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Maltese Laws |
B 129
INCOME TAX ACT (CAP. 123)
INCOME TAX MANAGEMENT ACT (CAP. 372)
Trusts (Income Tax) Regulations, 2006
IN exercise of the powers conferred by articles 5 and 27D of the Income Tax Act, and of articles 42 and 58 of the Income Tax Management
Act, the Prime Minister and Minister of Finance has made the following regulations>–
1. (1) The title of these regulations is the Trusts (Income Tax) Regulations, 2006.
(2) These regulations shall be deemed to have come into force on 1st January, 2005.
2. (1) Trustees of a trust that are persons resident in Malta have the obligation to ensure that such trust is registered for
the purposes of the Income Tax Acts. Such registration is to be made on Form Trusts
01 contained in Schedule 1 hereto within 30 days from the date of appointment of the first trustee that is a person resident in Malta,
or from the date of publication of these regulations, whichever is the later
date. The said form shall be signed by each of the trustees of such trust that are persons resident in Malta, and such resident trustees
shall have the joint obligation to submit the said form to the Commissioner>
Provided that the provisions of this subregulation do not apply to those cases referred to in paragraphs (b) and (c) of subarticle
(3) of article 27D of the Income Tax Act.
(2) An election for the purposes of the treatment of the income attributable to a trust as income derived by a company ordinarily
resident and domiciled in Malta, as provided for in subarticle (1) of article 27D of the Income Tax Act, shall be made on Form Trusts
01 contained in Schedule 1 hereto.
(3) An application to the Commissioner for a determination under the provisions of subarticle (2) of article 27D of the Income
Tax Act shall be made within 30 days from the date of appointment of the first trustee that is a person resident in Malta, and that
is in possession
Citation and cmmencement.
Registration of trust by trustee.
B 130
Return in respect
of gains on transfer of beneficial interests.
Return with respect to income attributable to
trust for which determination has been made.
Return with respect to income attributable to a trust for which
a valid election has been made.
Return with respect to income
for which no election has been made.
of a valid licence issued in terms of the Banking Act or of the Financial
Institutions Act on Form Trusts 01 contained in Schedule 1 hereto.
3. The return to be made under the provisions of paragraph (e) of subarticle (19) of article 5 of the Income Tax Act by a trustee
in respect of the gains arising on the transfer of beneficial interest, shall be made on Form Trusts 02 contained in Schedule 2 hereto.
4. (1) The return to be made under the provisions of paragraph (iv) of subarticle (2) of article 27D of the Income Tax Act by
a trustee with respect to the income attributable to a trust for which a determination has been made in terms of subarticle (2) of
article 27D of the Income Tax Act shall be made on Form Trusts 03 contained in Schedule 3 hereto. This return shall be signed by
at least one trustee of such trust that is a person resident in Malta and that is in possession of a valid licence issued in terms
of the Banking Act or of the Financial Institutions Act. Such trustee shall have the obligation to submit the said return to the
Commissioner.
(2) Where a determination has been made in terms of subarticle (2) of article 27D, tax in relation to the income attributable to
such trust is payable not later than the tax settlement date.
5. The return to be made under article 10 of the Income Tax Management Act by a trustee with respect to the income attributable
to a trust for which a valid election as provided for in subarticle (1) of article 27D of the Income Tax Act has been made, shall
be made on the same form which has been prescribed to be used by companies for the declaration of their income. Such return shall
be signed by at least one trustee of such trust that is a person resident in Malta and such resident trustee shall have the obligation
to submit the said form to the Commissioner.
6. The return to be made under article 10 of the Income Tax Management Act by a trustee with respect to the income attributable
to a trust for which no election as provided for in subarticle (1) of article
27D of the Income Tax Act has been made, and no determination under the provisions of subarticle (2) of article 27D of the Income
Tax Act has been made, shall be made on Form Trusts 04 contained in Schedule
4 hereto. Such return shall be signed by at least one trustee of such trust that is a person resident in Malta and such resident trustee
shall have the obligation to submit the said form to the Commissioner.
7. The information referred to in article 24B of the Income Tax Management Act shall be submitted to the Commissioner in the Form
Trusts 05 contained in Schedule 5 hereto.
