Insights

IFRS 15 ‘Revenue from Contracts with Customers’, establishes a comprehensive framework for recognising revenue in a manner that reflects the transfer of goods or services to a customer. A key objective of the standard is to improve consistency and comparability of revenue recognition practices across different industries and jurisdictions.

The VAT exemption for financial services was never intended to become permanent. When it was introduced in 1977, taxing the sector was technically unfeasible. It was a practical compromise, not a policy choice. Nearly five decades later, that compromise remains largely unchanged, not because the original logic still holds, but because no one has found the political will to address what comes next.

Within the fast-evolving fintech ecosystem, the internal audit function is indispensable, yet it remains frequently underestimated. For regulated fintech firms operating under the supervision of the Malta Financial Services Authority (MFSA), a robust internal audit function provides valuable guidance in identifying and mitigating operational, technological and regulatory risks.

Tourism remains one of the pillars of the European economy, contributing to around 10% to the EU’s GDP and supporting millions of jobs across hospitality, transport and other related sectors. Although traditionally characterised by strong seasonality, tourism has increasingly evolved into a year-round activity, driven by changing consumer behaviour, improved connectivity and the rise of digital booking platforms.

With the release of ISA 600 (Revised), effective for audits of financial statements for periods beginning on or after 15 December 2023, the IAASB has taken a significant step toward modernising and strengthening the approach to group audits.

Together with the accompanying Payment Services Regulation (PSR), PSD3 is intended to modernise Europe’s payments rulebook, reflecting both rapid technological change and a number of gaps that became apparent under the current PSD2 framework

The Micro Invest Scheme is designed to support businesses by encouraging investment in innovation, expansion and operational development.

The final edition of our 2025 VAT Newsletter is out now!