Griffiths + Associates

𝟭𝟴-𝗠𝗼𝗻𝘁𝗵 𝗧𝗲𝗺𝗽𝗼𝗿𝗮𝗿𝘆 𝗔𝗱𝗺𝗶𝘀𝘀𝗶𝗼𝗻 𝗥𝘂𝗹𝗲𝘀 𝗳𝗼𝗿 𝗬𝗮𝗰𝗵𝘁𝘀:
𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗖𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻 𝗖𝗹𝗮𝗿𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀
If you're planning to bring a non-EU flagged yacht into European waters, one of the first concepts you'll encounter is the Temporary Admission (TA) regime. It’s essentially the EU’s way of supporting international yachting by allowing qualifying vessels to cruise freely - without triggering VAT or import duties for up to 18 months.

To benefit from this regime, the fundamentals are quite straightforward:
☑️ The yacht must be registered outside the EU
☑️ It must be used strictly for private purposes
☑️ The owner and users must be non-EU residents for tax purposes

In practice, TA works very well for typical yachting scenarios. You’ll often see it used when:
▪︎ An owner plans a Mediterranean cruising season
▪︎ A yacht follows a cross-border itinerary without commercial activity
▪︎ The vessel is based in the Mediterranean for private use during the summer
▪︎ The owner intends to sell the yacht outside the EU after the season ends

That said, TA is not a “catch-all” solution. There are limits you’ll need to plan around. For example, selling a yacht within the EU while under TA will usually trigger VAT and customs duties, and more substantial works - such as refits or major upgrades - generally require a different customs procedure, such as inward processing.

𝗪𝗵𝗮𝘁 𝗛𝗮𝘀 𝗖𝗵𝗮𝗻𝗴𝗲𝗱 𝗶𝗻 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗲? 𝗡𝗮𝗿𝗿𝗼𝘄𝗶𝗻𝗴 𝘁𝗵𝗲 𝗚𝗿𝗲𝘆 𝗔𝗿𝗲𝗮𝘀 𝗶𝗻 𝗧𝗲𝗺𝗽𝗼𝗿𝗮𝗿𝘆 𝗔𝗱𝗺𝗶𝘀𝘀𝗶𝗼𝗻
In November 2025, the European Commission released updated guidance on special customs procedures under the Union Customs Code (UCC), including the Temporary Admission (TA) regime that many non-EU yachts rely on when entering European waters.

Although the document is not legally binding, it carries considerable practical importance. It signals how customs authorities across the EU are likely to interpret the rules in day-to-day enforcement. For yacht owners, captains, managers and advisors operating in the Mediterranean, the guidance narrows several grey areas that have long created uncertainty. In essence, the Commission has not changed the legislation itself, but it has clarified how certain provisions should be understood in real operational situations.

The Commission focused on five key areas:
▪︎ A clearer definition of the “user” of the yacht
▪︎ When a yacht qualifies as a “means of transport”
▪︎ How the 18-month rule should be understood in practice
▪︎ The distinction between maintenance and refit
▪︎ The continued importance of documentation and evidence

𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗮𝗿𝘁𝗶𝗰𝗹𝗲 𝗵𝗲𝗿𝗲: https://griffithsassoc.com/publication/18-month-temporary-admission-rules-for-yachts-european-commission-clarifications/

𝗙𝗼𝗿 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝘄𝗶𝘁𝗵 𝗰𝘂𝘀𝘁𝗼𝗺𝘀, 𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽, 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀, 𝗮𝗻𝗱 𝘆𝗮𝗰𝗵𝘁 𝗿𝗲𝗴𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻 𝘂𝗻𝗱𝗲𝗿 𝘁𝗵𝗲 𝗠𝗮𝗹𝘁𝗮 𝗳𝗹𝗮𝗴, 𝗽𝗹𝗲𝗮𝘀𝗲 𝗰𝗼𝗻𝘁𝗮𝗰𝘁 𝗼𝘂𝗿 𝘁𝗲𝗮𝗺:
📞 +356 2738 3631
+356 2738 3632
📧 [email protected]

𝗡𝗲𝘄 𝟮𝟬𝟮𝟲 𝗧𝗮𝘅 𝗜𝗻𝗰𝗲𝗻𝘁𝗶𝘃𝗲 𝗳𝗼𝗿 𝗛𝗶𝗴𝗵𝗹𝘆 𝗦𝗸𝗶𝗹𝗹𝗲𝗱 𝗜𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹𝘀 𝗶𝗻 𝗠𝗮𝗹𝘁𝗮
Working in Malta as a Foreign Professional? There’s a New Tax Incentive for 2026.

Malta has introduced a new tax regime for highly skilled international professionals under Legal Notice 20 of 2026.

The regime replaces several previous expatriate tax schemes and is designed to attract international talent across sectors such as financial services, gaming, aviation, technology, and more.