8. (1) Where a person intends to transfer assets referred to in subparagraphs (i) and (ii) of paragraph (a) of subarticle (1)
of article 5 of the Income Tax Act, which transfer constitutes a settlement of property on trust or a distribution or reversion of
property settled on trust, and no tax is payable on such transfer in accordance with any of the relevant provisions of subarticles
(18), (21), (22) and (24) of article 5 of the Income Tax Act, such person may make and submit a declaration in duplicate to the Commissioner
on Form Trusts 06 contained in Schedule
6 hereto not later than seven days prior to the said transfer. This form shall be signed by all the persons making the transfer and
must be signed
by at least one person that is either the trustee of the relevant trust provided that such trustee is authorised to act as trustee
in terms of article 43 and 43A of the Trusts and Trustees Act, or an advocate or a notary. A copy of a duly filled in Form Trusts
06 that is stamped as received by the Commissioner, shall constitute sufficient evidence to the relevant notary for the non-payment
of provisional tax in relation to such transfer. A copy of the said stamped Form Trusts 06 that is presented to the relevant notary
shall be annexed to the relevant instrument of transfer of assets.
(2) The Commissioner shall retain all the relevant powers conferred by the Income Tax Acts concerning the transfer of assets referred
to in the Form Trusts 06, even after having stamped such Form as received.
9. The certificate referred to in sub-paragraph (ii) of paragraph (b) of subarticle (4) of article 27D of the Income Tax Act shall
contain the information specified in Schedule 7 hereto.
10. For the purposes of subarticle (2) of article 42 of the Income Tax Management Act, and notwithstanding anything contained in
any regulations made thereunder, no provisional tax shall be payable in respect of the income attributable to a trust unless a valid
election as provided for in subarticle (1) of article 27D of the Income Tax Act has been made.
B 131
Information to be submitted.
Intention to transfer trusts.
Certificate to contain prescribed information.
Conditions for payment
of provisional tax.
B 132
(Regulation 2.)
SCHEDULE 1Form Trusts 01 | Registration of Trust for the Purposes of the Income Tax Acts | |||||||||||||||||||||||||||||
Registration of Trust for the Purposes of the Income Tax Acts | ||||||||||||||||||||||||||||||
Inland Revenue - Malta | 1. Purpose In pursuance of the provisions of the Income Tax Acts and relevant regulations made thereunder, the trustees of a trust that are persons resident in Malta need to register the said trust for the purposes of the Income Tax Acts where there is income attributable to such trust as provided for in the said Acts. Form Trusts 01 is required to be furnished to the Commissioner of Inland Revenue for this purpose by the said trustee. This form may also be used for the purposes of (i) the election to have the income attributable to such trust to be treated as though it was income of a company ordinarily resident and domiciled in Malta in terms of Article 27D(1) of the Income Tax Act; and (ii) the application for a determination that the trust is of a temporary nature in terms of Article 27D(2) of the Income Tax Act. 2. When to File This return is to be completed and forwarded so as to reach the Department of Inland Revenue not later than 30 days from the date of appointment of the first trustee that is a person resident in Malta. 3. Accompanying Documents A copy of the written instrument establishing/evidencing the trust in the case of an election under Article 27D(1) of the Income Tax Act or an application for a determination in terms of Article 27D(2) of the Income Tax Act, together with such other documents specified in this form are to be attached. 4. Signatures This return is to be signed by each of the trustees of the trust that are persons resident in Malta. In certain cases as specified in this form, the trustee(s) may need to have particular authorisation(s) or licence(s). 5. Where to File The completed return is to be submitted to: Commissioner of Inland Revenue, Department of Inland Revenue, Floriana Commissioner of Inland Revenue, Floriana | |||||||||||||||||||||||||||||
Inland Revenue - Malta | Part 1 – Details of Trust | |||||||||||||||||||||||||||||
Inland Revenue - Malta | Name of Trust: | |||||||||||||||||||||||||||||
Inland Revenue - Malta | ||||||||||||||||||||||||||||||
Inland Revenue - Malta | ||||||||||||||||||||||||||||||
Inland Revenue - Malta | ||||||||||||||||||||||||||||||
Inland Revenue - Malta | Date of Establishment of Trust: | d | d | m | m | y | y | y | y | |||||||||||||||||||||
Inland Revenue - Malta | Date of Appointment of First Resident Trustee: | d | d | m | m | y | y | y | y | |||||||||||||||||||||
Inland Revenue - Malta | First Year of Assessment | y | y | y | y | |||||||||||||||||||||||||
