Consolidated Group Rules – Tax, Reporting & Audit

Malta transposed the provisions of Fiscal Consolidation by means of Legal Notice 110 of 2019. The Consolidated Group Rules allow companies which form part of a group to form up a fiscal unit and be treated as a single tax payer.

Our webinar will briefly outline the salient novelties brought about by the fiscal unit provisions, and expand on the guidance issued recently by the Malta Institute Of Accountants.

Our specialised speakers will delve into the tax, financial reporting and audit aspects, offering attendees a practical perspective covering all three areas:

Tax

• How will you determine the chargeable income and effective tax rate of the fiscal unit?
• What are the added obligations of compiling the consolidated tax return?

Financial Reporting

• How is the tax figure recognised in the parent’s, subsidiary’s and consolidated financial statements?
• What other considerations need to be made?

Audit

• What are the auditors’ responsibilities in relation to the audit of the Fiscal Consolidation?
• Which ISA is applicable when drawing up the Independent Auditor’s report?