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Malta's VAT Department has reminded all taxpayers making taxable supplies that they are required to register for value-added tax by no later than June 30.
The Maltese 2015 Budget included a measure to remove the value-added tax (VAT) registration threshold, which had been EUR7,000 (USD7,865). The change means that new businesses are required to register as soon as they issue their first invoice.
The VAT Department said: "All those conducting an economic activity must be registered with the VAT Department. Therefore, one may still opt to be exempted from collecting and paying VAT but has to register for VAT and issue fiscal receipts. This also applies to those who recently had been deregistered by the VAT Department. Those who have not yet registered should apply by June 30, 2015, by completing the registration form or reactivation form."
"Exempt registered persons with a turnover of under EUR7,000 per year will not receive a declaration from the VAT Department," it said.
The notice directs taxpayers to the relevant registration form, reactivation form, and to the webpage for registering online to receive a VAT number.
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