Inland Revenue - Malta | Type of Trust: Fixed Interest Trust 1 Discretionary Trust 1 Accumulation & Maintenance Trust 1 Protective Trust 1 Charitable Trust 1 Other (please specify) 1 | For Official Use Only Trust Income Tax No. Determination/Election Ref. No. Received: | ||||||||||||||||||||||||||||
Type of Trust: Fixed Interest Trust 1 Discretionary Trust 1 Accumulation & Maintenance Trust 1 Protective Trust 1 Charitable Trust 1 Other (please specify) 1 | For Official Use Only Trust Income Tax No. Determination/Election Ref. No. Received: | |||||||||||||||||||||||||||||
For Official Use Only Trust Income Tax No. Determination/Election Ref. No. Received: | ||||||||||||||||||||||||||||||
Page 1. |
B 133
Part 2 – Contact Information | ||||||||||||||||||||||||||||||||||||
Name of Resident Trustee(s): Income Tax No: | ||||||||||||||||||||||||||||||||||||
Contact Details: | ||||||||||||||||||||||||||||||||||||
House No. | ||||||||||||||||||||||||||||||||||||
Street | ||||||||||||||||||||||||||||||||||||
Locality | ||||||||||||||||||||||||||||||||||||
Post Code | ||||||||||||||||||||||||||||||||||||
Country | ||||||||||||||||||||||||||||||||||||
Telephone No. | Fax No. | |||||||||||||||||||||||||||||||||||
Part 3 – Details of Settlor(s) and Beneficiaries (Optional except for cases where a valid election in terms of Article 27D(1) of the Income Tax Act or a determination in terms of Article 27D(2) of the Income Tax Act has been made) | ||||||||||||||||||||||||||||||||||||
Part 3a – Settlor(s) | ||||||||||||||||||||||||||||||||||||
Name: Income Tax No: (where applicable) | ||||||||||||||||||||||||||||||||||||
Part 3b – Beneficiaries | ||||||||||||||||||||||||||||||||||||
Name: Income Tax No: (where applicable) | ||||||||||||||||||||||||||||||||||||
Page 2 |
B 134
Part 4 – Taxation Details
Note: Mark [a] as appropriate
Election in terms of Article 27D(1) of the Income Tax Act
The undersigned trustee(s) that have been granted authorisation as trustee(s) under the provisions of Article
43(3) of the Trusts and Trustees Act are hereby irrevocably electing that the chargeable income attributable to the above named trust be computed as if such income was derived by a company ordinarily resident and domiciled in Malta in terms of Article 27D(1) of the Income Tax Act. The said trustee(s) also declare that the
income attributable to this trust shall comprise only income in the form of royalties, dividends, capital gains,
interest, rents or any other income from investments.
---------------------------------------------------------------------------------------------------------------------------------------
Application for Determination in terms of Article 27D(2) of the Income Tax Act
The undersigned trustees are hereby applying for a determination that the above named trust is of a temporary nature in terms of article 27D(2) of the Income Tax Act. The undersigned trustees are all in possession of a valid licence issued in terms of the Banking Act or the Financial Institutions Act, a copy of which is being attached herewith. A brief description of the purpose of establishment of this trust and of the transactions involved, together with an estimated duration of this trust are being given hereunder.
Purpose of Trust:
Transactions Involved:
Estimated Duration:
---------------------------------------------------------------------------------------------------------------------------------------
Taxation under Article 27D(3) of the Income Tax Act
The undersigned trustees declare that no election or application mentioned in the two previous paragraphs shall be made and that the provisions of paragraphs (b), (c), (d) and (e) of Article 27D(3) of the Income Tax Act shall apply to the above named trust.
Page 3
B 135
Part 5 – Supplementary Information | |||
Please give any other details and information you consider necessary | |||
Part 6 – Statement and Signature(s) | |||
I (we) declare that: • I am (We are) attaching herewith all documents required in connection with the registration of the above named trust; and • I am (We are) aware of all the requirements under the Income Tax Acts in relation to the above named trust; and • I (we) have examined the contents of this return and to the best of my (our) knowledge and belief, it is true, correct and complete. | |||
Name: | Signature: | Indicate Residency of Trustee: | Date: |
Page 4 |
B 136
(Regulation 3.)
SCHEDULE 2Form
Trusts
02
Declaration by Trustee –Transfer of Beneficial Interest in a Trustin terms of Article 5(19) of the Income Tax Act (Cap. 123)
1. Purpose
In pursuance of the provisions of the Income Tax Acts, a beneficiary that transfers a beneficial interest in a trust is
liable to pay tax on gains from such transfer at the rate specified in Article 56(6) of the Income Tax Act through the trustee of such trust. This form (Trusts 02) is required to be furnished by the trustee to the Commissioner of
Inland Revenue for this purpose.
