As a sign of international efforts to crack down on tax offenders, 12 more countries have signed, or have committed to sign, the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters. In addition, another 6 countries have ratified the Convention. 

CSB Group has learnt that the Malta parliament approved tax amendments that were previously announced during the Budget speech in November 2012. This was announced on the 17^th of May 2013. These new rules apply retroactively to tax periods commencing on or after 1 January 2012.

Payment terms in contracts between all companies, and between companies and governments will be legally stipulated. The current law only requires that the payment terms may not be unreasonable.

Eurozone finance ministers are confident on agreeing a bailout for Cyprus before the end of March.

The bailout could be priced at 17bn euros (£ 15bn). Euro group head Jeroen Dijsselbloem expressed his will to help Cyprus, but the details still need to be discussed.

This is likely to calm down Germany, which had raised concerns about money-laundering on the island. 

 Sylvia Lim, Workers’ Party Chairman, explained on Tuesday that while she acknowledged the move towards a progressive tax system, there is even more possibilities to improve it.