LGA sets tax & accounting rules for iGaming companies

In order to maintain a level playing ground and ensure player protection, the Maltese Lotteries and Gaming Authority (“LGA”) prescribes maximum transparency measures for all licensed igaming companies in Malta.

Within thirty (30) days from the end of the half yearly period, every igaming company must file interim financial statements showing the licence holder’s results.  Like all Malta companies, audited financial statements must be prepared and filed with the Maltese registry of companies.  An additional set of financial statements has to be filed with sixty (60) days from the end of the company’s financial year end.  All accounts, whether interim or audited financial statements,  must comply with international financial reporting standards (IFRS).

The presentation of accounts is important for a number of reasons, not only to present the shareholders of the company with a correct understanding of the performance of the company, but also for:-

• Calculation of gaming tax and corporate income tax to which the igaming company is subject; and
• To protect players from insolvent companies (this may be a cause for the suspension of an igaming licence).

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