Fundamentals Level Skills Module, Paper F6 (MLA)
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2 Fundamentals Level Skills Module, Paper F6 (MLA) Taxation (Malta) Catherine Earnshaw and Heathcliffe Bell June 202 Answers and Marking Scheme (a) Heathcliffe and Catherine will be considered to be ordinarily resident in Malta because they have established a home in Malta. Their stay in Malta meets both a physical presence test and a quality of presence test. 2 Heathcliffe and Catherine will not be considered to be domiciled in Malta because they were born outside Malta and they do not intend to settle in Malta permanently. 3 (b) Chargeable income and tax payable year of assessment 202 Heathcliffe Bell Salary from Bets Limited 50,000 Bonus from Bets Limited 0,000 Fringe benefit villa (50% of 800 x 2) 4,800 Health insurance (exempt benefit) 0 Disturbance allowance (50 x 2) 600 Salary from Soft Limited (0,000 7,000) 3,000 Swiss bank interest (not taxable in Malta because not received in Malta) 0 Sub-total 68,400 Less Interest expense (not allowed, pre-trading) 0 Alimony payment (3,000) Financial assistance to son (not allowed) 0 School fees (not allowed, the Minister has not named any foreign schools) 0 Travel expenses (2,000) (5,000) 63,400 Tax payable by Heathcliffe 0 8,500 at 0% 0 8,500 4,500 at 5% 900 4,50 9,500 at 25%,250 9,50 63,400 at 35% 5,365 Total 7,55 Less tax paid under the part-time rules on Soft Limited salary in excess of 7,000 (450) Tax due 7,065 Catherine Earnshaw Salary from Bets Limited 80,000 Bonus from Bets Limited 40,000 Fringe benefit villa (50% of 800 x 2) 4,800 Health insurance (exempt benefit) 0 Vehicle fringe benefit (Category ) (Working) 5,00 Rental income of a trading nature (no maintenance allowance due to trading nature of income) 3,000 Foreign source capital gain (not taxable because of her non-domiciled status) 0 Sub-total 32,900 Less Refurbishment of Kappara home (not deductible, domestic expense) 0 Donation (not allowable, voluntary payment) 0 Repairs (Xemxija flat used in the production of income) (,000) Clothes, etc (non-deductible, expenses with a dual purpose) 0 (,000) 3,900 7
3 Working: Category Vehicle fringe benefit Vehicle value (7% of 50,000) 8,500 Maintenance value Nil (borne by employee) Fuel value Nil (borne by employee) Total 8,500 Private use percentage 60% 5,00 Tax due by Catherine 0 8,500 at 0% 0 8,50 4,500 at 5% 900 4,50 9,500 at 25%,250 9,50 3,900 at 35% 39,340 Total 4,490 9 (c) Mrs Bell (i) Tax status Mrs Bell is a temporary resident in Malta in the basis year 20 because: her stay in Malta is for a temporary purpose only; she has no intention of establishing a residence in Malta; and she actually resided in Malta for less than six months. 2 (ii) Income for the year of assessment 202 Interest income Exempt even though Malta source as non-resident (Art 2 ITA) 5 Pension income Outside scope of Malta taxation 5 Royalties Outside scope of Malta taxation 5 Rental payments Not taxable foreign source income not taxable in the case of temporary residents regardless of remittance
4 2 Malta Holdings Ltd (MHL) (a) Tax accounts for the basis year 20 Dividend Capital gain Profits from Dividend Overseas Profits from Dividend Dividend Unrealised from A Ltd from Branch X from IL rental Malta from B Ltd from D Ltd foreign participating transfer in tax non-participating income head office Maltese Maltese exchange holding of C Ltd haven holding subsidiary property gain shares company Final tax Final tax Foreign Foreign Foreign Maltese Maltese Maltese Untaxed account account income income income tax tax tax account (FTA) (FTA) account account account account account account (UA) (FIA) (FIA) (FIA) (MTA) (MTA) (MTA) 50,000 30,000 00,000 78,43 20, ,000 46,53 38,46 0, Maintenance allowance (24,000) (24,000) 96,000 Flat rate foreign tax credit (FRFTC) 25,000 24,000 50,000 30,000 25,000 78,43 20, ,000 46,53 38,46 (4,000) Tax at 35% 43,750 27,450 42,000 05,000 6,53 3,46 3 Less: FRFTC (25,000) (24,000) Less: Unilateral relief (W) (8,823) Less: Relief for underlying tax (capped to 8,627) (8,627) Less: Full imputation credit (6,53) (3,64) Malta tax due 0 0 8, ,000 05, Profits available for distribution 50,000 30,000 8,250 50,000 78,000 95,000 30,000 25,000 nil 5 20 Working Unilateral relief 50,000/ ,000 = 8,823 Underlying tax 58,823/ ,823 = 9,608 9
5 (b) Tax refunds due to shareholders Distributions from FTA No refunds available. Distributions from FIA refund available at 2/3rds where Malta tax due. on net dividend of 8,250 2/3 of 8,750 2,500 on net dividend of 50,000 0 on net dividend of 78,000 2/3 of 8,000 2,000 24,500 Distributions from MTA refund available of 6/7ths of Malta tax due. on net dividend of 95,000 6/7 of 05,000 90,000 on net dividend of 30,000 6/7 of 6,53 3,845 on net dividend of 25, ,845 As they each hold 50% of the shares in MHL, Barranija Ltd and Frustiera Ltd will each be entitled to 50% of the refunds Anthony Borg property transfers. Villa in Wardija, Malta The transfer will be exempt from tax because the property transferred has been owned and occupied by the transferee as his residence for more than three years Piece of arable land in Pembroke, Malta. The transfer will be exempt from tax because the transfer will occur by title of donation and the donee is a direct descendant of the donor Summer residence in Florence, Italy This transfer is a taxable transfer, but as Mr Borg acquired the property by title of inheritance in 990 (before 992), a special rate of tax of 7% on the value of the consideration of,300,000 will apply. This 7% tax is the final tax Lease (kera) The transfer of the lease is a taxable transfer which is subject to property transfer tax. Tax will be charged at 2% on the higher of the market value and the consideration. No consideration is being charged for the transfer, so the right will be deemed to have been transferred for a value of 250, Family business in Malta Annuities and annual payments are taxable receipts, so Mr Borg will be chargeable to income tax at progressive rates up to a maximum of 35% on each annual payment received Intellectual property rights (patents and trademarks) Patents and trademarks are chargeable assets for capital gains purposes. The capital gain is the difference between the consideration received and the cost of acquisition. As this is a gratuitous transfer, the consideration/transfer value will be based on the market values of 00,000 and 70,000, respectively, and the cost of acquisition on the amounts declared in the deed of inheritance. Tax will be charged on the capital gains at progressive rates up to a maximum of 35% Shareholding in Shares Limited This transfer constitutes a transfer of a controlling interest, since the aggregate nominal value of the shares held by Pablo after the transfer represents at least 25% of the issued nominal share capital of Shares Limited. The capital gain on the transfer will be the difference between the higher of the consideration and the market value of the shares and the cost of those shares plus an inflation allowance. Tax will be charged on the capital gains at progressive rates up to a maximum of 35%. 2 20
6 The market value of the shares is 57,500, i.e. 50% of the net asset value of the company of 00,000 plus two years average profits of 5,000. As this is higher than the consideration of 20,000, the market value will be taken as the selling price of the shares. The cost of the shares is their nominal value, Cession of rights in Dividends Limited The cession will constitute a transfer of a controlling interest in Dividends Limited. The capital gain will be calculated in the same way as for the transfer of the Shares Limited shares, by deducting the nominal value of the shares of 9,999, as adjusted for inflation, from the proportion of the market value of the company attributable to the holding of Mr Borg. 9. Shares in a company in which the Government of Malta has an interest The transfer represents 20% of the share capital of Gvern Limited, so does not constitute a transfer of a controlling interest. The capital gain will therefore be calculated as the difference between the consideration received of 00,000, and the nominal value of the shares of 200, as adjusted for inflation (a) Andref Partnership (i) Tax computation for the year of assessment 202 Trading Income Rents (Msida) 60,000 Rents (Swatar) 55,000 Profit/loss from sale of Gzira Property (working) 8, ,364 Less Interest expense (50,000) Capital allowances (30,000) (80,000) Add Passive Income Swiss bank interest 5,000 Profit for the year to be shared between the partners 48,364 Divided equally between: Andre (50%) 24,82 Josef (50%) 24,82 Total 48,364 Working: sale of Gzira property Consideration 50,000 Cost (2009) (00,000) Refurbishment (20) (30,000) Inflation allowance (00,000 x ( )/743 05) (3,636) Maintenance allowance (00,000 x 0 04 x 2) (8,000) 8,364 7 (ii) Partners salaries are considered to be a drawing from the partnership. As such they are not deductible in arriving at the divisible partnership profit nor are they a separate part of the individual partner s chargeable income. 2 2
7 (b) Sole trader balancing statements Commercial van Purchase price 50,000 Accumulated wear and tear allowances (5 years (2004 to 2008)) (50,000) Net written down value 0 Less: sale proceeds (35,000) Balancing charge 35,000 Non-commercial motor vehicle Purchase price (restricted to deemed value as per legal notice) 4,000 Accumulated wear and tear allowances (2 years (2009 & 200)) (5,600) Net written down value 8,400 Less sale proceeds (pro rata 4,000/5,000 x 0,000) (9,333) Balancing charge Finanziaria Ltd Value added tax (VAT) () The provision of a safe deposit box situated in Malta to a non-taxable person: VAT =,000 x 8% = 80 (2) The provision of investment advice to a Maltese taxable person: VAT = 50,000 x 8% = 9,000 (3) The provision of investment advice to a non-taxable person who is established outside the EU: VAT =,000 x 0% = 0 (4) The provision of payment services to a Maltese taxable person is an exempt service (VAT nil). (5) The provision of investment advice to a taxable person established in another EU Member State: This is a B2B supply, so the place of supply is where customer is established (VAT nil). 5 (6) The provision of investment advice to a Maltese non-taxable person: VAT = 50,000 x 8% = 9,000 (7) The supply of traveller s cheques to a foreign individual is an exempt service (VAT nil). (8) The supply of accountancy services to a taxable person established in Malta: VAT = 5,000 x 8% = 900 (9) The sub-letting of office space to a Maltese resident company registered for VAT purposes under article 0: VAT =,000 x 8% = 80 per month (0) The sale of its furniture on which VAT was originally recovered to a Maltese individual who is a non-taxable person: VAT = 00 x 8% = 8 (VAT is charged as normal on the sale)
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