Malta plans to impose penalties

In August 2019, the Maltese Tax Authority issued a number of default notices instructing Financial Institutions that penalties shall be incurred if certain reports are not submitted or amended as required. To our knowledge, this is the first time Malta plans to impose such penalties. To provide the industry with adjusting time, the Maltese Tax Authority did not impose any penalties to date in respect of the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard since the introduction of both regimes.

More information on FATCA (Link) and CRS (Link) in Malta can be found on the Maltese Revenues website.

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