2. Applicable Transfers
Transfers of beneficial interest in respect of which such a liability is triggered are transfers of beneficial interest in
any trust the property of which includes immovable property, securities and any other asset referred to in article
5(1)(a)(i) and 5(1)(a)(ii) of the Income Tax Act in terms of Article 5(19) of the Income Tax Act.
3. When to File
This return is to be completed and forwarded so as to reach the Department of Inland Revenue not later than the
14th day following the end of the month in which the trustee had collected the tax from the transferor of beneficial interest. The said transferor is to effect the relative payment of tax to the trustee not later than 45 days from the date on which the transfer instrument was executed.
4. Accompanying Documents
Together with this form, the trustee needs to attach an authenticated copy of the transfer instrument and a copy of
the last financial statements of the relevant trust.
5. Signatures
This return is to be signed by at least one trustee of the trust that is a person resident in Malta.
6. Where to File
The completed return (together with the payment of tax) is to be submitted to: Commissioner of Inland Revenue,
Department of Inland Revenue, Floriana
Commissioner of Inland Revenue, Floriana
Part 1 – Details of TrustName of Trust:
Trust Income Tax Registration No.:
Part 2 – Details of Transfer of Beneficial Interest
d d m m y y y y
Date of Transfer of Beneficial Interest:
Consideration for the Transfer (MTL):
Tax due on the Consideration (MTL):
For Official Use Only
Received:
Page 1.
B 137
Part 3 – Details of Trust Property | |||
Taxable Trust Property (e.g. Immovable, Shares, Bonds, Patent etc.) | Details of Property (Address, location, investment company etc.) | Date of Settlement or Acquisition | Value/Cost at time of Settlement/ Acquisition MTL |
Part 4 – Statement and Signature(s) | |||
I (we) declare that: • I (We) have been provided with an authenticated copy of an executed transfer instrument in connection with a transfer of beneficial interest in the above mentioned trust; and • I am (We are) aware of all the requirements under the Income Tax Acts in relation to the above named trust pursuant to the transfer of such beneficial interest; and • I (we) have examined the contents of this return and any other accompanying documents, and to the best of my (our) knowledge and belief, they are true, correct and complete; and • I am (We are) herewith attaching payment of tax due on the transfer of beneficial interest. | |||
Name: | Signature: | Indicate Residency of Trustee: | Date: |
Page 2 |
B 138
SCHEDULE 3(Regulation 4(1))
Form
Trusts
03
Income Tax Return and Self Assessmentwith respect to the Income Attributable to a Trust
where a Determination in terms of Article 27D(2) of the Income Tax Act (Cap. 123) has been made
Mark [a] as appropriate:
First Tax Return 1
Final Tax Return 1
Other 1
1. Purpose
In pursuance of the provisions of the Income Tax Acts, the trustee of a trust in relation to which a determination in
terms of subarticle (2) of article 27D of the Income Tax Act has been made, is required to furnish the Commissioner of Inland Revenue with a true and correct declaration of the income attributable to such trust for a year of assessment, as well as a true and correct declaration of the property settled in such trust. Form Trusts 03 is to be used for the purpose of such declaration.
2. When to File Return
This return is to be completed and forwarded so as to reach the Department of Inland Revenue not later than the end of
June following the year in which the income attributable to the trust was derived.
3. Scope of Declaration
Income derived during the twelve months commencing on the 1st January of the year immediately preceding the year of assessment shown on this return is to be declared in this return together with a valuation of the property settled into such trust.
4. Accompanying Documents
Together with this return there needs to be attached (i) financial statements certified by a person in possession of
warrant granted under the Accountancy Profession Act; (ii) statements giving full details of income and property declared where not enough space is provided for in this return; (iii) any other statement which in the opinion of the trustee or the person in possession of the said warrant would give a complete and clear view of the tax situation of the trust.
5. Full Disclosure
All income attributable to the trust for the year in question is to be disclosed, whether it is derived in Malta or elsewhere
and whether received in Malta or not. All property settled into such trust is to be disclosed whether it is situated in
Malta or elsewhere. No part of this return is to be left blank. Where there is nothing to declare, the word “NONE”
should be entered.
6. Signatures
This return is to be signed by the person who is in possession of the above-mentioned warrant and who certifies the
financial statements accompanying this return and by at least one trustee of the trust that is a person resident in Malta.
7. Where to File
The completed return is to be submitted to: Commissioner of Inland Revenue, Department of Inland Revenue, Floriana
Commissioner of Inland Revenue, Floriana
For Official Use Only
Received:
Page 1.
