|
The
legislative amendments to the Income Tax Act passed by the Maltese Parliament
in 1994 represent the most significant single development of fiscal policy
in Malta since its independence and is another important step in achieving
the objective of developing Malta as an international financial and trading
centre.
The
amendments to the Income Tax Act have the following fundamental objectives:
-
to assist in the retention
of Maltese wealth and to encourage its repatriation particularly when exchange
controls are removed;
-
to promote international
investment in Malta;
-
to support the development
of a financial services centre in Malta;
-
to provide certainty
and clarity on international tax issues through the introduction of a system
of advance revenue rulings;
-
to simplify and ease
the administration of the tax collection process, largely by moving tax
collection, as far as possible, to withholding at source; and
-
to consolidate Malta's
tax legislation into a more coherent body of law and to introduce a new
Income Tax Management Act which contains all the provisions on collection
and administration.
This
document presents an overview of the series of tax regimes which cover
all aspects of taxation in Malta:
-
domestic;
-
international;
-
administration; and
-
collection.
|
Malta
as a Tax Friendly Jurisdiction
