Digital currencies such as bitcoin, have made a lot of buzz in the media over the past few years. However, it is only now that these cryptocurrencies have begun to be understood by ordinary citizens let alone to be trusted. Malta has not chosen to fall behind in accommodating the new currency. The state already set up a tax scheme for revenues that involve cryptocurrency investments.
Value added tax is the tax that is charged progressively according to the increase in product value. It is important to note that all entities in Malta, partnerships included and natural persons are obliged to register with the VAT office in order to comply with the Maltese VAT legislation of 1998.
The EORI is a system that was designed with a mandate to make the identification of traders who interact with the Authorities much easier. This was done for all states in the EU and it involves the assignment of a reference number to each trader who is considered to do business wherever in the EU region. Thus business people can be identified in any member state through this unique number. This identification system, allows authorities of EU to share information with other entities. The EORI system also solved the problem of reference number mix-up whereby traders often registered their businesses too many times — by linking reference numbers with VAT numbers. This saves everyone extra work and time needed to adjust the systems constantly.
Ever since it’s incorporation in the European Union, Malta has grown to be one of the most attractive business destinations in Europe. Due to Malta’s lack of raw material, imports are more prevalent than exports. However, this does not stop Malta from flourishing, the country wisely leverages its tourism industry and it is currently one of its economic backbones.
Malta has probably one of the fastest growing economies in Europe—and is one of the most targeted investment destinations on the planet. This is owed to its top-notch business facilities, a friendly tax system, and expedient business policies.
The island of Malta has a dominantly male workforce. Investments made into Malta’s labor force have ensured the nation is well equipped with skilled labor. The Maltese government also offers free education and vocational training programs in order to improve skilled labor in the country.