CTN - Company Services Limited : Malta as a Tax Friendly Jurisdiction

CTN Company Services Limited

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	Malta as a Tax Friendly Jurisdiction


Confidentiality The management and administration provisions of the Income Tax Act have been incorporated into a new Income Tax Management Act. This Act includes the investigative and search powers of the Inland Revenue Department. Confidentiality A number of provisions have been enacted in the Income Tax Management Act to limit the powers of the Inland Revenue Department to carry out searches and request information. These restrictions are intended to conform with the provisions of the new Professional Secrecy Act and to protect certain financial services activities. In particular, the powers of search cannot be exercised unless the Inland Revenue has reasonable grounds to suspect that an evasion of Maltese tax is involved. The search itself is now restricted under the provisions of the Professional Secrecy Act preventing the inspection of certain documents. A request for information is no longer allowed to be served on any of the following licensed persons: banks insurance companies persons carrying on investment business under the Investment Services Act collective investment schemes stockbrokers except for the purpose of determining the taxable income of the licensed person.