MIA members learn about new VAT & FSS measures

The new VAT returns system was discussed at an exclusive information session organised by the Malta Institute of Accountants and the Malta Institute of Taxation. Specialists explained the changes effected by the newly introduced online submission system and answered questions from the floor.

“This initiative is in line with the organisations’ respective commitment to share and diffuse knowledge as well as offer support and guidance to its members and the wider business community,” said Claudia Vella Schembri from the Malta Institute of Accountants Technical Department.

The Institute of Accountants held the session to update members on the new mandatory requirements for online submissions of VAT Returns and FSS end-of-year online submissions, which came into force recently.

The session was addressed by experts from the Office of the Commissioner for Revenue. Noel Agius, who was deeply involved in the development of the Final Settlement System, spoke about the online FSS submissions system while Andrew Buhagiar, from the IT Section, delivered a presentation on online VAT Returns submissions. Efrem Ray Debono, who manages the Back Office and the Data Processing Unit, offered a comprehensive review of the new system. The speakers took questions from a highly-engaged audience and offered detailed technical tips.

The collaboration with the Malta Institute of Taxation is in line with the Malta Institute of Accountants’ strategy to create synergies with other professional bodies to support the wider business community. The information session is part of the Institute’s commitment to share and diffuse knowledge with its members and to offer practical guidance to accounting professionals.