Malta published new guidelines on automatic exchange of financial account information

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The Commissioner for Revenue has published a unified set of guidelines on the automatic exchange of financial account information here. These guidelines incorporate further clarifications and salient changes which include:

  • A clarification on entity classification pertaining to Cell Companies in line with the previous determinations issued by the Commissioner for Revenue.

  • The elimination of Holding and Treasury Company FI in FATCA. In this regard, Holding and Treasury Companies of FIs which do not fall within the definition of a Financial Institution are no longer deemed as Financial Institutions.

  • Clarification on Distributed Ledger Technology Assets to align it with the Guidelines issued by the Commissioner for Revenue on this matter for tax purposes.

  • More complete notes on Registration and Modifications of Domestic Registrations and the introduction of guidance on the cancellation of domestic registration and GIIN.

  • Clarifications on reporting obligations pertaining to structures with underlying structures that do not have a separate legal personality.

  • The definition of Passive Income has been aligned in its entirety with the Income Tax Act to ensure more certainty.

  • Current CBI / RBI Guidelines will be extended to FATCA.

  • Changes in deadlines limited to the “Excel Spreadsheet” Submissions.

  • Detailed Guidelines on the Completion of Data Elements.

  • Updated information on Recalcitrant Accounts / Undocumented Accounts. 

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