Showing posts from November, 2011

Malta, Bermuda, sign tax information exchange agreement

A tax information exchange agreement has been signed between Malta and Bermuda.
Bermuda’s Ministry of Finance said the agreement was signed in London by Maltese High Commissioner Joseph Zammit Tabona and by Premier Paula Cox J.P. for Bermuda.
The TIEA provides for a full exchange of information between the two countries on tax matters. Premier Cox said this was a further demonstration of Bermuda’s commitment to being a responsible player in the global finance sector.

Read the full article here.

Malta Budget 2012 - Property sales, rentals and conservation incentives

Budget 2012 
Housing Highlights

Full report available from KPMG in pdf file format here.

In order to promote the regeneration of urban zones, a number of incentives are being introduced with respect to the acquisition, restoration and conservation of scheduled buildings in Grades 1 and 2 and properties in Urban Conservation Areas (UCAs):

1. Property transferred between heirs is exempt from duty on documents on transfers until 31st. December 2013;

2 A 20% rebate of costs of restoration (up to a maximum of €5,000) to individuals who restore their property;

3. Individuals or companies investing in the restoration of their properties for the purpose of sale or rent may benefit from the following concessions:

i. Income from rent of residential purposes: subject to a 10% final withholding tax;ii. Income from rent for commercial purposes: subject to a 15% final withholding tax; andiii. Income from property sale: subject to a 10% (instead of 12%) final withholding tax on the sales proceeds or 30…

UK tax axe falls on overseas property investors

Overseas property owners based in the UK are about to be targeted by a new HM Revenue & Customs "affluent unit", which has been set up by the British government to address what it sees as tax avoidance by the rich.

A new team of 200 taxation investigators and specialists has been established by HMRC to identify wealthy individuals who, amongst other things, own land and property abroad … such as a holiday home.

OPP understands that the tax attack unit will concentrate on overseas property assets first, and then switch its attention to UK-based commodity traders (who have been accused of helping to drive up food prices,) before looking into the number of UK residents who hold offshore investment accounts.

HMRC says that it will be using sophisticated "data mining" techniques to try and track down people who own overseas properties, but do not pay the right amount of tax.

Read the full article dated 07 Nov 2011 on OPP (Overseas Property Professional) here.

Hong Kong and Malta sign tax treaty

Hong Kong and Malta have signed a double taxation avoidance agreement and the prevention of fiscal evasion.
The agreement was signed today by Professor K C Chan, representing Hong Kong, and ambassador Joseph Cassar.......

"The CDTA clearly sets out the allocation of taxing rights between the two jurisdictions and the relief on tax rates on different types of passive income, thus helping investors to better assess their potential tax liabilities from cross-border economic activities. The agreement will boost closer economic and trade ties between the two places, and provide added incentives for companies in Malta to do business or invest in Hong Kong, and vice versa," the Hong Kong government said in a statement.

Read the full article on The Times of Malta here.

Tigne Point highrise tower planning application withdrawn - To be replaced by open landscaped area.

Plans to build a high-rise tower at Tigné Point have been scrapped, The Times can reveal. Instead, the tower, which was proposed by real estate developer Midi and opposed by Sliema residents, will be replaced by open landscaped space.

The consortium, which owns the multimillion euro project in Sliema, has withdrawn its planning application to amend the Tigné north master plan. Sliema residents and those who registered a formal objection to the development application have been told about the change in plans in a letter from the planning authority.

“The planning authority has been notified by the applicant of the withdrawal of the application, which was intended to amend the Tigné north master plan,” the letter said.

Read the full Times of Malta article here.