Further to the communication issued by the Malta Gaming Authority (“MGA”) on 25 November 2021, licensees are hereby being reminded of their obligations stemming from Article 41(2)(b)(ii) and (iii) of the Gaming Authorisations and Compliance Directive (Directive 3 of 2018) which stipulates that:
- an Agreed-Upon Procedures Report drawn up in accordance with ISRS 4400 (Revised) Agreed-Upon Procedures Engagements in relation to the Gaming Tax and the Gaming Licence Fees applicable to the licensees which fall under the Maltese licence is submitted to the MGA (hereinafter “Gaming Revenue Declaration”); and
- in the case of B2C licensees providing gaming services by remote means, an Agreed-Upon Procedures Report drawn up in accordance with ISRS 4400 (Revised) Agreed-Upon Procedures Engagements in relation to the player funds, the jackpot funds, as well as the portion of Player Funds Account balance held by the licensees which fall under the Maltese licence, is submitted to the MGA (hereinafter “Player Funds Declaration”).
The said declarations shall be submitted to the MGA within one hundred and eighty (180) days from the end of the licensee’s financial year. By way of exception, the MGA will accept that the first round of declarations, which are required to be submitted for the financial year ending 31 December 2021 and which should have been submitted by 30 June 2022, may instead be submitted by 31 October 2022 to allow sufficient time for the licensees and practitioners to adjust to these new requirements.
Frequently Asked Questions
In view of the implementation of this new requirement, the MGA has collaborated with the Malta Institute of Accountants in preparing an FAQ document to address the questions received from licensees and practitioners.
For any clarification or additional guidance, licensees are kindly requested to contact the Malta Gaming Authority in accordance with the below:
For queries related to the Player Funds Declaration please send an email on [email protected].
For queries related to the Gaming Revenue Declaration please send an email on [email protected].
The post Auditor Player Funds and Gaming Revenue Declarations appeared first on Malta Gaming Authority.