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Income Tax Act (Cap. 123) Capital Gains (Amendment) Rules, 2007 (L.N. 37 Of 2007 )

INCOME TAX ACT (CAP. 123)Capital Gains (Amendment) Rules, 2007

Title.

L.N. 102 of

1993.

Amends rule 5 of the principal rules.

Amends Schedule A to the principal rules.

Amends Schedule C to the principal rules.

IN exercise of the powers conferred by articles 5 and 96 of the Income Tax Act, the Prime Minister and Minister of Finance has made the following rules:-

"5. This Notice shall be accompanied by an auditor’s signed report which shall form an integral part of the notice giving assurance (a) as to the agreement with the deed of acquisition of the purchase price of the relative property and (b) as to whether the values representing the said purchase price and the relative improvements have been properly extracted from the books and records of the company and (c) that the said values represent the historical cost of the property.".

(a) Part 4 thereof shall be deleted and Parts 5 and 6 shall be renumbered as Part 4 and Part 5 respectively; and
(b) The box at the end of the Schedule shall be deleted and a new Part 6 shall be added as follows:
"Part 6 - Declaration
I do hereby declare that the information submitted through this form is true and complete:
Transferor’s signature ........... Transferor’s name ...............

B 473

This Notice shall be accompanied by an auditor’s signed report which shall form an integral part of the notice, giving assurance as to (a) the fact that the transfer is a transfer of a controlling interest (including the grounds on which such statement is based) and (b) whether the computation of the market value of the shares being transferred has been properly prepared in accordance with the Capital Gains Rules.".

"Part 4 - Declaration
I do hereby declare that the information submitted through this form is true and complete:
Transferor’s signature .................. Transferor’s name ................
This Notice shall be accompanied by an auditor’s signed report which shall form an integral part of the notice and shall give assurance as to the fact that the transfer does not constitute a transfer of a controlling interest. The report shall be accompanied by a valuation by the auditor attesting the value of the said shares as required by the provisions of rule 5(10) of the Capital Gains Rules.".

(a) the present Parts 2 and 3 shall be renumbered as Part
3 and Part 4 respectively and a new Part 2 shall be added as follows:
"Part 2 - Details of Company in which shares are being transferred

Amends Schedule D to the principal rules.

Amends Schedule E to the principal rules.

B 474

(b) Part 4 thereof, as renumbered, shall be deleted and substituted by the following:
"Part 4 - Details of exemption
State under which of the following provisions of the Income Tax Act the share transfer is exempt:

and
(c) the box at the end of the Schedule shall be deleted and a new Part 5 shall be added as follows:
"Part 5 - Declaration
I do hereby declare that the information submitted through this form is true and complete:
Transferor’s signature ............. Transferor’s name .............
This Notice shall be accompanied by an auditor’s signed report which shall form an integral part of the notice and shall give assurance as to the fact that the transfer is exempt from tax under one of the circumstances mentioned in rule 5(14) of the Capital Gains Rules.".

Ippubblikat mid-Dipartiment ta’ l-Informazzjoni (doi.gov.mt) Valletta - Published by the Department of Information - (doi.gov.mt) - Valletta

Mitbug] fl-Istamperija tal-Gvern - Printed at the Government Printing Press

Prezz 12` - Price 12c