Assets listed on MSE included in registration scheme

The Central Bank said yesterday the registration scheme launched by the Ministry of Finance has been extended to cover a wider range of eligible assets.

In addition to currency notes and local bank deposits denominated in lira and euro, assets that are eligible to be registered under this scheme now also include securities denominated in lira and euro that have a primary listing on the Malta Stock Exchange. Such listed securities include Malta Government bonds, Treasury bills, corporate bonds, shares and participation in collective investment funds investing mainly in locally listed securities.

In view of this extended list of eligible assets, the title of the scheme has been changed from Currency And Bank Deposits Registration Scheme 2007 to Special Registration Scheme 2007.

The purpose of this scheme is to provide individuals residing here with a one-time opportunity to regularise their position in respect of their holdings of eligible assets in those cases where the associated income has not been declared for the purposes of the Income Tax Act.

To benefit from the scheme, such eligible assets must be registered with registration agents appointed by the Central Bank. Such agents must be banks, stockbrokers and other authorised investment services providers as well as foreign exchange bureaux and other licensed financial institutions.

Registration of currency notes is subject to a one-time fee of four per cent of the registered amount, while registration of bank deposits and listed securities is subject to a fee of six per cent of the current market value of the registered amount.

The Special Registration Scheme expires at the end of July.