On 30th April 2015, Act XIII of 2015 “Budget Measures Implementation Act, 2015”, (“the Act”) has been enacted by the Maltese Parliament which transposes into legislation the budget measures for 2015. The below are the salient fiscal measures included in the Act.
- Amendments to the definition of a ‘Company’ and the definition of a ‘Dividend’
- Amendments to the definition of ‘foreign income account’
- Clarification in relation to the Remittance Basis of Taxation
- Changes to the Participation Exemption
- Changes relating to tax accounting dividend distribution ranking
- Changes to the definition of ‘Advance Company Income Tax’
- Refunds on profits distributed by former International Trading Companies
- Flat-rate-foreign-tax-credit to apply to companies that opted to allocate profits to the Immovable Property Account
- New Rules regulating the tax treatment of Civil Unions
- Changes to the Property Transfers Tax System
- New Tax Exemptions for Disability Trusts and Disability Foundations
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