MFSA Warning – FxTrade Gains – Unlicensed Entity

/in /by
The Malta Financial Services Authority (MFSA) has become aware of an entity operating under the name of FxTrade Gains which has an internet presence at https://www.fxtradegains.com/ . The entity claims that “it holds a Category 3 Investment Services Licence …issued by the Malta Financial Services Authority (The MFSA)”.
This website is making unauthorised use and reference to the licence number, registered address, and other company details of a Maltese licensed company.
The MFSA wishes to alert the public that FxTrade Gains is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any forex trading services or other financial services which are required to be licensed or otherwise authorised under Maltese law. Furthermore, information available to the MFSA suggests that FxTrade Gains is likely to be a scheme of dubious nature with a high risk of loss of money. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
For more info, click here.

Notification of Electronic Tax Residence Certificate Requests

/in /by
The Office of the CFR is pleased to inform you that the application relative to requests for electronic tax residence certificates for companies is now available online on the CfR website (Income Tax Services Online).
This online service is open to tax practitioners, (after registering with CfR as a tax representative using the CFR01 form, if not already registered). Further details can be found on the Electronic Communications Guidelines on the CFR website. This service can be found listed under Category ITA1.
This means that if a valid CFR02 application for a company has already been submitted, the relative tax practitioner would automatically be granted access to this service for the company in question. Additional queries relative to access to this service may be addressed to ictservices.cfr@gov.mt.
It is highly encouraged that new applications for tax residence certificates are submitted using this online service. Our offices will continue accepting manual applications by latest 31 December 2020 end of business.
As from 01 January 2021, manual applications will only be accepted by our offices in scenarios where the application cannot be completed electronically. These include requests relative to overseas companies (denoted by an OC number in MBR) and companies forming part of a fiscal unit.
Attached please find a user manual detailing step by step how to complete such applications. It is highly encouraged that before starting to use this service, one familiarises himself/herself with this document, which also include additional notes/FAQs. Additional queries on items not covered in the manual may be directed to ictutaxcertificates.mfin@gov.mt.

Company Service Providers Act Amendments

/in /by
An ACT to amend the Company Service Providers Act, Cap. 529 and to provide for matters ancillary or incidental thereto was passed by Parliament as Act No. L of 2020 and published on 13 November 2020.
A Consultation Document focusing on specific new areas of the proposed updated Rules for Company Service Providers was launched on 1 December 2020 by the Malta Financial Services Authority (MFSA), following the amendments made to the Company Service Providers Act.These may be accessed as per the following link.

The Act will be brought into force through a legal notice by the Minister of Finance and Employment in the coming months.

Challenges & Opportunities for Sole Practitioners–and How PAOs Can Help

/in /by
William Spiteri Bailey, former president of the Malta Institute of Accountants is part of the IFAC Small- and Medium-Sized Practices (SMP) Advisory Group (AG). As part of the work carried out within the group, they have issued the following document.
Sole practitioners make up a significant part of the accounting profession, both locally and globally. This document outlines how professional accountancy organisations can help sole practitioners be future ready. This deals with the challenges and opportunities that sole practitioners face and provides links to the documents that have been issued by IFAC SMP AG to support sole practitioners. It goes on to explain how PAOs can help sole practitioners, giving practical examples of what can be done and also detailing specific guidance and advice for sole practitioners to be future ready.

Member concerns raised with PN

/in /by
In a high-level meeting between the Nationalist Party and the Institute of Accountants, the two sides discussed the seriousness of the approaching Moneyval test and the consequences of a poor result for Malta’s economy. MIA President Fabio Axisa said that country’s top priority right now is its reputation and called for political maturity across the board to build a common strategy that goes beyond the Moneyval process.
The MIA delegation also raised concerns about the loss of US Correspondence Banking, warning that some banks are already treating Malta as a grey-listed country. Mr Axisa insisted that the risks involved affect everyone and appealed against the politicisation of the challenge.
The meeting discussed the current regulatory framework, and the MIA took the opportunity to explain its proposals for a more powerful and autonomous Accountancy Board. Institute representatives said that professionals are on the frontlines of Malta’s economic success and that the absolute majority upholds the highest standards, but members themselves demand immediate and strict action against professional misconduct.
On the disruptions caused by the pandemic, the Institute pointed out that professionals have been heavily impacted too and argued against a general idea that professionals do not need state assistance.

