The Company Tax System in Malta

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2 The Company Tax System in Malta Maltese companies are subject to tax at 35% Malta s tax system adopts a full imputation system Effective system for relief of double taxation Compliant with EU law

3 Maltese Corporate Vehicles Taxed corporate vehicles at 35% Limited liability companies (both public and private) Partnership en commandite the capital of which is divided into shares. Foreign branches in Malta are treated as local companies for tax purposes. Annual audit to be GAPSE/IFRS compliant. Share capital may be effected in any foreign convertible currency Tax is payable in the company s reporting currency. Any applicable refund of tax is made in the company s reporting currency.

4 Full Imputation System Shareholders receive full credit for any tax paid by the company on profits distributed as dividends, thus avoiding double taxation. Excess imputation tax credits are refundable where the shareholder is liable to tax in Malta on the dividend at a rate which is lower than the company rate of tax. tax on No withholding taxes on payment of dividends No tax on dividend income received

5 Full Imputation System - Example Chargeable Income of ABC Ltd % 35 Profit after taxation available for distribution 65 Taxation of the shareholder receiving dividend Gross Dividend 100 Tax deducted by ABC Ltd. 35 Net dividend 65

6 Effective System for Relief of Double Taxation Unilateral relief, including credit system for relief of underlying tax. The foreign tax suffered is allowed as a credit against the tax chargeable in Malta on the gross chargeable income. Credit shall not exceed the total tax liability in Malta on the foreign sourced income. OECD-based Tax Treaty Network. EU Parent-Subsidiary Directive. EU Interest & Royalties Directive. Participation Exemption.

7 Double Taxation Agreements Signed and Ratified: Albania Australia - Austria Barbados - Belgium Bulgaria - Canada China - Croatia - Cyprus - Czech Republic Denmark Egypt Estonia - Finland - France Georgia - Germany -Greece - Hungary - Iceland - India - Ireland - Isle of Man - Italy - Jersey Jordan - Korea Kuwait - Latvia Lebanon - Libya Lithuania Luxembourg - Malaysia - Montenegro - Morocco Netherlands - Norway - Pakistan - Poland Portugal Qatar - Romania - San Marino - Serbia Singapore - Slovakia - Slovenia - South Africa Spain Sweden Switzerland Syria Tunisia- United Arab Emirates - United Kingdom - USA Signed but not yet ratified: Palestine & Israel Bahrain- Hong Kong Uruguay Initialed/Being Negotiated: Bosnia and Herzegovina Ukraine Oman Thailand Turkey Saudi Arabia

8 Malta s Tax Agreements With the EU Retain the current full imputation tax system so as to allow tax refunds. Extend refunds to dividends from all sources of income and to all shareholders irrespective of their tax residence. Extend refunds to branches of foreign companies of tax paid in Malta. Maintain the definition of Participation Holding Introduction of Participation Exemption within the participating holding concept

9 Available tax refunds in Malta Tax refunds applicable to shareholders upon distribution of profits vary as follows; 100% refund for income derived from participating holdings. 6/7ths of the company tax in respect to trading activities. 5/7ths of the company tax in respect to passive interest and royalties. 2/3rds refund on income where the Maltese company is entitled to claim double taxation relief.

10 Computation of a 6/7ths refund DIVIDENDS

11 Participating Holding (PH) A PH arises where the Malta Company: Holds > 10% of the equity shares of a foreign company; or Holds at least 1 equity share in said foreign company and has an option over the balance; or Holds at least 1 equity share in said foreign company and has a right of first refusal over the balance; or Holds at least 1 equity share in said foreign company and has the power to appoint a director; or Has an equity shareholding in said foreign company of at least 1.165m which has been held for an uninterrupted period of at least 183 days; or Holds equity shares in said foreign company in furtherance of its business provided that it is not held as trading stock. Equity shares are shares which confer upon the holder the entitlement to: dividends upon distribution; votes at a meeting; surplus assets upon a winding up

12 Participation Exemption At the option of the taxpayer, dividends and capital gains derived from a PH are exempt from Malta tax. The Foreign Company must: be resident or incorporated in an EU country or territory; or be subject to any foreign tax of at least 15%; or not have more than 50% of its income derived from passive interest or royalties. Where none of the conditions set out above are satisfied then both of the following two conditions must be satisfied for the income to be eligible for the participation exemption : the equity holding by the company registered in Malta in the body of persons not resident in Malta is not a portfolio investment and for this purpose the holding of shares by a company registered in Malta in a body of persons not resident in Malta which derives more than 50% of its income from portfolio investments shall be deemed to be a portfolio investment; AND the body of persons not resident in Malta or its passive interest or royalties have been subject to any foreign tax at a rate which is not less than 5%.

13 Tax Rulings Procedure for formal rulings exists Provide certainty on the legal application to a specific transaction; Binding on Inland Revenue for 5 years; Survives a change in law for 2 years; Issued within 30 days of application. Informal system of Revenue guidance is also possible In the form of a letter of guidance from Revenue; Not expressly regulated in terms of law; Creates a legitimate expectation on which the taxpayer may rely; Considered by the Inland Revenue Department as binding.

14 Additional Advantages No tax on dividend income received No withholding taxes on dividends distributions out of Malta to non-residents Not withholding taxes on outbound payment of interest to non-residents No capital gains tax on the disposal of securities between non residents or between Maltese companies owned by non residents No tax on the liquidation of a company Companies can act as both trading and holding with no tax disadvantages Branches of foreign companies are treated as separate entities with full entitlement to tax refunds

15 Additional Advantages No thin capitalization rules No Stamp duty upon transfer of shares between non residents Possibility of transfer of group losses Minimum share capital requirements (only 1,200 which can be utilized by the company) Low registration fees and low cost base to operate from

16 High Net Worth Individuals - Malta Tax Residence Must hold a qualifying property holding purchased property for EUR 400,000; or rented property of EUR 20,000 p.a. Non-Maltese domiciliary. In possession of health insurance together with stable and regular resources. Pass a fit and proper test For more details please see our ebook on personal tax found here.

17 Taxation of HNWI 15% tax with possibility to claim double tax relief. Minimum tax of EUR 20,000/ EUR 25,000 An additional minimum tax of EUR 2,500 / EUR 5,000 per dependent. Rules for Non-EU/Non- EEA/Non-Swiss If beneficiary intends to become a long-term resident one must enter into a qualifying contract that contemplates a financial bond of Euro 500,000 and an additional Euro 150,000 per dependant, to cover potential social costs

18 HIGHLY QUALIFIED PERSONS RULES Expatriates in receipt of income payable in terms of a qualifying contract of employment in respect of activities carried out in Malta, may opt to be subject to tax on such income at a flat rate of 15%. The minimum annual amount which may be taxable at 15% is 75,000, adjusted annually with RPI Any qualifying income above 5,000,000 is not subject to tax in Malta. In order to qualify under the scheme the individual must: be employed by a company licensed and / or recognised by the Malta Financial Services Authority ( MFSA ) or the Lotteries and Gaming Authority ( LGA ) (the Competent Authority ); and hold an eligible office. For More information please see our personal tax ebook here.

19 Contact Us Tri-Mer Services Limited is a licensed company which provides full nominee, fiduciary and corporate services in Malta. The Firm can assist the client in everyday operations of their company whilst also providing updates on changes in laws, as well as sound advice in the financial side of the business. We are also independent partners of: We trust that you have found this information to your benefit. Should you require any assistance or have any further questions please do not hesitate to contact us. Address Suite 2, International House, Naxxar Road San Gwann, SGN9032, Malta Follow us on:

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