Revocation of the Fiscal Representatives Regulations

Revocation of the Fiscal Representatives Regulations

The Maltese legal requirement for any European credit institution, European insurance undertaking or European investment firm which, in exercise of a European right, seeks to provide services in Malta without having a place of business in Malta and without being resident in Malta, to appoint a fiscal representative to act on its behalf has been removed.

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This amendment has been promulgated through Legal Notice 3 of 2016 entitled Fiscal Representatives (Financial Services Undertakings Exercising a European Right) (Revocation) Regulations 2016, issued on 5 January 2016, revoking with immediate effect Subsidiary Legislation 123.78.

In addition, the compounding authorisation previously obtained by KPMG as the fiscal representative of an undertaking may no longer apply vis-à-vis the respective undertaking with the consequent effect that the respective undertaking will be required to submit monthly reports with the insurance policies with risk situated in Malta, and to effect payment of stamp duty as required, within 15 working days from the end of the month.

In view of the above amendments, we will still be pleased to provide advisory and ongoing compliance services and assistance to our current clients or any undertaking which seeks to provide services in Malta, including but not limited to the ongoing Maltese legal requirements arising from writing insurance policies with risk situated in Malta, such as performing a sense check of the reports, submission of the reports and the return on behalf of the undertaking with the Inland Revenue Department.  We will also be pleased to liaise with the Inland Revenue Department to obtain a compounding authorisation for the specific undertaking where possible.  When requested we will also be happy to assist and advise with respect to other issues and matters which might arise in relation to stamp duty arising on such insurance policies (equivalent to Insurance Premium Tax) matters.

© 2022 KPMG, a Maltese civil partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.


For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

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