News

Firstbridge partner member of BOKS International

Firstbridge partner member of BOKS International

Jul 2018

Firstbridge is proud to announce that it is now a fully fledged international partner member of BOKS International Limited, a global alliance of internationally acclaimed professional firms, specialising in accountancy, taxation, compliance and advisory services.

Last week we were extremely privileged to join our international network Launch and Inaugural Global Conference in London along so many delegates from around the world.

Considering that this was the first conference after only a year of operating, the attendance was truly staggering. 48 delegates […]

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The Stamp Duty Reduction

The Stamp Duty Reduction

Mar 2018

Legal notice 131 of 2017 of the Family Business Act provides a stamp duty reduction on the transfers of shares and of commercial immovable property by gratuitous title in family businesses.

Parents transferring their family business to their children benefit from a reduced stamp duty of 5% to 1.5%. This applies to transfers made on or after April 1st of 2017. The Ministry of Finance has also published a notice informing the public, that the fiscal measure of a reduced duty rate […]

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Register of Beneficial Ownership

Register of Beneficial Ownership

Mar 2018

The adoption of the fourth Anti-Money Laundering (AML) directive brought with it a number of legal notices to be implemented separately. One of these key changes relates to the Companies Act (Register of Beneficial Owners) Regulations, published on 20 December 2017.

With these changes, all companies formed and registered in Malta are now required to both identify and internally register their ultimate beneficial owners (BO). Information is also to be handed over to the Malta Registry of Companies to keep its […]

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Malta Gambling VAT Guidelines

Malta Gambling VAT Guidelines

Mar 2018

New gambling VAT guidelines published by the Maltese government came into effect on the 1st of January 2018 to reinterpret a law dating back to 1998.

As from this year, betting activities and placing of wagers on the outcome of an event, including the services of bookmakers, will be exempt from VAT (without credit).  These include bets placed on both real life and virtual sports events, lotteries, the performance of an index, natural phenomenon and competitions.

The VAT exemption is not extended […]

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The BEST Project

The BEST Project

Feb 2018

The Benchmarking Energy Sustainability Targets project, better known as the BEST project, is a result of a partnership between the Malta Hotels and Restaurants Association (MHRA) and the Government. Its scope is to position Malta’s hotel industry as the leader in energy efficiency for the Mediterranean region.

The project includes (a) a legal study, (b) a technical study and (c) a Web app and portal. These cover the implementation of the benchmarking reward scheme as well as the monitoring and controlling […]

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Payment Services Directive 2: Safer Electronic Payments

Payment Services Directive 2: Safer Electronic Payments

Feb 2018

The Payment Services Directive 2, known as the PSD2, has replaced the first Payment Services Directive which has been in place since 2007. The revised version of the directive came into force on January 13 of this year as a result of a much-needed update to keep up with advancements in digital technology.

PSD2 seeks to strengthen security measures whilst further protecting the financial data of consumers when making and receiving online payments.  The second directive has been created to improve consumer […]

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SME Growth Grant Scheme: Call 3

SME Growth Grant Scheme: Call 3

Feb 2018

The third grant scheme targeting Small and Medium-sized Enterprises (SMEs) is looking to invest in the growth of their business. With a total budget of € 8 million, the scheme aims to support growth strategies by part-financing investment projects related either to the expansion of an existing establishment or the setting up of a new one.   The maximum for any one grant is € 500,000.

By providing non-repayable grants, this initiative seeks to overcome financial difficulties SMEs encounter when it comes […]

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The Maltese GAAP: What Changed?

The Maltese GAAP: What Changed?

Jan 2018

Prior to the 2015 European Directive 2013/34/EU on financial statements, the default GAAP (Generally Accepted Account Principle) in Malta was EUR-IFRS. This applied regardless of the company size. This has changed as from January 2016.

Now, the applicable GAAP depends on the size of the company. These changes saw, the introduction of three size thresholds which impose different reporting requirements based on firm size.  Whereas GAAP still remains EU-IFRS for financial reporting of large companies, for a small or medium sized […]

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Stepping up the battle against money laundering

Stepping up the battle against money laundering

Jan 2018

The fourth Anti-Money Laundering Directive (2015/849) builds on existing regulations to find new and stricter ways to control financial crime within the EU. Published on June 2015 in the Official Journal of the EU, it aims to combat the financing of illegal activities including terrorism.

This directive will carry out checks and risk assessments on financial and credit institutions including other financial intermediaries. It will also impose stricter client controls for businesses in Malta falling under the definition of “obliged entities”. […]

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Are you ready for the GDPR?

Are you ready for the GDPR?

Dec 2017

The General Data Protection Regulation (GDPR) aims to protect EU individuals (referred to as data subjects in the GDPR) from data breaches and privacy infringements. This regulation introduces major changes in data protection laws and will come into effect on May 25, 2018.

Organisations now have more obligations towards their data subjects. They are required to not change the use of collected data from the scope for which it was initially collected. Nor are they to hold data longer than needed.

Key […]

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