ARTICLE · 16 JUNE 2022

The Act For The Budget Measures Implementation Act For Financial Year 2022

KPMG Malta

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Act VII of 2022 contains fiscal amendments to implement some of the Budget Measures for 2022.

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KPMG Malta

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Following the last Budget Speech and the parliamentary debates on Bill 247, the Budget Measures Implementation Act, 2022 ('the Act') was published on 8 February 2022. The Act contains amendments to several laws including the Income Tax Act ('ITA') and Duty on Documents and Transfers Act ('DDTA'). We highlight herein the salient changes to these fiscal laws.

Exemption on transfers of listed securities

The income tax exemption which was previously reserved to transfers of shares listed, or in consequence of a listing, and transfers of securities in a prescribed fund listed on a 'stock exchange recognised under the Financial Markets Act' is now applicable to transfers made on a stock exchange 'recognised by the Commissioner for the purpose of this provision'. It is understood that such amendment is aimed at securing the same tax exemption on transfers of securities listed on foreign stock exchanges to that accorded to securities listed on the Malta Stock

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