ℹ️ 𝗧𝗵𝗲 𝗸𝗲𝘆 𝗯𝗲𝗻𝗲𝗳𝗶𝘁?
Eligible individuals may opt for a flat 15% tax rate on employment income earned in Malta, compared to the standard top rate of 35%.

If you’re relocating to Malta or hiring international talent, it’s worth understanding how the new rules work and whether you qualify - read our latest guide explains the key points in simple terms:
https://griffithsassoc.com/publication/tax-treatment-of-highly-skilled-individuals-rules/

𝗡𝗲𝗲𝗱 𝗮𝘀𝘀𝗶𝘀𝘁𝗮𝗻𝗰𝗲 𝗻𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝗠𝗮𝗹𝘁𝗲𝘀𝗲 𝘁𝗮𝘅 𝗹𝗲𝗴𝗶𝘀𝗹𝗮𝘁𝗶𝗼𝗻?
Regulatory requirements and Maltese tax legislation evolve regularly and often require careful interpretation.

If you need support in navigating Maltese legislation or assessing how specific provisions may apply to your circumstances, you can book a consultation with one of our legal or tax advisory Malta professionals.
Depending on your needs, this may take the form of an oral consultation to address specific questions or a more detailed written analysis referencing applicable legislation.

Our objective is always to help clients navigate Maltese regulatory and tax matters with clarity and confidence.
📞 +356 2738 3631
+356 2738 3632
📧 [email protected]

𝗨𝗽𝗱𝗮𝘁𝗲 | 𝗛𝗮𝗽𝗽𝗲𝗻𝗶𝗻𝗴 𝗻𝗼𝘄 𝗶𝗻 𝗣𝗼𝗹𝗮𝗻𝗱 – 𝗣𝗿𝗶𝗺𝗲𝗚𝗹𝗼𝗯𝗮𝗹 𝗧𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 𝗙𝗼𝗿𝘂𝗺

Day two here in Warsaw is moving at pace, packed with thought-provoking conversations, shared challenges, and practical takeaways on how firms are navigating change across Europe and beyond. What really stands out is the openness in the room - people aren’t just speaking in theory, they’re sharing real experiences and lessons learned.

Our Managing & Tax Director, Peter J. Griffiths, is attending in his role as Council Member for PrimeGlobal’s Southern European Region and Chair of the EMEA Council. Being actively involved at this level continues to strengthen our firm’s international perspective and the value we bring to our clients.

Today’s discussions have ranged from maintaining professional scepticism in an increasingly digital audit environment, to current trends in European deal activity, and the ever-relevant topic of worker classification and sham contracting. The dialogue has been honest, practical, and highly relevant to what firms are facing right now.

This is what makes these forums so worthwhile - not just technical updates, but genuine collaboration and cross-border exchange.

As the day wraps up, the conversation continues - looking forward to tomorrow’s sessions.

20 Years of Dedication!

We kicked off 2026 with a very special celebration 🎉 marking a remarkable milestone - our Audit Director, Alexander Micallef, has dedicated 20 years to Griffiths + Associates!

Alex was, is, and always will be one of our biggest assets - not just for his expertise, but for the devotion, leadership, and positive energy he brings to the team every single day. His commitment has shaped so much of what we do and made our firm what it is today.

Though the rain poured outside, inside Palazzo Capua it was sparkling, warm, and full of laughter – a heartfelt night celebrating Alex and cherishing the people who make our firm feel like family.

Cheers to Alex - for being such an invaluable part of our team and our story🥂

In view of the upcoming holiday season, please note that our offices will be closed from Friday, 19 December 2025, to 1 January 2026. We will return to our desks on Friday, 2 January 2026.

The Directors and all the team at Griffiths + Associates take this opportunity to wish you and your family a peaceful Christmas and a prosperous New Year!

𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝗶𝗻 𝘁𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 𝗼𝗳 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 – 𝗔𝗻𝗻𝘂𝗮𝗹 𝗠𝗮𝘀𝘁𝗲𝗿 𝗶𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗻𝗰𝘆 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝟮𝟬𝟮𝟱
𝘓𝘪𝘷𝘦 𝘯𝘰𝘸 𝘢𝘵 𝘊𝘰𝘳𝘪𝘯𝘵𝘩𝘪𝘢 𝘚𝘵 𝘎𝘦𝘰𝘳𝘨𝘦’𝘴 𝘉𝘢𝘺 𝘏𝘰𝘵𝘦𝘭, 𝘚𝘵 𝘑𝘶𝘭𝘪𝘢𝘯’𝘴.

Hosted by the Master’s in Accountancy students at the University of Malta, this conference has become a highlight of Malta’s accounting calendar, bringing together students, academics, and industry professionals for a day filled with learning, dialogue, and networking.