B 139
Part 1 – Changes in Details concerning the TrustPart 1a. - New Name of Trust:
Part 1b. - Persons no longer Resident Trustees: Income Tax No:
(where applicable)
Part 1c. - New Resident Trustees: Income Tax No:
(where applicable)
Part 1b. - Persons no longer Beneficiaries: Income Tax No:
(where applicable)
Part 1c. - New Beneficiaries: Income Tax No:
(where applicable)
Part 1d. - New Contact Details:
House No.
Street
Locality
Post Code
Country
Telephone No. Fax No.
Page 2.
B 140
Part 2 – Declaration of Income Attributable to a Trust
Item Description Local Foreign TotalMTL MTL MTLIncome:Interest Income 1
Dividends 2
Capital Gains 3
Rents 4
Income from Intellectual Property 5
Other Investment Income 6
Other Income 7
Chargeable Income Attributable8
to a Trust (Add lines 1 through 7)Tax thereon 9Tax Paid during the Year 10Tax Due/Overpaid (subtract line 10 from 9) 11Part 3 – Declaration of Values of Trust Property (Values in accordance with financial statements) | |||||
Item Description | Local | Foreign | Total | ||
MTL | MTL | MTL | |||
Immovable Property | |||||
Shares | |||||
Bonds | |||||
Other financial instruments | |||||
Patents | |||||
Other Intellectual Property | |||||
Bank Deposits | |||||
Cash | |||||
Other Liquid Assets | |||||
Other Assets | |||||
Totals | |||||
Totals | |||||
Page 3 |
B 141
Part 4 – Supplementary Information | |||
Please give any other details and information you consider necessary | |||
Part 5 – Statement(s) and Signature(s) | |||
Person in possession of a warrant issued under the Accountancy Profession Act | |||
I declare that: • I am aware of all the relevant requirements under the Income Tax Acts in relation to Part 2 of this return; and • I have examined the contents of Part 2 of this return, including any attachments to this return which are specifically connected thereto, and to the best of my knowledge and belief, it is true, correct and complete. | |||
Name: | Signature: | Designation: | Date: |
Trustees in possession of a valid licence issued in terms of the Banking Act or the Financial Institutions Act | |||
I (we) declare that: • I am (We are) aware of all the relevant requirements under the Income Tax Acts in relation to the above named trust; and • I (we) have examined the contents of this return, including any attachments thereto, and to the best of my (our) knowledge and belief, it is true, correct and complete. | |||
Name: | Signature: | Indicate Residency of Trustee | Date: |
Page 4 |
B 142
SCHEDULE 4(Regulation 6.)
Form
Trusts
04
Income Tax Return and Self Assessmentwith respect to the Income Attributable to a Trust
in terms of Article 24A of the Income Tax Management Act (Cap. 372)
Mark [a] as appropriate:
First Tax Return 1
Final Tax Return 1
Other 1
1. Purpose
In pursuance of the provisions of the Income Tax Acts, the trustee of a trust is required to furnish the Commissioner of
Inland Revenue with a true and correct declaration of the income attributable to such trust for a year of assessment, as well as a true and correct declaration of those amounts allocated to the beneficiaries of such trust for the same year. Form Trusts 04 is to be used for the purpose of such declaration. This form, however, is not to be utilised in those cases where an election has been made so that the income attributable to the trust is to be computed in the same manner as income of a company ordinarily resident and domiciled in Malta, or where a determination in terms of the provisions of Article 27D(2) of the Income Tax Act has been made.
2. When to File Return
This return is to be completed and forwarded so as to reach the Department of Inland Revenue not later than the end of
June following the year in which the income attributable to the trust was derived.
3. Scope of Declaration
Income derived and allocations made during the twelve months commencing on the 1st January of the year immediately
preceding the year of assessment shown on this return are to be declared in this return.
4. Accompanying Documents
Together with this return the following documents, where applicable, are to be attached:
• Financial statements certified by a person in possession of warrant granted under the Accountancy Profession Act;
• Statements giving full details of income declared and deductions claimed;
• Statements showing details requested in this return where not enough space was provided therein;
• Documents supporting claims for tax credits;
• Any other statement which in the opinion of the trustee or the person in possession of the said warrant would give a complete and clear view of the tax situation of the trust.
5. Full Disclosure
All income attributable to the trust for the year in question is to be disclosed, whether it is derived in Malta or elsewhere
and whether received in Malta or not. No part of this return is to be left blank. Where there is nothing to declare, the word “NONE” should be entered.
