Profit and loss statement, foreign income?

Your posting is not very clear on what you are currently doing.
Do you have a Maltese tax number and have you filed tax returns for the years you have lived / worked in Malta?
Are you registered as self employed in Malta?
You should have declared any monies remitted to Malta regardless of where it is earned.

It may pay you to ask advise from  an accountant who understands Malta's tax system.

Terry

hi Terry, sorry for omitting those details.
Yes, i have a tax number, registered as self employed. Did only spend some of the money in Malta, rest is not remitted.

I did file the tax returns, as I mentioned only with all zeroes. The main question I have is, should the profit loss statement show the money generated outside Malta, just for the part that is remitted, or not at all?

sailor75 wrote:

hi Terry, sorry for omitting those details.
Yes, i have a tax number, registered as self employed. Did only spend some of the money in Malta, rest is not remitted.

I did file the tax returns, as I mentioned only with all zeroes. The main question I have is, should the profit loss statement show the money generated outside Malta, just for the part that is remitted, or not at all?

"Did only spend some of the money in Malta"
Don't see how you can file a zero tax return?
The question regarding your accounts should be addressed to an accountant or telephone the tax office and ask.
A few Euros spent on  advise from  a tax accountant in Malta could save you a lot of money.

Terry

you have to declare earnings in Malta, and earnings remitted to Malta - this includes bank transfers, cash taken out of an ATM and credit card payments done in Malta

Hi,

thanks for the replies. However I am aware of that (and will take action). Again my question is, do I have to show the income generated outside Malta, on the profit and loss account?

Secondly, any advice re. a good tax advisor would be mostly welcome

thanks

sailor75 wrote:

ps I just noticed the following fragment, on a tax advisory website:
Foreign source capital gains are not taxed even if remitted to Malta.
This would be the case in my situation, i guess
However once again, the main question here is: should I have filled in the income generated outside malta on the profit and loss account, even if not remitted to malta?

"A capital gains tax (CGT) is a tax on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a cost amount that was lower than the amount realized on the sale. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. "

If your money was obtained by working for a company abroad how can it be capital gains?

Your question regarding what to put in your profit and loss account is specific to your circumstance and will require an accountant to give advice after seeing your accounts and understanding your business.

Terry.