Malta and Macau have recently signed an agreement to work together to prevent tax evasion and tax avoidance. The agreement was signed in Beijing, China on 30 May 2013 and is expected to enter into force in January 2014. In terms of the treaty, authorities in Macau and Malta will share data on the financial position and...
The International Monetary Fund (IMF) has recently issued an important statement about Malta and its banking sector. Despite the difficult circumstances in the rest of Europe, the IMF gave Malta’s banks a clean bill of health. The IMF’s board of directors noted that: “The banking system [in Malta] is sound and risks from its large...
The Government of Malta has published Legal Notice 167 of 2013 which contains the rules governing the Global Residence Programme, a new residence programme which allows non-EU residents who buy high-value property and pay taxes in Malta to benefit from a residence permit. Click here to access the relevant legal notice and here to read about the programme’s launch.
The Government of Malta has recently issued Legal Notice 152 of 2013 which brings into force amendments to the Highly Qualified Persons Rules. These amendments shall be deemed to have come into force on 1 January, 2012. The Highly Qualified Person Rules apply a beneficial tax rate of 15%, on employment income derived in respect of work or...
The State of Kuwait has recently inaugurated a new embassy in Balzan, Malta. During the inauguration of the embassy, Malta’s Foreign Minister stated that “the intensification of bilateral contacts between our two countries has been greatly enhanced, notably in recent years, with 12 agreements signed since 2010”. Malta opened an embassy in Kuwait City, Kuwait...
The provision dealing with limited liability companies having the status of a private exempt company (article 211 of the Companies Act) has recently been amended to remove the condition that for a company to qualify for such status, no body corporate could hold, or have interest in, any shares or debentures of that company. Accordingly, as long...
The Government of Malta has launched the Global Residence Programme, a new residence programme for foreigners. This programme is intended to replace the High Net Worth Individuals (HNWI) Rules launched in September 2011. The Global Residence Programme shall reduce the minimum value of immovable property bought in Malta by foreigners to €275,000 (from €400,000). Moreover,...
Filippo Maria Arcaleni, from David Zahra & Associates Advocates, have recently participated in an business convention on intellectual property held at the Malta Enterprise head office at Gwardamangia Hill on Friday 24 May 2013. The event was organised by ACBGroup (www.acbgroup.com). This event brought together various Italian professionals in the field of law and accountancy...
David Zahra, partner at David Zahra & Associates Advocates, shall be delivering a presentation during a breakout session on ‘Limiting Auditor Liability’ during the SMP Forum 2013 organised by the Malta Institute of Accountants on Tuesday 21 May 2013 at the Hilton Malta, St Julians. The SMP Forum is organised by the Small and Medium...
David Zahra and Filippo Maria Arcaleni, from David Zahra & Associates Advocates, have recently participated in a Malta Enterprise business delegation to Siracusa, Sicily. The event brought companies from Sicily and Malta which are interested in tapping business opportunities in such jurisdictions. DZ&A had the opportunity to meet the President of the Siracusa branch of...
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