6. Signatures
This return is to be signed by the person who is in possession of the above-mentioned warrant and who certifies the
financial statements accompanying this return and by at least one trustee of the trust that is a person resident in Malta.
7. Where to File
The completed return is to be submitted to: Commissioner of Inland Revenue, Department of Inland Revenue, Floriana
Commissioner of Inland Revenue, Floriana
For Official Use Only
Received:
Page 1.
B 143
Part 1 – Changes in Details concerning the TrustPart 1a. - New Name of Trust:
Part 1b. - Persons no longer Resident Trustees: Income Tax No:
(where applicable)
Part 1c. - New Resident Trustees: Income Tax No:
(where applicable)
Part 1b. - Persons no longer Beneficiaries (optional): Income Tax No:
(where applicable)
Part 1c. - New Beneficiaries (optional): Income Tax No:
(where applicable)
Part 1d. - New Contact Details:
House No.
Street
Locality
Post Code
Country
Telephone No. Fax No.
Page 2.
B 144
Part 2 – Declaration of Income Attributable to a Trust | |||||
Item Description | Local | Foreign | Total | ||
MTL | MTL | MTL | |||
Interest Income | 1 | ||||
Dividends | 2 | ||||
Capital Gains | 3 | ||||
Rents | 4 | ||||
Income from Intellectual Property | 5 | ||||
Other Investment Income | 6 | ||||
Other Income | 7 | ||||
Chargeable Income Attributable to a Trust (Add lines 1 through 7) | 8 | ||||
Chargeable Income Attributable to a Trust (Add lines 1 through 7) | 8 | ||||
Exemptions: Specify Type of Income Exempted | Specify under which Legislation | ||||
9 | |||||
10 | |||||
Total Exemptions (Add lines 9 through 10) | 11 | ||||
Deductions: Income Attributable to a Trust Allocated to Beneficiaries - | |||||
Vested Rights for Income in the Year | 12 | ||||
Entitlement Bestowed during the Year | 13 | ||||
Amounts Distributed during the Year | 14 | ||||
Expenses in the production of Income | 15 | ||||
Trustee Fees | 16 | ||||
Professional Fees (including Audit and Accountancy fees) | 17 | ||||
Other Administrative Fees | 18 | ||||
Total Deductions (Add lines 12 through 18) | 19 | ||||
Chargeable Income Attributable to a Trust (Subtract lines 11 and 19 from 8) | 20 | ||||
Chargeable Income Attributable to a Trust (Subtract lines 11 and 19 from 8) | 20 | ||||
Tax thereon: | Rate of Tax | ||||
21 | |||||
22 | |||||
Total Tax (Add lines 21 through 22) | 23 | ||||
Tax Credits: Unilateral Relief | 24 | ||||
Tax at Source | 25 | ||||
Total Credits (Add lines 24 through 25) | 26 | ||||
Tax Payable (Subtract line 26 from line 23) | 27 | ||||
Tax Payable (Subtract line 26 from line 23) | 27 | ||||
Tax Paid During the Year | 28 | ||||
Tax Paid During the Year | 28 | ||||
Tax Due/Overpaid (Subtract line 28 from 27) | 29 | ||||
Page 3. |
B 145
Part 3 – Declaration of Amounts Allocated to Beneficiaries (Amount allocated in terms of Article 27D(4) of the Income Tax Act) | ||||||||||||||||||||||||||||||
Name of Beneficiary | ||||||||||||||||||||||||||||||
House No. | ||||||||||||||||||||||||||||||
Street | ||||||||||||||||||||||||||||||
Locality | Post Code | |||||||||||||||||||||||||||||
Country | I.T. No. | |||||||||||||||||||||||||||||
Type of Income: | Country of Source: | Date of Allocation | Amount Allocated MTL | Tax Paid on behalf of Beneficiary MTL | ||||||||||||||||||||||||||
Name of Beneficiary | ||||||||||||||||||||||||||||||
House No. | ||||||||||||||||||||||||||||||
Street | ||||||||||||||||||||||||||||||
Locality | Post Code | |||||||||||||||||||||||||||||
Country | I.T. No. | |||||||||||||||||||||||||||||
Type of Inc.: | Country of Source: | Date of Allocation | Amount Allocated MTL | Tax Paid on behalf of Beneficiary MTL | ||||||||||||||||||||||||||
Name of Beneficiary | ||||||||||||||||||||||||||||||
House No. | ||||||||||||||||||||||||||||||
Street | ||||||||||||||||||||||||||||||
Locality | Post Code | |||||||||||||||||||||||||||||
Country | I.T. No. | |||||||||||||||||||||||||||||
Type of Inc.: | Country of Source: | Date of Allocation | Amount Allocated MTL | Tax Paid on behalf of Beneficiary. MTL | ||||||||||||||||||||||||||
Name of Beneficiary | ||||||||||||||||||||||||||||||
House No. | ||||||||||||||||||||||||||||||
Street | ||||||||||||||||||||||||||||||
Locality | Post Code | |||||||||||||||||||||||||||||
