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14 April 2020 By Fenlex Corporate Services In COVID-19 Gaming News Tax

Extension of Gaming Compliance Contribution, Gaming Tax & Licence Fee Deadlines

Author: Christian Farrugia, Senior Corporate Administrator
14^th April, 2020

Due to the ongoing global situation with respect to COVID-19, many sporting events and competitions have either been suspended until further notice or cancelled entirely. This has in turn affected operators licenced by the Malta Gaming Authority (the “MGA”) which offer Type 2 games, defined as “games of chance played against the house, the outcome of which is not generated randomly, but is determined by the result of an event or competition extraneous to a game of chance, and whereby the operator manages his or her own risk by managing the odds offered to the player”.

As a result, the MGA has announced a number of measures in relation to several payment obligations typically due to the MGA under normal circumstances for Type 2 providers.

The obligation to pay compliance contribution and gaming tax for the months of March, April and May 2020 has been extended by three (3) months for each of these months. For exclusive Type 2 providers whose fixed annual licence fee is also due in one of these months, the same extension applies.

Licenced operators are also reminded of the option to voluntarily suspend a vertical until sporting events and competitions return back to action to mitigate any costs which may have outweighed the yields from that vertical as a result of little to no betting activity available.

Should you require any further information or assistance on the matter, please do not hesitate to reach out to us personally on karl.diacono@fenlex.com.

©Fenlex Corporate Services Ltd.

Disclaimer │ The information provided on this Update does not, and is not intended to, constitute legal advice. All information, content, and materials available are for general informational purposes only.  This Update may not constitute the most up-to-date legal or other information and you are advised to seek updated advice.

14 April 2020 By Fenlex Corporate Services In News Tax

Payment of tax on rental income

Taxpayers opting to be taxed at 15% on their rental income must pay tax on such income derived in 2019 by 30 April 2020. The taxpayer is required to submit Form TA24 to the Malta Inland Revenue together with the payment of tax. Should you require any assistance with the completion of the TA24 or with determining whether the 15% flat rate is beneficial to you, kindly contact us on taxenquiries@fenlex.com.

07 April 2020 By Fenlex Corporate Services In Gaming News

New MoU between the Malta Gaming Authority and the Malta Business Registry

Author: Christian Farrugia, Senior Corporate Administrator
7^th April 2020

The Malta Gaming Authority (MGA) and the Malta Business Registry (MBR) have signed a new Memorandum of Understanding (MoU) on cooperation and exchange of information between the two parties. The main aim is to facilitate communication and to support effective sharing of information on matters of mutual interest and policy areas between the two parties. This MoU will further enhance the mechanisms which allow both authorities to flag and take swift action regarding any possible non-compliance matters with the applicable, including gaming, legislation as a means to preserve public order.

This MoU came into force on the 30^th of March, 2020.

Should you require any further information or assistance on the matter, please do not hesitate to reach out to us personally on info@fenlex.com.

07 April 2020 By Fenlex Corporate Services In COVID-19 News

COVID-19: The Processing of Documentation & Filing Deadlines | Malta Business Registry

The Processing of Documentation

As established under the Subsidiary Legislation 595.27, the Malta Business Registry (the “MBR”) is an Agency regulated by the Malta Financial Services Authority (the “MFSA”). Interestingly, contingency plans in light of the COVID-19 pandemic seem to differ when comparing the MFSA’s approach to the processing of documentation to that of the national business registry. For an interim period, with effect from the 24th of March 2020 and until further notice by the MFSA, all documentation is to be submitted using the MFSA’s online portal or sent by electronic mail (if applicable). Notwithstanding this, original signed documents and/or certified true copies of original documents are still due for submission in hard copy to the MFSA upon the return to ordinary working circumstances, a hitherto unknown date.

The MBR has taken a business-as-usual approach to the processing of documentation, primarily focusing on the continuity of services in accordance with ongoing recommendations from the National Health Authorities. Therefore, whilst paper documents are set to be processed on the first working day after 72 hours from date of receipt, authorised users may continue to complete, digitally sign and submit select documentation online via the MBR’s portal.

Filing Deadlines

In light of the implications of COVID-19 on corporate governance, the penalties ordinarily imposed by the MBR on a company for the non-submission of the annual return and/or financial statements shall be effectively waived if the submission date falls within the period between 23rd April 2020 and 31st May 2020. More importantly, this provision is subject to the filing of the annual return and/or financial statements by the 31st July 2020.

Furthermore, this limited time period of waiving penalties ordinarily imposed on a company for non-submission is also applicable to any other notification/return to be submitted to the MBR. An email including all relevant information (i.e. name and registration number of company, type of notification/return and cause for non-submission) must necessarily be sent to the MBR on info@mbr.mt. In the event that a company fails to circulate such information to the MBR, penalties for non-submission of notification/return are to be imposed as per usual.

At Fenlex Group, we shall continue to closely monitor, assess and cooperate with any interim measures taken by the Registrar and Regulators in view of COVID-19 whilst maintaining a clear channel of communication with our clients. For further information and/or assistance, please do not hesitate to contact us personally on info@fenlex.com.