On 6 December 2017, the Finance ministry adopted the Regulations concerning the cooperation with other countries on tax issues. It introduces the idea of “beneficial owner” who is an individual owns or controls the customer. For an entity, the beneficial owner is the person who owns directly or indirectly at least 25% share of the company.
The Regulations amended certain provisions to implement country-by-country (CbC) reporting and such provisions have been widened for non-EU countries with which Malta has an agreement to exchange CbC reports.
The CbC report submission deadline has been permanently set to 12 months from the last day of the fiscal year (previously 9 months).
