Finance
Proposed Changes to the Remittance Basis of Taxation
Following the 2018 Budget, delivered by the Minister of Finance earlier in October this year, one of the changes being proposed in the said Budget Bill, relates to the remittance basis of taxation.
Read more: Proposed Changes to the Remittance Basis of Taxation
Electronic Money Institutions in Malta
Electronic Money Institutions in Malta are regulated by the Financial Institutions Act, Chapter 376 of the laws of Malta (hereinafter referred to as the ‘Act’) following Directive 2009/110/EC (hereinafter the ‘Directive’) and are defined as those institutions which are licenced by the Malta Financial Services Authority (hereinafter referred to ‘MFSA’ or the ‘competent authority’) authorised to issue electronic money. Electronic Money is defined by the Third Schedule of the Act and refers to electroni...
Escrow Services
Due to the increase of global commercial transactions, there has been a demand for third parties to a commercial transaction to hold an asset, such as monies, funds or immovable property and deliver the same to a grantee once the agreed conditions have been met. The commercial transaction and the conditions thereto, as well as the identification of the parties to the transaction and the escrow agent are generally specified in an escrow agreement. Integritas Group Ltd is authorised to act as a trustee and provide fiduciary services under the...
Budget 2015 Highlights
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Income tax to be reduced to 25%
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Excise tax of 20% per litre on wine
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Excise tax on cigarettes, tobacco, mobile phones and cement
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Older cars will face higher licences
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Price of unleaded petrol to be reduced by 2c and diesel by 1c
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Excise duty to be introduced on polluting fish farms
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Stamp duty waiver for first time buyers is extended by 6 months
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Cost of Living Increase is 58c per week
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Unemployed people aged under 23 will be urged to follow training under youth guarantee scheme or lose their unemployment benefit
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9,000 families at risk of poverty will be given a bonus of Euro 400 for each of their children, as long as they receive an attendance rate of 95% in school
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Payment for maternity leave raised to minimum wage for last four weeks
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Animal rights to be enforced
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Government will invest 8 million Euros to create an Intelligent Traffic Management System to monitor roads and junctions and advise drivers on alternative routes as required
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Reduce electricity tariffs for businesses by 25%
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Build a motorsport track and run the Marsa racetrack
Acquire a Bank Licence in Malta
Introduction Banks in Malta are regulated by the Banking Act, 1994 (hereinafter referred to as the ‘Act’) together with the Banking Rules provided by the Malta Financial Services Authority (hereinafter referred to as ‘MFSA’), which are binding on licence holders. The business of banking is defined in the Act as the business of a person who accepts deposits of money from the public withdrawable or repayable on demand or after a fixed period or after notice, or who borrows or raises money from the public (including the ...
