Our accountants in Malta are ready to offer you the best accounting services if you choose to open a business in the small, sunny island country. Out of all accounting firms in Malta, you can rely on us for tailored services.
Malta is a small island country in the Mediterranean Sea, but its size does not reflect its economic power and importance in the European Union. The island relies heavily on tourism, but trade and manufacturing are also powerful economic sectors.
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Ciantar Associates (Accountant-Malta.com) has been a partner of BridgeWest for many years and is licensed by the Malta Financial Services Authority, as well as by the Malta Institute of Accountants. Our firm is also a member of other important organizations, among which the AGN International and the Institute of Financial Services Practitioners.
Our accountants in Malta will help you know everything about the taxation system in Malta and all the benefits for foreign investors. The double taxation treaties that Malta signed with more than 50 countries ensure that entrepreneurs are protected from double taxation. You can rely on our accounting firm in Malta no matter if you run a small, medium or large-sized business in this country.
Services provided by our Malta tax advisors
With a proven track record in the accounting and bookkeeping fields, our Maltese accountants have a great experience in offering a wide range of services, among which:
- tax consultancy and planning for your company in order for you to measure your results and draft realistic plans;
- audit services for your company, no matter if imposed by the law or you simply want to audit the performance of your business;
- bookkeeping services which are necessary from the very beginning of your activity in Malta;
- payroll services in order for you not to worry about your employees’ salaries and documents which need to be prepared when paying them;
- forensic accounting in case your company will find itself in the position of needing such services;
- financial statement preparation and filing services, including VAT return filings for your Maltese business.
|Types of accounting services available in Malta|| - bookkeeping;
- financial statements (monthly, quarterly,yearly);
- preparation and filing;
- tax consultancy & optimization support
Support in tax registration (YES/NO)
|YES, our accountant in Malta can assist with company tax registration services|
Payroll & HR services (YES/NO)
|YES, provided by our accounting firm in Malta|
|Audit services availability (YES/NO)||
YES, services offered by specialized auditors in Malta
|Forensic accounting services (YES/NO)||YES|
|VAT-related services available||
VAT registration, VAT reporting and filing support, EORI registration
|Services provided by CPA accountants in Malta (YES/NO)||
YES, we work with CPA accountants in Malta
|Accounting and reporting standards employed in Malta||International Financial Reporting Standards (IFRS)/ the General Accounting Principles for Small and Medium-sized Entities (GAPSME)|
|Cities in which our services are available||Valetta, Birkirkara, other cities, as requested|
|Personal income tax rate||0% to 35% based on the income|
|Corporate tax rate||35%, however, a full imputation system is in place|
|VAT rates||18% standard rate, 7% and 5% reduced rates also apply|
|Social security taxes applied to employers||Employers must pay 10% of a worker's weekly wage as social contributions|
|Tailored support for companies operating in specific industries (YES/NO)||YES, for IT, shipping, tourism and other types of companies|
|Other services (if available)||Assistance in drafting labor contracts, representation with the tax authorities, special services tailored to the needs of small companies|
Accounting in Malta is an important part of any business. If you need any other service than the ones mentioned above, our accountants in Malta are at your disposal.
Reporting requirements for companies in Malta
The management of Maltese companies does not mean only taking decisions related to the activities of the business, but a great part of work implies the correct use of the funds the company has. However, the money a Maltese business relies on must be administered and proper documents should account for them. The preparation of these documents rests on the accounting department. However, many companies request accounting services from specialized firms in Malta.
Accounting firms in Malta can make sure the International Financial Reporting Standards are complied with and the balance sheets and other accounting documents are drafted and submitted in a timely manner with the Inland Revenue Department in Malta.
What accounting documents must a Maltese company keep?
In order to better understand the accounting services a Maltese company can benefit from, below is the list of the records and documents a company must keep:
- records on all the transactions of the company;
- the balance with the assets and liabilities of the company;
- accounting documents related to the share sales and purchases of the company.
Additionally, the directors of Maltese companies must prepare their own reports on the company’s accounting which will be presented during the shareholders’ annual general meeting. Audited accounts must also be presented at the same meeting. In case you need an accountant in Malta for your company, our team is at your disposal.
Special accounting services in Malta
Our team of accountants in Malta can help you draw up the monthly trial balance, establish the monthly and quarterly payment obligations, prepare and submit the annual financial services, as required by the law.
The accuracy of the accounting and financial information guarantees the credibility of the company and protects it from unfortunate events, such as bankruptcy.
Our team of accountants in Malta provides a wide range of accountancy and accountancy-related services, suited to your specific business needs. Some of the services we provide are:
- complete financial and management accounting;
- tax consultancy;
- performing audits for your company;
- monthly trial balance;
- annual financial statements preparation;
- VAT journals;
- tax register and many more.
There are various accounting firms in Malta, and you can rely on ours for various services.
You can also read about our accounting services in Malta in the scheme below:
What type of audit services are available in Malta?
