply rules of services in respect of admission to cultural, artistic, sporting, scientific, educational, entertainment or similar events, such as fairs and exhibitions, and of ancillary services related to the admission, supplied in a business-to-business (‘B2B’) and the business-to-customer (‘B2C’) context, which changes will be discussed during the session.
11:00 | Break
11:15 | Recent EU Case-Law on VAT Matters
Vanessa Micallef
This seminar will cover a number of recent EU court cases in relation to certain provisions of the Malta VAT Act and EU VAT Directive and will focus on, in particular, judgements which are relevant to supplies falling within the scope of VAT and certain VAT exemptions.
12:15 | Close of Session
The Speakers
Kieran Vassallo is an advisor within the tax function at KPMG Malta, specialising particularly in the area of VAT and other indirect taxes. Kieran joined KPMG in 2020 following graduation at the University of Malta with distinction having completed the Master in Accountancy course. Since joining KPMG, Kieran has been involved in the provision of tax advisory and compliance services to clients operating in various industries. Kieran holds a Diploma in VAT Compliance (Malta) issued by the Association of Taxation Technicians (ATT) and is currently reading for the Advanced Diploma in International Taxation (ADIT). In December 2021, Kieran was awarded the Worshipful Company of Tax Advisers prize for obtaining the highest mark in the EU VAT Module of ADIT.
Louise Grima is a Manager at KPMG Malta. She joined KPMG in 2015 after graduating with a Master in Accountancy from the University of Malta and has since worked in direct and indirect tax compliance and advisory projects servicing clients in a number of industries including financial services, insurance, gambling and international trade. Louise was awarded the 2015 MIA Best Student of the Year prize for Master in Accountancy Group 2013/2015, holds a Diploma in VAT compliance. Louise has also successfully completed the Advanced Diploma in International Taxation with an overall distinction. Louise is a member of the Malta Institute of Accountants (MIA), is an ACCA lecturer at KPMG Academy, and regularly delivers courses and seminars relating to VAT. Louise is a member of the MIA Indirect Tax committee.
Saviour Bezzina is the manager responsible for indirect tax matters at the EY Malta office and forms part of EY’s Global Indirect Tax Network as a local knowledge contact. He joined EY in July 2006 after obtaining the Bachelor of Accountancy (Hons.) from the University of Malta. He is a member of the Malta Institute of Accountants, holds a Diploma in VAT compliance and lectures regularly on VAT and indirect tax matters. Saviour was awarded the 2007 MIA prize as the best student who graduated in the Bachelor of Accountancy (Hons) Degree Course Group 2004/2006.
Kenneth Cremona graduated with a Master in Accountancy from the University of Malta in 2015. Kenneth joined RSM Malta in 2016, initially working on Income Tax Compliance dealing with clients established in multiple industries including Gaming, Immovable Property, Investments, Pharmaceuticals and Retail. During 2019, he specialised in VAT advisory and was promoted to a Supervisory role within the firm, and as an Assistant Manager in 2021. Kenneth is also a CPA warrant holder and received the Professional Certificate in Taxation issued by the Malta Institute of Taxation in 2017.
Davit Berdzuli is a lawyer by profession, who joined the Deloitte Malta’s tax department in 2022. In 2023, Davit obtained a Diploma in Taxation from the Malta Institute of Taxation. He has specialised in VAT and his role mainly involves the provision of indirect tax advice and VAT compliance services. In addition, Davit assists in various M&A transactions. Before joining Deloitte Malta, Davit has gathered professional and academic experience in direct and indirect taxation both in the public and private sector in Georgia.
Vanessa Micallef joined the Deloitte Malta’s tax team in 2006 after graduating with Honours in Bachelor of Accountancy from University of Malta. In 2008, she obtained a Diploma in Taxation from the Malta Institute of Taxation. Vanessa works on both direct tax and indirect tax projects for local and multinational groups. Since 2011, Vanessa has specialised in VAT whose role primarily entails providing indirect tax advice to entities carrying out business in Malta, particulary on immovable property and gaming. She is also involved in VAT compliance projects for both local and international firms and assists companies undergoing VAT investigations. In addition, Vanessa is currently working on various due diligence engagements and M&A transactions.