FAQ’s typical questions–VAT

1) When should a company register for VAT?
– A company should register for VAT within 30 days from its first trading activity.
2) Who is eligible to register for VAT?
– If a person carries out an economic activity one has to register for VAT usually under article 10. If turnover does not exceed the established threshold article 11 one may register under this article as exempt.

3) What documents are needed to register a company for a VAT number?
– A copy of the Memorandum & Articles of Association
– A copy of the Certificate of Incorporation
– Passport copy of the Director
4) How often does a VAT Return have to be compiled by a company?
– This has to be complied every 3 months and submitted one month 15 days following the calendar quarter for which the VAT Return is being submitted.
5) What is a recapitulative statement?
– A recapitulative statement is a declaration of all sales made to EU member states. In such a case on needs to state the amount of those sales together with the VAT number of the client in that EU member state. This is done for control purposes so that the sales (supplies) in one EU country will be reflected as purchases in the other EU country. And thus such amounts would match.
6) When should the recapitulative statement be submitted?
– In the case of services it should be submitted 15 days following month end.
– In the case of goods it should be submitted on the 15th day following month end.

GCB Malta communicated with us within 12 hrs and efficiently set up our company and dealt with all documentations, VAT, Bank... Our client is very happy with the work and so are we! Thanks...

Viviane Patsinos

"For the last two years, GCB has assisted my small business with a range of financial services, including income tax preparation, VAT filings, and NI payments. In my experience, GCB provides its clients with comprehensive, personalized service at a reasonable price, and with attention to detail."