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.
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.
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.
Double taxation refers to the fact that two countries collect simultaneously taxes on the same company. This situation often arises when companies have subsidiaries or branches in various countries.
Malta is not only for its low tax rates, but it is also one of Europe’s fastest developing countries. Part of this development is due to the introduction of the citizenship by investment program, accepted by the EU. In addition, Malta also introduced several residency by investments programs, to help foreigners significantly reduce their taxes.