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Any taxpayer that performs a commercial, business, professional and vocational activity in Malta must maintain all relevant records to determine taxable profit, namely:

  • Record of all revenue and expenses of the company;
  • Record of the company’s purchases and sales;
  • Balance sheet and earnings statement; 
  • All supporting documents.

In the case of companies registered in Malta, the balance sheet and earnings statement must comply with the Companies Code and must be audited. This requirement also applies to companies which perform some kind of activity in Malta; they must register in Malta for tax purposes, even though they are not resident in Malta.

Records must be maintained for a minimum of 9 years and kept at the company headquarters as a rule. Administrators may, however, decide otherwise. If the records are maintained abroad, at least the financial statements must be sent to and kept on company premises in Malta. These statements must clearly demonstrate the company’s financial situation at maximum intervals of six months and be used in the preparation of the company Balance Sheet and earnings statements, in accordance with applicable legislation.

The Commissioner for Revenue may ask the taxpayer for access to the company’s documentation.

Taxpayers may be required to submit additional information or any information requested by the tax authorities in cases where there are reciprocal changes regarding the exchange of tax information between Malta and the respective countries or tax authorities.

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