The Seminar will address the Capital Gains Taxes on the transfer of Securities in terms of the Maltese Income Tax Act. During the Seminar, the following will be tackled:
- The scope of the capital gains rules including an analysis of the disposals of securities that are subject to tax as capital gains and those which fall outside the scope of the capital gains tax provisions;
- The concept ‘controlling interest’ and illustration of how a transfer of a controlling interest impacts the calculation of the chargeable capital gain;
- Computing capital gains upon the transfer of securities for both individuals and companies, including:
- Determining the transfer value of shares;
- Defining and computing ‘goodwill’ in arriving at the value of shares;
- Computing the amount of allowable expenditure in determining the cost of acquisition;
- Calculating the inflation allowance and maintenance allowance available to transferors in determining the cost of acquisition;
- Illustrating the adjustment to the cost of acquisition when transferring shares in a company that has immovable property and/or investments in another company;
- The tax implications of a transfer of shares listed on a recognised stock exchange;
- The treatment of capital losses for both individuals and companies;
- The concept of a ‘group’ for the purposes of capital gains, and the reliefs that are available to members of such a group;
- The treatment of transfers between spouses or between close relatives or between companies within the same group;
- The tax implications on capital gains where assets have been acquired in causa mortis; and
- The applicability of the exemptions from tax upon the disposal of certain securities including the disposal of participating holdings.
Faye Marie Gauci Grech is a Manager in the tax function at KPMG in Malta. She joined KPMG in 2015 after graduating with a Masters in Accountancy from the University of Malta, with an overall distinction. Faye is part of the Income Tax Compliance, Domestic Tax Advisory, and Incentive Legislation teams of KPMG. She has advised a number of large domestic companies and also international organisations in various industries. Faye has accumulated extensive knowledge and experience in relation to companies that benefit from incentives offered by the Maltese Government and the EU. Moreover, she advises and provides assistance to companies on financing structures and group restructuring, in particular in relation to the setting up of corporate structures in Malta. Faye is a Certified Public Accountant and a member of the Malta Institute of Accountants. She is an ACCA lecture at KPMG Learning Academy.