Comprehensive Audit, VAT, and Taxation Services
At Ennesse, we understand that navigating the complexities of audit, VAT, and taxation can be overwhelming for Maltese businesses. These areas require specialized knowledge and meticulous attention to detail to avoid costly errors and ensure seamless operations.
Our expert team is dedicated to providing comprehensive solutions that ensure your compliance with regulations while optimizing your financial efficiency. We work closely with you to understand your specific needs and tailor our services accordingly, allowing you to focus on what you do best – growing your business.
Our Expertise
With years of experience in the financial sector, our team of certified professionals offers a deep understanding of the ever-changing landscape of audit, VAT, and taxation. We stay up-to-date with the latest laws and regulations to provide you with accurate and reliable advice.
Audit Services
Maintaining transparency and integrity in your financial reporting is crucial. Our audit services are designed to provide you with a thorough and unbiased examination of your financial statements. We offer:
Statutory Audits
Internal Audits
Special Purpose Audits
Importance of Internal & External Audits
Audits are classified as external or internal audits. An external is required for all companies and is required by the MFSA and Tax Department to obtain a true and fair view of the company’s financial position for each year.
An internal audit is on the other hand an audit that is carried out at the discretion of the management and which is not obligatory but which helps detect fraud and assess the internal control function of a business.
The first step for a company is to appoint an independent external auditor. Once this is done and the engagement is set, the client needs to prepare the documents required to proceed with the financial year end. A trial balance as well as relevant documents are prepared by the client to be reviewed by the auditor. The auditor shall than set his audit plan and request further documentation along the audit process
Here at Ennesse, we undertake to complete audits within one to two months from the date upon which the accounts are presented to us as independent auditors.
When we are engaged as internal auditors, we work hand in hand with our clients to understand the processes and cycles of their business, and we then implement control mechanisms and standard operating procedures which in turn help to create a level of control within their environment. These established procedures are then once again tested and the personnel are held accountable for breaches in such internal controls.
Tests of internal control also help to provide more peace of mind both to the management team, but also the external auditor, who may choose to rely on some of these internal control results. Weaknesses in internal controls can lead to loss of revenue, increased costs, fraud, incomplete records, lack of audit trail and an unstable organisation that may be destined to fail.
Positive and established internal controls do the opposite and help our clients to grow and focus more on their core competencies whilst delegating with accountability.
VAT Services
VAT compliance is essential for avoiding penalties and optimizing cash flow. Our VAT experts are here to help you navigate this complex area with ease. Our services include:
VAT Registration
VAT Returns
VAT Advisory
VAT Audits
Submitting VAT
Value Added Tax commonly referred to as VAT, is the indirect tax which is due on the consumption of products or services by the end customers or between one business and another.
The computation of output less input VAT in any business will give rise to the VAT obligation. VAT returns are received monthly, quarterly or yearly depending on the client’s business and they are due to be filed with the VAT Department in Malta within one and a half months from the date of the period closure.
We handle submissions of VAT Returns in online format on behalf of our clients after having finalised the bookkeeping of transactions for the particular period.
We ensure that all input VAT and output VAT have been correctly accounted for and that all reports issued for any VAT period, refer to documentation stored in our filing system, which is referenced and therefore easily traceable in case of any investigation. We cater both for VAT Exempt clients as well as those who opt into the Vatable System.
Tax Planning
Effective tax management is key to your business's financial health. Our taxation services are designed to minimize your tax liabilities and ensure compliance with tax laws. We provide:
Corporate Tax
Personal Tax
International Tax
Tax Dispute Resolution
We also provide tax services by computing the amount of tax that needs to be paid after completing both personal and company tax returns. Throughout the year, Provisional Tax is required to be paid in Malta, and we ensure that this is paid in good time too by notifying our clients each time.
Apart from the computation of tax after a year-end, we are also engaged to help in terms of tax planning so that one can avail of various tax credits and schemes available as and when they are issued by Malta Enterprise or the Department of Inland Revenue.
National insurance contributions are also paid for directors or self-employed individuals every 4 months in April, August and December coinciding with the payment of Provisional Taxes and we also ensure that our clients are informed of their precise obligations here too.
There are three categories of personal tax in Malta these being single rates of tax, Parent rates of tax or married rates of tax and two categories of NI Contributions being NI due as employed or as self-employed/self-occupied positions.
Taxation on company profits on the other hand is taxed at a straight 35% unless such income is subject to FWT at 15%. Rental income in Malta can be declared under the 15% FWT rate of tax.