7 July 2014
FiscalReps recently met with the Maltese tax authorities to discuss stamp duty in Malta. Among the topics discussed was the attitude of the authorities to late declarations. The tax authorities stated that they would generally be reluctant to impose penalties even though the regime allows for them, on the basis that they would like to encourage the collection of tax. They also confirmed that they would accept late declarations by non-EU insurers who have written non-admitted business, on the basis that the situation has been rectified and will not recur in the future.
FiscalReps confirmed with the tax authorities as to whether exemptions could be applied to certain types of marine and aviation policies and the location of risk rules surrounding vehicles. These areas of stamp duty have provided the insurance market with difficulties in interpretation over recent years.