This seminar will approach the five tax accounts analysing which profits are allocated to which tax account with particular emphasis on the Final Tax Account and the Immovable Property Account. Whereas the first part of the presentation will serve as an introduction on the allocations to the tax accounts, the second part will delve into the complications arising with effect from year of assessment 2012 as regards related party transactions, excess secondary allocations and the option available to companies owned by Maltese shareholders to opt out of these complications and the repercussions thereof.
JOSEF MERCIECA is a Senior Tax Manager at BDO. Josef holds a first degree in Accounting and has worked with one of the Big Audit firms in Malta for four years, three years of which heading the indirect tax section of the firm. He also acted as the Tax Director for one of the longest established small audit firms for nearly six years where he headed both the direct and indirect tax department. Josef is a member of the Malta Institute of Accountants (MIA) and the Malta Institute of Management and has lectured and delivered seminars and training on topics relating to VAT, local and international tax on various occasions, both in Malta and abroad. Josef was one of the contributing authors in "Principles of VAT Law" the first ever local publication on VAT in Malta and regularly authors articles on taxation. He is a lecturer with Richard Clarke Academy where he lectured Taxation (F6) for several years, nowadays focusing only on the full "Advanced Taxation" (P6) course and the revision course thereto. He also provides lecturing to MIM in respect of place of supply rules in the VAT diploma. Josef has a broad experience in advising local and foreign clients in the setup of tax efficient structures in particular involving international tax, capital gains tax, property transfer taxed and duty on documents and transfers.