Country | I.T. No. | |||||||||||||||||||||||||||||
Type of Inc.: | Country of Source: | Date of Allocation | Amount Allocated MTL | Tax Paid on behalf of Beneficiary MTL | ||||||||||||||||||||||||||
Page 4. |
B 146
Part 4 – Declaration of Values of Trust Property (Values in accordance with financial statements) | |||||
Item Description | Local | Foreign | Total | ||
MTL | MTL | MTL | |||
Immovable Property | |||||
Shares | |||||
Bonds | |||||
Other financial instruments | |||||
Patents | |||||
Other Intellectual Property | |||||
Bank Deposits | |||||
Cash | |||||
Other Liquid Assets | |||||
Other Assets | |||||
Total | |||||
Total |
Part 5 – Declaration of Income from Trust Property | |||||
Description of Trust Property | Location Mark [a] as appropriate | Income from Trust Property MTL | |||
Local | Foreign | ||||
Total Income from Trust Property | |||||
Total Income from Trust Property | |||||
Page 5 |
B 147
Part 6 – Supplementary Information | |||
Please give any other details and information you consider necessary | |||
Part 7 – Statement(s) and Signature(s) | |||
Person in possession of a warrant issued under the Accountancy Profession Act | |||
I declare that: • I am aware of all the relevant requirements under the Income Tax Acts in relation to Part 2 of this return; and • I have examined the contents of Part 2 of this return, including any attachments to this return which are specifically connected thereto, and to the best of my knowledge and belief, it is true, correct and complete. | |||
Name: | Signature: | Designation | Date: |
Trustees | |||
I (we) declare that: • I am (We are) aware of all the relevant requirements under the Income Tax Acts in relation to the above named trust; and • I (we) have examined the contents of this return, including any attachments thereto, and to the best of my (our) knowledge and belief, it is true, correct and complete. | |||
Name: | Signature: | Indicate Residency of Trustee | Date: |
Page 6 |
B 148
(Regulation 7.)
SCHEDULE 5Form
Trusts
05 Declaration by Settlor –
in terms of Article 24B of the Income Tax Management Act (Cap. 372)
1. Purpose
In pursuance of the provisions of the Income Tax Acts, a settlor that is a person resident in Malta that settles
property in a trust, the trustees of which are all persons not resident in Malta, needs to inform the Commissioner of such settlement. This form (Trusts 05) is to be used for this purpose.
2. Applicable Settlements
This form is to be used where a person or persons resident in Malta settle property in a trust, the trustees of which
are all persons not resident in Malta.
3. When to File
This return is to be completed and forwarded so as to reach the Department of Inland Revenue not later than 30
days from the date of the relevant settlement of property in trust.
4. Accompanying Documents
Together with this form, the settlor needs to attach an authenticated copy of the relevant trust instrument or any
other document evidencing the existence of the relevant trust.
5. Signatures
This return is to be signed by the settlor of the relevant trust.
6. Where to File
The completed return is to be submitted to: Commissioner of Inland Revenue, Department of Inland Revenue,
Floriana
Commissioner of Inland Revenue, Floriana
Part 1 – Details of Settlor and TrustName
House No.
Street
Locality Post Code:
Country
Settlor’s Income Tax Registration No.:
Name of Trust:
Date of Establishment of Trust:
d d m m y y y y
Jurisdiction under the Law of which the Trust was Established:
For Official Use Only
Received:
Page 1.
B 149
Part 2 – Details of Property Settled in Trust | ||
Type of Property (Immovable, Shares, Bonds, Patent etc.) | Details of Property (Address, location, investment company etc.) | Value at time of Settlement or Acquisition MTL |
Part 3 – Statement and Signature(s) | ||
I (we) declare that: • There has been a settlement of property in a trust, the trustees of which are all persons not resident in Malta; and • I (we) have examined the contents of this return and any other accompanying documents, and to the best of my (our) knowledge and belief, they are true, correct and complete. | ||
Name: | Signature: | Date: |
Page 2 |
B 150
(Regulation 8.)