𝗚𝗿𝗶𝗳𝗳𝗶𝘁𝗵𝘀 + 𝗔𝘀𝘀𝗼𝗰𝗶𝗮𝘁𝗲𝘀 𝗶𝘀 𝗽𝗹𝗲𝗮𝘀𝗲𝗱 𝘁𝗼 𝗽𝗮𝗿𝘁𝗶𝗰𝗶𝗽𝗮𝘁𝗲 𝗼𝗻𝗰𝗲 𝗮𝗴𝗮𝗶𝗻 𝗮𝘀 𝗮 𝗿𝗲𝗴𝘂𝗹𝗮𝗿 𝘀𝗽𝗼𝗻𝘀𝗼𝗿 𝗶𝗻 𝘁𝗵𝗲 𝗔𝗻𝗻𝘂𝗮𝗹 𝗠𝗮𝘀𝘁𝗲𝗿 𝗶𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗻𝗰𝘆 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲, 𝗿𝗲𝗽𝗿𝗲𝘀𝗲𝗻𝘁𝗲𝗱 𝗯𝘆 𝗼𝘂𝗿 𝗔𝘂𝗱𝗶𝘁 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿, 𝗔𝗹𝗲𝘅𝗮𝗻𝗱𝗲𝗿 𝗠𝗶𝗰𝗮𝗹𝗹𝗲𝗳, 𝗮𝗻𝗱 𝗔𝘂𝗱𝗶𝘁 𝗠𝗮𝗻𝗮𝗴𝗲𝗿, 𝗔𝗹𝗲𝘅𝗶𝗮 𝗣𝘀𝗮𝗶𝗹𝗮. We keep coming back because it’s a great way to engage with students and support the development of future accounting and finance professionals, while staying connected with emerging talent in the industry.

This year, Hon. Clyde Caruana, Hon. Adrian Delia, Dean Prof. Simon Grima, Prof. Lauren Ellul, and Dr. Jonathan Dingli are scheduled to deliver speeches at the conference.

Students are presenting on engaging and highly relevant topics, such as:
✓ Balancing stewardship and economic decision-making from private shareholders’ perspectives
✓ GAPSE & GAPSME: its evolution, effectiveness, professional impact, and a review of Maltese sole practitioners’ perceptions
✓ Financial statements for corporate financing and the evolving presentation framework from IAS 1 to IFRS 18.
✓ IFRS 9 as the successor to IAS 39
✓ IFRS 15 in the context of Maltese telecommunications companies
✓ IFRS 17 and its Impact on revenue and expense recognition of insurance companies
✓ Revisiting the use of non-GAAP measures within Maltese listed entities over the last decade
✓ Corporate social responsibility reporting practices among Maltese companies

At Griffiths + Associates, supporting this conference isn’t just sponsorship - it’s an investment in Malta’s accounting community, shaping the professionals of tomorrow and staying connected with the latest industry discussions.

𝗪𝗝𝗣 𝗥𝘂𝗹𝗲 𝗼𝗳 𝗟𝗮𝘄 𝗜𝗻𝗱𝗲𝘅 𝟮𝟬𝟮𝟱
This year, Griffiths + Associates continued its involvement in the 𝗪𝗝𝗣 𝗥𝘂𝗹𝗲 𝗼𝗳 𝗟𝗮𝘄 𝗜𝗻𝗱𝗲𝘅 𝟮𝟬𝟮𝟱, with our Head of Legal & Compliance, 𝗗𝗿. 𝗗𝗮𝘃𝗶𝗱 𝗟𝗼𝗿𝗲𝗻𝘇𝗼, contributing as an expert for Malta. Engagement in initiatives like the WJP Index keeps us closely connected to developments in governance and regulatory standards - an important part of our work as a business advisory and legal firm, where the rule of law directly shapes risk assessment, compliance responsibilities, and long-term decision-making. By working with global, evidence-based benchmarks, we also strengthen our commitment to transparency, accountability, and sound governance.

Looking ahead, the report highlights several developments that could help strengthen Malta’s future performance, including reinforcing oversight mechanisms to ensure accountability, improving the efficiency and accessibility of civil justice, and enhancing regulatory frameworks so that enforcement is applied more consistently and fairly. Continued progress in open-government initiatives - particularly in transparency, public participation, and access to information - would also play an important role in building greater trust in institutions and supporting Malta’s overall standing in the Index.

𝗥𝗲𝗮𝗱 𝗺𝗼𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 𝗠𝗮𝗹𝘁𝗮’𝘀 𝟮𝟬𝟮𝟱 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗼𝗻 𝗼𝘂𝗿 𝘄𝗲𝗯𝘀𝗶𝘁𝗲:
https://griffithsassoc.com/publication/wjp-rule-of-law-index-2025/