The registered person must keep the following records and documents:
- Copies of Fiscal Receipts issued, if any
- All Customs import/export documentation
- Purchases and Sales Invoices
- Debit and Credit Notes
- Cash Books and Petty Cash Books
- Day Purchases and Sales Ledger
- Value Added Tax Account and Annual VAT Account
- Bank Account connected with the business
- Any other records and documents relevant to your economic activity
The registered person is obliged to retain these records and documents for six years as the Department may request them for inspection.
Companies may also be required to apply for a VAT number under Article 12. We do offer the service of analysing companies position to ensure that the company and its officers are not exposed to risk for falling foul of the VAT rules.
Fenlex provides all the assistance required in obtaining a VAT number in Malta, including, where applicable, attending meetings at the VAT Department when requested. The application is normally made online, and it is accompanied by other documents requested relating to the company and its directors. The application is a declaration on the type of business of the company and the estimated turnover and purchases in Malta and in the other EU Member States. Since it is submitted online, a signature as such is not required. However, the VAT Department deems it as a signed document (by the signatory/ies – director(s)) once it is submitted. Should you need further information please contact our team at Fenlex on firstname.lastname@example.org for guidance.
Fenlex also offers clients VAT services such as compiling VAT Returns which are to be prepared quarterly and submitted on a timely basis to the VAT Authorities in Malta. Failure to meet the reporting deadlines will result in late submission fines and penalties being imposed by the VAT Authorities. Persistent non-compliance with the VAT Rules, in particular failure to submit VAT Returns, may lead to criminal charges being taken against the company.