SCHEDULE 6Form Trusts 06 | Declaration of Intention of Transfer of Assets involving a Trust – for the purposes of Article 43(2) of the Income Tax Management Act (Cap. 372) | |||||||||||||||||||||||||||||||||
Declaration of Intention of Transfer of Assets involving a Trust – for the purposes of Article 43(2) of the Income Tax Management Act (Cap. 372) | ||||||||||||||||||||||||||||||||||
Inland Revenue - Malta | 1. Purpose Certain transfers of assets involving trusts may not attract income tax. In such cases, a person intending to make such a transfer may submit a declaration in duplicate to the Commissioner of Inland Revenue. Where a notary has evidence that such a declaration has been received by the Commissioner of Inland Revenue, it shall constitute sufficient evidence for the non-payment of provisional tax for the purposes of Article 43(2) of the Income Tax Management Act. This form (Trusts 06) is to be used for this purpose of such declaration. 2. Applicable Transfers This form is to be used in the case of a settlement, distribution or reversion where under the relevant provisions of subarticles 5(18), (21), (22) and (24) of the Income Tax Act no tax is payable. 3. When to File This return is to be completed and forwarded so as to reach the Department of Inland Revenue not later than 7 days prior to the date of the relevant transfer of assets. 4. Accompanying Documents Together with this return there needs to be attached (i) statements giving details of persons transferring the assets and of details relating to the assets being transferred where not enough space is provided for in this return; (ii) any other statement or document which in the opinion of the persons signing this form would support the declaration made in Part 3. 5. Signatures This return is to be signed by all the persons intending to effect the relevant transfer of assets and must be signed by a person that is either the authorised trustee of the relevant trust, an advocate or a notary. 6. Where to File The completed return is to be submitted to: Commissioner of Inland Revenue, Department of Inland Revenue, Floriana Commissioner of Inland Revenue, Floriana | |||||||||||||||||||||||||||||||||
Inland Revenue - Malta | Part 1 – Details of Person(s) intending to transfer assets | |||||||||||||||||||||||||||||||||
Inland Revenue - Malta | Name(s) of Person(s) intending to transfer assets: Income Tax No.: | |||||||||||||||||||||||||||||||||
Inland Revenue - Malta | ||||||||||||||||||||||||||||||||||
Inland Revenue - Malta | ||||||||||||||||||||||||||||||||||
Inland Revenue - Malta | ||||||||||||||||||||||||||||||||||
Inland Revenue - Malta | ||||||||||||||||||||||||||||||||||
Inland Revenue - Malta | ||||||||||||||||||||||||||||||||||
Name of Trust (where applicable): | ||||||||||||||||||||||||||||||||||
Trust Income Tax No. (where applicable): | ||||||||||||||||||||||||||||||||||
For Official Use Only Received: | ||||||||||||||||||||||||||||||||||
Page 1. |
B 151
Part 2 – Details of Property to be transferred | |||
Type of Property (Immovable, Shares, Bonds, Patent etc.) | Details of Property (Address, location, investment company etc.) | Value/Cost at time of Settlement/Acquisition MTL | |
Part 3 – Statement and Signature(s) | |||
I (we) declare that: • The person(s) referred to in Part 1 of this form intend(s) to transfer assets, which transfer constitutes a settlement/distribution/reversion of property; • No tax is payable in connection with the said transfer in accordance with the provisions of: .............................................................................................................................................................; and • I (we) have examined the contents of this return and to the best of my (our) knowledge and belief, they are true, correct and complete. | |||
Name: | Signature: | Designation: | Date: |
Trustee/Advocate/Notary | |||
Page 2 |
B 152
SCHEDULE 7(Regulation 9.)
Information to be included in the certificate issued by the trustee to the beneficiary of a trust upon an allocation:
1) Amounts over which the beneficiary has vested right.
2) Amounts over which an entitlement has been bestowed to the beneficiary.
3) Amounts distributed to the beneficiary. For each of the above, the trustee is to specify:
1. Date of allocation
2. Date of distribution (where applicable)
3. The type of income
4. The country of source
5. The gross amount
6. Any foreign tax suffered on such amounts
7. The net amount.
8. Declaration by trustee, where applicable, that tax has been paid in terms of subparagraph (iii) of paragraph (b) of subarticle (4) or article 27D of the Income Tax Act.
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 96ç – Price 96c
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