March
2008
Malta has adopted the European Union's monetary
policy and has joined the Euro zone with effect from the 1st January
2008, replacing the island's Malta Lira. The rate of exchange is
irrevocably fixed at Lm1 = Eur 2.33.
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More
January
2008
Malta has adopted the European Union's monetary
policy and has joined the Euro zone with effect from the 1st January
2008, replacing the island's Malta Lira. The
rate of exchange is irrevocably fixed at Lm1 = Eur 2.33.
Read
More
January
2007
Following pressure from the European Union on
Malta to remove the discrimination in its corporate taxation laws
between resident and non-resident shareholders, corporate taxation has
been reformed and now varies between zero and 10% for all shareholders.
Read
More
January
2006
VAT on lease-purchases of Malta registered yachts
makes it possible to pay 5.4% VAT on registration of yachts in Malta
New
guidelines issued by the VAT Department have reduced the rate of VAT on
pleasure yachts registered in Malta to 5.4%
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More
November
2005
Changes to Capital Gains Tax rules on sale
of real estate.
New
tax regulations introduced in the Budget for November 2005 have
changed the rules applicable to Capital Gains Tax on sale of real
estate in Malta.
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More
July
2005
Registration of Commercial Yachts now possible in Malta
New
regulations published by the Malta Maritime Authority now
makes it possible to register commercial yachts in Malta. The
attractive tax advantages still make the Maltese flag one of the
best flags to have within the European Union and the business of
yacht chartering is exempt form VAT with credit, making the
chartering business the most competitive within the European Union.
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More
June
2005
Malta taps into the lucrative Captive Insurance Business
Regulations
just introduced by the Malta Financial Services Authority now allows
Re-Insurance and Captive Insurance with very attractive tax
advantages.
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More
May
2005
MFSA grants Professional Trustee Status to our corporate subsidiary
Griscti
& Chetcuti is proud to announce that its corporate subsidiary,
International Beneficiary Services Ltd is amongst the very first
companies to have been licensed by the MFSA to act as professional
trustees in Malta in terms of the Trusts and Trustees Act 2004.
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More
October
2004
Residence in Malta: new residence regulations with more
tax advantages
The
management of the Permanent Residence Scheme has been transferred from
the Dept. for Citizenship and Expatriate Affairs to the Office of the
Inland Revenue. The conditions for obtaining a permit
and the flat rate tax of 15% on remitted income only have been retained
as under the previous scheme. However a new regulation allows
holders of Permanent Residence Permits to remit all their world-wide
income to Malta free of tax provided the said income is re-transferred
out of Malta during the same tax year. In other words, whereas
previously income remitted to Malta was taxed on the basis of the
remittance itself, under the new scheme only income remitted and
retained in Malta will be taxed.
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More
May
2004
European and other pensions can be remitted to Malta free from
income tax
and taxed in Malta at 15%
Malta
has negotiated 34 Double Taxation treaties (click
here for a list of treaties). Not many persons who are in receipt of a pension in
one of these thirty-four counties know that in terms
of the Double
Taxation Treaties, such pensions who take up residence in Malta can have their pensions remitted
to them in Malta free of any income tax in the state where the pension
arises.. The remitted pension is then
taxed in Malta at just 15% allowing for substantial savings to be made.
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More
May
2004
UK pensions can be remitted to Malta free from UK income tax
and taxed in Malta at 15%
Not many
UK citizens who are in receipt of a pension in the UK know that in terms
of the Double
Taxation Relief (Taxes on Income) (United Kingdom of Great Britain and
Northern Ireland) Order, 1995 (Articles 18 and 19(2)), UK
citizens who take up residence in Malta can have their pensions remitted
to them in Malta free of any UK income tax. The remitted pension is then
taxed in Malta at just 15% allowing for substantial savings to be made.
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More
May
2004
Malta and accession to the European Union
Malta
joined the European Union on May 1, 2004. Read how the accession
of Malta to the European Union impacts on the situation of the
following:
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More
April
2004
Yacht registration with 5% EU compatible VAT
Malta extends time limit until 15th April 2004
Early
this year the Maltese Government introduced a system whereby yacht
owners could register their yachts in
Malta
and pay 5% VAT on the market value of the yacht.
Such yachts would be considered to be VAT-paid for EU purposes
as soon as
Malta
joins the European Union on
1st May, 2004
. The offer was valid
until
31st March, 2004
.
Following the large interest shown in the offer, the Maltese
Government has extended the offer by another fifteen days,
that is until
the 15th April, 2004
.
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More
January
2004
Update
to the Portuguese tax law on offshore companies
Redomiciliation
of Isle of Man companies to Malta now possible
A
new law seeks to punitively tax offshore companies owning real estate
in Portugal. A list of undesirable jurisdictions has been drawn
up including Gibraltar, Jersey, Guernsey, Isle of Man, British Virgin
Islands and others and companies registered in these jurisdictions
will have to pay the tax or redomicile elsewhere. Malta is not
seen as an offshore jurisdiction and is acceptable to the Portuguese
authorities. Until recently it was possible to redomicile
companies established in Gibraltar, Guernsey, Jersey, British Virgin
Islands and the Cayman Islands but companies established in the Isle of
Man were not allowed to redomicile - the Isle of Man law has now been
changed to allow change of domicile to Malta
Residence