The Malta Institute of Taxation (MIT) has launched the Direct Taxation Manual. The manual is the first comprehensive textbook on direct taxation published in Malta.

MIT’s president, Dr Renald Micallef, together with life-president Edwin A. Vella coordinated this three-year project which was started during the presidency of Dr Antoine Fiott. The manual includes contributions by several leading lawyers and practitioners who are experts in their field. The authors include Dr Antoine Fiott, Edwin Vella, Dr Robert Attard, Walter Cutajar, Nikki Dimech, Marvin Gaerty, Mark Grech, David Ferry, Dr Juanita Brockdorff, Dr Robert Taylor East, Dr Neville Gatt and Dr Stefan Patrick Cauchi. The manual was edited by Dr Renald Micallef.

During the launch, Dr Micallef spoke about the long road and the hard work that had resulted in the publication of the manual. He was followed by Mr Vella, who explained that the manual was the collective work of 12 of the leading tax practitioners in Malta. “Though each had a different style of writing,” said Mr Vella, “the authors approached their task in an objective manner, even if constructive suggestions had also been made.”

Mr Vella said that there was a great demand for specialised knowledge in this field, particularly from the accounting and legal professions, as was evidenced by the success of the institute’s Diploma Course in taxation which was now in its fifth year. The manual should meet a long felt requirement by students of taxation.

In his speech, Mr Vella chartered developments in direct taxation both locally and abroad, and he emphasised the EU factor that now loomed large in all fields, even in direct taxation, which theoretically lies outside its ambit.

Direct taxation covers various areas on the subject and includes taxation on income. This is a text book that contains case laws, references and advice from leading tax specialists in a number of areas, making this publication a must for tax practitioners, including accountants, lawyers, notaries, students and all those individuals and firms who need to have a reliable and authoritative source of information to guide them through the complexities of modern tax law and practice.

The manual has 26 chapters that cover a wide range of topics including the territorial boundaries of tax, the distinction between capital and income, the taxation of self-employed and employment income, and arrangements regarding tax accounting and company distributions. It takes into account the EU factor in taxation and seeks to answer questions relating to corporate income and its taxation, as well as provide guidance in double taxation relief, tax planning, and the payment and collection of tax and liability penalties.

There is specific reference to a number of sectors of the economy and deals with a number of tax issues pertaining to agricultural income, the business of insurance profits and funds.

Since its inception in 1995, the Malta Institute of Taxation has been a catalyst for change, education and accountability in the field of taxation. MIT has engaged in a number of academic and educational activities, aiming to advance public education and promote the study of principles and practice of taxation. The MIT has been pushing for the introduction of a taxpayers’ charter both at national level and with the European Commission, and offers a post-graduate specialisation course in taxation.