The European Commission has amended directive 2011/16/EU which now allows EU Member States to extend reporting on reportable cross-border arrangements by tax intermediaries and relevant taxpayers by 28th February, 2021. The amendment to this directive also allows EU Member States to communicate the first information received by the respective tax authorities by not later than 30th April, 2021.
In general, the Tax Intermediaries Directive obliges tax intermediaries and / or directors of companies to a report cross border arrangements if such cross-border arrangement falls within the scope of the Hallmarks under Annex IV of the Directive. The Commissioner of Revenue is empowered to charge penalties for non-disclosure of reportable transactions.
The full text of the directive can be found under on this link: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018L0822&from=EN
Malta has transposed this directive into its domestic law by the introduction of Legal Notice 342 of 2019 which amends the Legal Notice on The Cooperation with Other Jurisdictions on Tax Matters Regulations.
Franco Falzon C.P.A. LL.M
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