Implementing ATAD

/in /by
Registrations remain open for the seminar organised jointly by the IFSP, the MIT and the MIA which will see leading tax practitioners discuss the way in which the provisions of the EU’s Anti-Tax Avoidance Directive (ATAD) are being implemented in a Maltese context.
John Ellul Sullivan, Craig Schembri and Steve Gingell are set to talk about three specific aspects on the ATAD implementation: the CFC, Exit Taxation and Interest Deduction Limitation rules. They will be basing themselves upon the Commissioner for Revenue’s Guidelines in relation to the Anti-Tax Avoidance Directives Implementation Regulations. S.L. 123.187 available on the CfR website, in the light of their considerable experience
The EU’s Anti-Tax Avoidance Directive (ATAD) is part of an international drive towards greater transparency in tax matters. The provisions of the Directive are transposed into local legislation pursuant to S.L. 123.187. The devil, however, lies as always in the detail of implementation and interpretation, which are laid out in the CfR’s Guidelines.
The virtual seminar is scheduled for Monday, 14 December 2020, between 16:00 and 18:00.
Register now for the seminar: note that it is open to all – and only to – members of the IFSP, MIA and MIT. There is no registration fee for this seminar
Date and time: Monday, 14 December 2020, 16:00-18:00
Where: online via Zoom
Who: John Ellul Sullivan (KPMG); Craig Schembri (Deloitte); Steve Gingell (PWC)
To register, click here. You will have the opportunity to put any questions or comments you have for the speakers into the registration form alongside your contact details. Please add your ID card number should you require CPE certification.

MFSA Warning – Advent Trading Limited – Clone

/in /by
The Malta Financial Services Authority (MFSA) has become aware of an entity operating under the name of Advent Trading Limited which has an internet presence at https://adventtradingltd.com/ however, the website is currently offline. This website is using the details of a Maltese Registered Company, Advent Trading Limited (C 49576), which does not offer financial services. Fraudsters are using the details of this genuine company in an effort to deceive the public.
The MFSA wishes to alert the public, that https://adventtradingltd.com/ is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any investment services or any other financial services which are required to be licensed or otherwise authorised under Maltese law. Additionally, the Authority confirms that https://adventtradingltd.com/ has NO association with the Maltese registered company Advent Trading Limited (C 49576).
The website https://adventtradingltd.com/ therefore appears to be a clone of the legitimate entity and the public should therefore refrain from undertaking any business or transaction with the false entity.
For more information, click here.

MFSA Warning – JustCoin Trade Limited – Unlicensed Entity

/in /by
The Malta Financial Services Authority (MFSA) has become aware of an entity operating under the name of JustCoin Trade Limited which has an internet presence at https://justcointrade.com/. JustCoin Trade Limited claims to be the “leading cryptocurrency exchange since day one of bitcoin distribution”. It also claims to hold an MFSA license number.
This website is making unauthorised use and reference to the license number, registered address, and other company details of a Maltese licensed company.
The MFSA wishes to alert the public, that JustCoin Trade Limited which is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any forex trading service, VFA related service or other financial services which are required to be licensed or otherwise authorised under Maltese law. Furthermore, information available to the MFSA suggests that JustCoin Trade Limited which is likely to be a scheme of dubious nature with a high risk of loss of money. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
For more information, click here.

MFSA Warning – Global Express Trading – Unlicensed Entity

/in /by
The Malta Financial Services Authority (MFSA) has become aware of an entity operating under the name of Global Express Trading or GXTrading Ltd which has an internet presence at https://globalxpresstrading.com. Global Express Trading claims to be the “leading cryptocurrency exchange since day one of bitcoin distribution”. It also claims to hold an MFSA license number.
This website is making unauthorised use and reference to the license number, registered address, and other company details of a Maltese licensed company.
The MFSA wishes to alert the public, that Global Express Trading is NOT a Maltese registered Company NOR licensed or otherwise authorised by the MFSA to provide any forex trading service, VFA related service or other financial services which are required to be licensed or otherwise authorised under Maltese law. Furthermore, information available to the MFSA suggests that Global Express Trading is likely to be a scheme of dubious nature with a high risk of loss of money. The public should therefore refrain from undertaking any business or transactions with the above-mentioned entity.
For more information, click here.