Local statutory audits, a complete review of the financial information of the firm, financial statement audits plus other important procedures are available for companies with establishments in Malta. Companies with activities in the retail sector, banking, insurance, real estate, manufacturing, gaming companies, and mining require audits in Malta, in compliance with the Maltese legislation. Our team of accountants in Malta has extensive experience in audits for Maltese companies, therefore, once you register your business in this country, you should solicit the services of our accounting firm in Malta.
Tax consultancy services in Malta
Our CPA Malta accountants can provide tax consultancy and planning services in accordance with your vision on the business. The general perception is that only small businesses in their first year of activity need tax consultancy services, however, owners of medium and large companies also find themselves in the position of asking for such services when they want to increase their revenue, enter new markets or expanding their portfolios. This is where our accountant in Malta can propose tax solutions which will help business owners achieve their purposes without spending too much money.
Our accounting firm in Malta can draft realistic projections and let you know if your plans can be achieved the way you want or if you need to take additional steps or measures to realize them.
Planning is another important aspect when running a business in Malta and the key to a successful business is knowing how the industry you work in will perform based on past data and projections. Our accountants can compile this data and advise on how you take advantage of it in order for your company to have a great future ahead.
We also remind you that our auditors in Malta can perform on-demand audits after which the current financial status of your company is assessed and solutions to improve can be proposed.
Bookkeeping services in Malta
Bookkeeping is the most important part of the accounting in a company in Malta as it implies registering all the invoices and daily accounting documents entering and exiting a firm. Bookkeeping implies keeping updated all the financial records of a company all the time which can be time-consuming. This is why our accountant in Malta offers specialized bookkeeping services which are based on the use of specialized software and thus ensure correct maintenance of all accounting documents.
Among the daily accounting documents which can enter or exit your firm, we mention sale and purchase invoices, invoices when renting office spaces, supply purchase invoices and payslips.
You can rely on our accounting firm in Malta for tailored bookkeeping services.
Forensic accounting services in Malta
Forensic accounting implies specialized investigations of a company’s accounting documents. Even if this not a service to be often contracted, it is good to know that if you ever find yourself and your company in the position of requesting such services, our accountants in Malta can help you.
We can gather and analyze all the documents which need to be submitted as proof when undergoing an investigation or we can simply advise in financial disputes when these imply specialized forensic accountants.
Accounting in Malta relies on several branches, and forensic is one of the special ones.
Payroll services in Malta
Payroll is one of the most important aspects related to the accounting of a Maltese company. Even if most companies in this country are small and medium-sized, they too must comply with the regulations imposed by the tax and social security authorities in the country.
With the help of our accountants in Malta, payroll no longer needs to be a stress on business owners, as we have the expertise to handle any employment and payroll issue in their companies. Moreover, any change in the legislation which impacts the employees in a company does not go unnoticed, as we are always up to date with the latest regulations imposed on companies from an employment point of view.
Payroll is one of the most sensitive matters in a company, which is why many Maltese business owners choose to outsource the HR department which also relates to payroll in order to not put too much pressure on their in-house accounting department, or even more, because they want the services of specialists in this field alone.
Below, we present you the main payroll services you can obtain with accounting firms in Malta:
- employment contracts drafting, amendment and termination;
- representation with the labor, tax and social security authorities in Malta;
- preparation of the payroll in accordance with the legal requirements imposed by the tax and labor authorities;
- preparation of monthly, quarterly and annual payroll statements filings;
- personal income tax annual settlements;
- preparation and distribution of monthly payslips and salaries;
- social contributions preparation and payment;
- data input in the payroll system.
Considering the personal income tax is levied on a progressive basis, working with accounting firms in Malta is often the choice of foreign businessmen with companies here.
If you decide to work with our accountants in Malta, you can rest assured that every aspect related to the payroll and employment matters in your company will be handled by our accredited accountants.
Dedicated accounting and audit services in various Maltese cities
Because we want to be as close as possible to our clients, we offer accounting services in various cities in the country. You can discuss with our accountants in Valetta if your business is located in the capital city of Malta. Our dedicated team of accountants and auditors can handle any accounting matter of your business in Valetta.
You can also find us in Birkirkara, another important city in Malta. All the services available in Valetta are also at your disposal in Birkirkara.
We invite you to discuss with our accountants in Birkirkara and find out the best option for you.
Other services in Malta
Our accountants in Malta are ready to provide complete audit services for your company. Our bookkeepers can help prepare your company for a financial audit by making sure that all the necessary financial documents are in order. They can periodically check if your company fulfills all the requirements regarding specific financial statements so that at any given time the company’s financial situation is under control.
Taxation in Malta
Taxation is one of the most important parts of doing business in Malta and in order to get familiarized with it, one is encouraged to discuss it with an accountant. However, the Maltese legislation requires companies to work with Malta CPA accountants when it comes to bookkeeping and accounting matters.
Given the fact that Malta’s tax system is quite unique, especially when it comes to the corporate tax which can be reduced from the standard rate of 35% to only 5% for shareholders of companies, working with competent accountants who can help them obtain this reduced rate becomes very important.
