In June, Finance Minister Edward Scicluna launched the Asset Registration Scheme 2014 with a warning that “the government is determined and will make full use of tools to address tax evasion.” The minister is now armed with multilateral agreements between countries for the exchange of information between tax authorities.
Individuals and companies should grab the opportunity to register undeclared eligible assets, located both locally and abroad. The scheme is also open to individuals who find themselves in possession of undeclared assets through inheritance. When assessing whether an investment or any other asset is declared or undeclared it is important to assess the origin of the funds and whether that income was declared at the outset.
The fact that one has been paying tax at source on the income generated from an investment does not mean that the assets are declared. The registration of assets will be done against a one-time registration fee of 7.5 per cent of the value of the asset, while a rate of 5 per cent will apply in the case of assets held abroad and which are repatriated to Malta. The scheme will close on September 30, 2014.
For further information and to register your assets contact Jesmond Mizzi Financial Advisors who is an appointed registration agent on 8007 2206 or visit one of their branches in Valletta, Birkirkara, Ta’ Xbiex or St Paul’s Bay.