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Luxembourg’s private deals saves over 300 companies billions in taxes

Lux­em­bourg received harsh crit­i­cism over the last few weeks after con­fi­den­tial reports leaked to the Inter­na­tion­al Con­sor­tium of Inves­tiga­tive Jour­nal­ists (ICIJ). They received over 28,000 pages of con­fi­den­tial reports which includ­ed hun­dreds of pri­vate tax rul­ings in which Lux­em­bourg pro­vid­ed favourable tax treat­ment to select­ed cor­po­ra­tions. Lux­em­bourg denied offer­ing these spe­cial deals to com­pa­nies, the...

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The Malta budget 2015 — Price increases and tax reductions

The bud­get speech for 2015 includ­ed some very inter­est­ing changes, many pos­i­tive reduc­tion in tax­es and prices, but also some neg­a­tive price and tax increas­es. Com­pa­nies and peo­ple earn­ing more than €19,500 per year will be espe­cial­ly hap­py. The tax on income between €19,500 and €60,000 will be low­ered from 29% to 25%. Peo­ple earn­ing...

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Top earners to pay less taxes next year

Mal­ta already offers an attrac­tive income tax rate for indi­vid­u­als. The income tax for peo­ple earn­ing over €19,500 and under €60,000 per year is cur­rent­ly at 29%. This will change next year, as the gov­ern­ment just revealed the new tax rates for indi­vid­u­als for 2015. The reduc­tion of the tax rate was announced by the...

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Saving taxes abroad — Is it possible with a company in Malta?

You have prob­a­bly already heard about the pos­si­bil­i­ty of sav­ing tax­es with your com­pa­ny by using an off­shore com­pa­ny in anoth­er coun­try. How­ev­er, sim­ply oper­at­ing an off­shore com­pa­ny is often frowned upon, as it may look like you are evad­ing tax­es. There are some per­fect­ly legal opti­mi­sa­tion options, and I would like to tell you...

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51 countries sign pact to exchange banking information

The auto­mat­ic exchange of finan­cial infor­ma­tion was signed at a con­fer­ence in Berlin at the end of Octo­ber. A total of 51 coun­tries signed the agree­ment which is going to be put in place from 2017 in most coun­tries, and in oth­er coun­tries lat­er. Among the coun­tries that have signed the agree­ment are some of...

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Malta shows positive attitudes towards Europe

Accord­ing to a Euro­barom­e­ter sur­vey from the Euro­pean Union Mal­ta tops a few lists with their pos­i­tive atti­tude towards the EU. This means that the Mal­tese cit­i­zens have trust in the EU and their insti­tu­tions. At the moment, Mal­ta and Lux­em­burg are at the top of the list, and Mal­ta even showed an increase since...

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Moving to Malta — the simple way to a permanent establishment

Mal­ta is a small island nation in the Mediter­ranean and locat­ed approx­i­mate­ly 90 km south of the Ital­ian island of Sici­ly. Mal­ta has been a part of the Euro­pean Union since 2004, and a part of the Euro­zone since 2008. Espe­cial­ly join­ing the Euro­pean Union enabled Mal­ta new oppor­tu­ni­ties for eco­nom­ic progress. The nation focused...

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Comparison of the banks of Malta and Cyprus

Many of our clients are often ask­ing about the bank­ing sys­tem in Mal­ta and if it is sim­i­lar to the one in Cyprus. To answer this ques­tion I would like to give more detail about the dif­fer­ences between the Mal­tese and the Cypri­ote bank­ing sys­tem. Even though both coun­tries are small islands in the Mediter­ranean...

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The Mediterranean Bank group is now in the top three of Malta’s largest banks

After the acqui­si­tion of the Volks­bank Mal­ta, the Mediter­ranean bank plc has now become the third largest bank in Mal­ta. The bank’s share­hold­er equi­ty is now €170 mil­lion. The acqui­si­tion of the Volks­bank Mal­ta was car­ried out after the Mal­tese Finan­cial Ser­vices Author­i­ty (MFSA) had giv­en their approval. After the acqui­si­tion the group set up...

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HSBC Malta and BOV passed ECB stress test

Accord­ing to infor­ma­tion from the Euro­pean Cen­tral Bank 13 banks failed the stress test, which assessed the cap­i­tal buffers of the banks through an in-depth review of their finances. This test was car­ried out as part of a reg­u­la­to­ry effort aimed at assess­ing the health of Euro­pean banks. The aim of the test is to...