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To fully understand the tax opportunities that arise out of taxation of non-domiciled residents in Malta, it is essential to understand the meaning of domicile and resident status under Maltese law.
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.
Successive Maltese governments have sought to enter into double taxation agreements with other countries to encourage international trade and the growth of financial services, while at the same time curbing tax evasion.
If you are a resident and work in Malta, you are subject to pay Income Tax to the Inland Revenue Department. Taxation in Malta follows similar employment brackets to the rest of the EU. Income Tax contributions scale up as income increases and there are five brackets where the range spans from 0% up to 35% taxation on income. There are three rates - one for single individuals, one for married couples and one for parents.
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 ...
Malta and Curacao have started negotiating a double taxation agreement aimed to facilitate business and provide for exchange of information on tax matters to combat international tax avoidance and evasion. The agreement needs to be signed and ratified before it enters into force.
The Malta Financial Services Authority in its September newsletter has stated that according to the World Economic Forum (WEF) Malta has been classified as one of the top-20 financial services jurisdictions due to its sound banking infrastructure and Security Exchanges and significant improvement in its health and primary education sectors. Malta i...