Here are a few interesting facts about Malta’s taxation system:
- the personal income tax is levied progressively and starts at 0%, while the highest rate is 35%;
- the corporate tax is levied at the 35% standard rate, however, it can drop to 5% in specific circumstances;
- an important tax in Malta is the value added which has a standard rate of 18%, but is also applied at lower rates of 7% and 5%;
- companies must also pay social security taxes as employees which is equal to 10% of an employee’s weekly salary;
- stamp duty of 5% is also levied on the transfer of immovable property in Malta.
Maltese companies are subject to the International Financial Reporting Standards (IFRS) or the General Accounting Principles for Small and Medium-sized Entities (GAPSME). They are also required to file annual financial statements.
If you want to start a business and need guidance in accounting in Malta, our specialists can be by your side from the beginning, meaning we can assist with the following:
- VAT registration (including obtaining the EORI number for trading companies);
- tax and payroll setup;
- assistance in drafting labor contracts;
- tax consultancy.
All our accounting services in Malta are provided in accordance with the specific activities of the company, while our accountants are at your disposal for answering any questions since the first day of activity.
Why choose our accountants in Malta?
Companies can have their own accounting firms in Malta or can choose our firm to handle all the financial matters of the business without having to worry about missing filing deadlines, buying specialized software for invoicing activities and payroll which usually incur additional costs.
We have a specialized team in every field of accounting, which is why you can resort to our accountants in Malta no matter the service you need. You can choose for one or more accounting services, as it suits your needs at a moment.
Also, if you want to know why you should start a business in Malta, you should know that:
- Malta scored 68.6 points in terms of economic freedom, becoming the 41st freest economy in the 2019 Index;
- in terms of fiscal health in 2019, Malta ranks 20th among all 44 European countries which is above the world average;
- on an average, in the last 3 years, Malta’s budget registered a 0.6% surplus from its Gross Domestic Product (GDP);
- the value of Maltese imports and exports combined represent 261.5% of its GDP in 2019.
Accounting Rules in Malta
Companies in Malta, whether established with foreign capital or not, are required to keep the financial records in compliance with the EU rules and regulations, and also with the internal laws. The accounting rules in Malta are in complete accordance with the International Financial Reporting Standards (IFRS) and with GAPSE (General Accounting Principles for Smaller Entities). Your company in Malta can receive proper accounting services on request. Complete support can be obtained in documents matters from our team of accountants in Malta.
Details about the accounting reports in Malta
The Malta Institute of Accountants is the authority in charge of accounting regulations for companies registered in the country. The accounting report is made once in a year and should offer clear and complete information about the company’s assets, profits, losses, and liabilities. This kind of report will also reveal the firm’s financial status. We remind that the annual report is based on the verification of the balance sheets in a company by the accountants in charge. In complete agreement with the Companies Act of 1995, all firms in Malta must submit the annual report with correct information that will reveal the volume of the business and the transactions performed in a company. Keeping the books accurately and having a team of accountants experienced in varied areas will weigh much when presenting the annual report. Therefore, we recommend you solicit assistance and information regarding the accounting rules in Malta when establishing your business in the country. If you need an accountant in Malta, our team is at your disposal.
Maltese companies and the accounting rules
Small, medium and large companies in Malta must properly control the financial transactions by recording varied documents. Please remember that any business in Malta needs to have a cash book, an inventory book, and a journal where all the transactions in the firm should be mentioned. As for the audits in Malta, we mention that companies, regardless of the fiscal value or profits, are imposed to hire external auditors who will validate or not the annual financial reports. In case you need to perform an audit for your Maltese company, you can rely on our accountant in Malta.
How we can help your company in Malta
Your Maltese company can receive different accounting services among which we mention:
- the payroll management;
- tax advice;
- assistance in audits;
- support when preparing the annual financial statements;
- bookkeeping services in compliance with IFRS.
Accounting rules for small companies in Malta
The Commercial Law in Malta stipulates several requirements meant for small companies in Malta among which we remind that such firms need to maintain an inventory book, a journal, a waste and a cash book. The receipts of sales, acquisitions, and all kinds of assets of a company in Malta must be registered in the bookkeeping. We mention that for any sale of a product or service, a tax invoice needs to be distributed and a copy of it must be kept in the company’s records. As for the financial statements a company needs to provide whenever it is necessary, these documents should comprise a balance sheet where all the profits and losses are mentioned. If you need an accountant in Malta for your small company, do not hesitate to contact us.
Accounting rules for large companies in Malta
Just like for small businesses, the Commercial Law in Malta also provides for big companies. In this matter, a cash book, a journal, and an inventory book are necessary for a better control of the financial aspects of the company. A correct bookkeeping will comprise all the acquisitions and the receipts of sales in an enterprise. Please consider that for any kind of sale of a good or service made by your company, a tax invoice will be issued. Accounting services in Malta are necessary for both small or large companies registered in the country, a matter where our accountant in Malta can help.
Please contact us for more detailed information and a personalized offer if you are interested in accounting services in Malta.