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September 2011 High Net Worth Indivduals scheme Act XVI of 2011 introduced amendments to the Income Tax Act granting the possibility to the Minister of Finance to establish rules granting a special tax status to certain individuals. Thus on the 15 September 2011 a new scheme was launched by Finance Minister to replace the Permanent Residence Scheme in terms of Section 7 of the Immigration Act, called the High Net Worth Individual Rules scheme (HNWIRs), whereby eligible individuals may acquire a special residency and tax status. No new permits will be issued in terms of the Permanent Residence Scheme. For further information send an email to contact@antelopetrustees.eu. May 2011 MFSA 2010 report The Malta Financial Services Authority (MFSA) has published the Annual Report for 2010. In his forward statement to the report Authority Chairman, Professor Joe Bannister, remarks that 2010 was a year of steady progress for Malta’s financial services industry, with a regular flow of new licenses being issued in almost all sectors across the year. March 2011 Highly qualified persons rules Financial services professionals may now apply for a reduced rate of tax on employment income earned in Malta. Eligible offices are listed in a comprehensive manner and relate to the regulated financial services sectors. (vide LN106, published on the 25th March). For further information send an email to contact@antelopetrustees.eu. November 2010 Double Taxation Agreement – United States of America The Double Taxation Treaty with the United States of America was ratified late this month. With a few exceptions, the bulk of the provisions treaty is effective for the taxable periods starting 1st January 2011. For further details please contact contact@antelopetrustees.eu. June 2010 Aircraft Registration in Malta Act VIII was published this month introducing new legislation covering the registration of aircraft in Malta. The Act introduces some novel concepts and incentivizes the registration of aircraft in Malta. For further information send an email to contact@antelopetrustees.eu. February 2010 Shipping The Legal Notice 83, 2010, published 16th February 2010 extended the tax advantages granted to shipping organisations even to profits generated by vessels flagged overseas. Previously, such benefits were extended only to income generated by vessels flying the Malta flag in Malta. Benefits are also extended to the chartering of vessels or ship management activities. Conditions apply ensuring EU directives are satisfied. For further information send a mail to contact@antelopetrustees.eu. Double Taxation Agreements – Georgia, Qatar The Double Taxation Agreements with Georgia and Qatar have been signed and enter into force on the 1st January 2011. (vide LN65, published on the 5th February 2010 and LN 69, published on the 9th February 2010) January 2010
Film industry The Legal Notice 50 of 2010, published 26th January 2010 extended the application deadline to financial incentives for the audiovisual industry up to the 31st December 2012 (from 31st December 2009). These incentives are in the form of a tax-free rebate of up to 22% of eligible expenditure given as a cash grant to qualifying companies on completion of a qualifying production. For further information send a mail to contact@antelopetrustees.eu. MOU with China Banking Regulatory Commission The MFSA has successfully concluded and signed a Memorandum of Understanding (MOU) with the China Banking Regulatory Commission (CBRC). The MOU establishes an arrangement for the sharing of supervisory information and shall enhance co-operation in the area of banking supervision to the extent permitted by the laws and regulations in force in Malta and the People’s Republic of China. Chinese Qualified Institutional Investors (QDII) are now able to invest on behalf of Chinese investors into Malta domiciled investment funds. Companies licensed by the MFSA will also be able to access the Chinese Qualified Foreign Institutional Investor status and invest directly in China. November 2009 Double Taxation Agreement – Montenegro The Double Taxation Agreement with Montenegro has been signed and enters into force on the 1st January 2010 (vide LN343, published on the 24th November 2009). September 2009
At the September 2009 Country Classification Review, the FTSE Policy Group approved the change to the designation of Malta in the FTSE Global Equity Index Series. To this end, Malta will be added to the FTSE Global Equity Index Series as a Frontier market in September 2010; For the complete FTSE Global Equity Index Series Country Classification see the September 2009 Update by following this link: http://www.ftse.com/Indices/Country_Classification/Downloads/FTSE_Country_Classification_Sept_09_update.pdf This month a Double Taxation Treaty was signed with the Republic of Serbia. This Treaty which is based on the OECD Double Taxation Treaty Model enters into force in Malta on the 1st day of the month January following its ratification. For further details please contact contact@antelopetrustees.eu. April 2009
Malta has just signed a Double Taxation Treaty with Jordan. The two countries have also agreed to set up a Business Council so as to strengthen commercial ties. A Protocol that amends the current Double Taxation Agreement with Lebanon has also been signed. For further details please contact contact@antelopetrustees.eu
March 2009
The Double Taxation Treaty was ratified at the end of this month with the United Arab Emirates. This treaty is effective as of year of assessment 2009. Progress on the tax treaty network continues as the treaty with Ireland was ratified and is effective as of year of assessment 2010. December 2008
2008 has proved to be a very busy and rewarding year for On the 18th of December, And finally, in the last week of December a new text and protocol were signed with We now await the ratification and entry into force of both these treaties which will replace the current treaties in place. |