ARTICLE · 13 JUNE 2022

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

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Following last week's budget speech by the Minister of Finance, Bill No. 247 was published, which Bill includes provisions to implement some Budget Measures for the Financial Year 2022...

MaltaTax

John Ellul Sullivan

Lisa Zarb Mizzi

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Following last week's budget speech by the Minister of Finance, Bill No. 247 was published, which Bill includes provisions to implement some Budget Measures for the Financial Year 2022 and other administrative measures. We highlight herein the salient income tax measures proposed in such Bill. The Bill, as is or with amendments, would be expected to be enacted in the first quarter of 2022.

Amendments to the Income Tax Act

Exemption on transfers of listed securities

The Bill proposes an amendment to secure the same tax exemption on transfers of securities listed on stock exchanges in the European Union / European Economic Area as that accorded to securities listed on the Malta Stock Exchange. More specifically, the Income Tax Act currently exempts from tax the transfer of shares listed, or in consequence of a listing, and the transfer of securities in a prescribed fund listed on a 'stock exchange recognised under the Financial Markets Act'. The Bill proposes to

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