Starting in 2025, the Malta Gaming Authority (MGA) has introduced new reporting obligations for its licensees to enhance financial transparency and regulatory compliance.
These requirements include the submission of Annual Financial Reports (AFR) and Interim Financial Reports (IFR). Here's what you need to know about these obligations and how they impact licensees.
Annual Financial Reports (AFR)
From 2025 onward, MGA licensees must prepare and submit Annual Financial Reports covering their entire twelve-month financial year. The AFR must include key financial data drawn from the statement of comprehensive income and the statement of financial position, such as:- Revenue
- Assets
- Equity
- Liabilities
Key Points to Note
- Deadline: The AFR must be submitted no later than two months after the end of the financial year. For example, for a financial year ending in December, the AFR for 2024 must be submitted by February 28, 2025.
- Audited Financial Statements: The AFR does not replace the obligation to submit audited financial statements, which remain due six months after the financial year-end.
Interim Financial Reports (IFR)
The MGA has also introduced Interim Financial Reports to provide insights into licensees' financial performance during the first half of the financial year. These reports replace the previously required Interim Financial Statements and follow the same structure as the AFR.
Key Points to Note
- Coverage: IFRs cover the first six months of the financial year.
- Deadline: The IFR must be submitted within two months after the reporting period ends. For instance, licensees with a financial year ending in December must submit their IFR by August 31.
Submission Process
Both AFRs and IFRs must be submitted through the Licensee Portal. The process is designed to streamline reporting while ensuring accuracy and regulatory compliance:
- The AFR and IFR records will be available in Draft Mode on the Licensee Portal timeline.
- Licensees will need to access the records and provide the required financial figures as outlined in the submission form.
- After completing the submission, the report will be reviewed as part of the MGA's regulatory oversight.
How to Stay Compliant
Licensees should plan ahead to meet these new reporting deadlines. Timely submission of both AFRs and IFRs is essential to maintain compliance with MGA regulations. Additionally, understanding the distinction between these reports and audited financial statements will ensure clarity in meeting all financial reporting obligations.
Want to learn more?
For further assistance or to discuss how BDO Malta can support you in fulfilling these requirements, contact our gaming compliance and accounting experts. Get in touch