Transfers of immovable property situated in Malta are regulated by Article 5A of the Income Tax Act. The purpose of this seminar is to discuss the evolvement of this Article since 2005, the year in which it was announced by the Minister of Finance at the time that certain transfers of immovable property situated in Malta will no longer be taxed in terms of Article 5 ITA. Instead such transfers became subject to tax in terms of Article 5A ITA, which instead imposed a Property Transfers Tax (PTT), a final tax on the value of the property rather than a tax on the gain. Taxpayers had in certain circumstances, the possibility to opt out of the PTT. Ten years later, the PTT went through another major overhaul wherein the possibilities to opt out were drastically reduced and a compulsory PTT was introduced on practically all transfers of immovable property situated in Malta.
This seminar will be useful for accountants, auditors, lawyers, tax advisors and other professionals who advise clients on various tax issues in particular with the tax implications on transfers of immovable property situated in Malta.
The following topics will be discussed amongst others:
- The history of income tax on Capital Gains in Malta
- The history of Article 5A of the Income Tax Act and the various changes undergone through the passage of time
- The nature of the Property Transfers Tax
- Options and exceptions
- Deductions and exemptions
- Rates and base of tax
- Properties forming part of a project
- Article 27G of the ITA – Transfers of property by listed companies
- International tax considerations
STEPHEN BALZAN is the tax partner of ACT, heading the International Tax and Corporate Departments of the firm. ACT is a multi-disciplinary firm providing tax, advisory and corporate services. Stephen holds a first degree in Accounting and has worked with two of the Big Audit firms in Malta for six years as a tax assistant and later as a manager in the International Tax Department. He was also one of the founding partners and a tax partner of another Maltese firm for 13 years.
Stephen is a member of the Malta Institute of Taxation (MIT), the Malta Institute of Accountants (MIA), the Institute of Financial Services Practitioners (IFSP), The International Tax Planning Association (ITPA), STEP and the International Fiscal Association (IFA). He was actively involved in various committees in the fields of taxation and he has on a number of occasions lectured on topics related to international tax, both in Malta and overseas. Stephen continues to give various lectures and presentations and is the author of various articles on taxation. He was also a part time lecturer with BPP Malta lecturing tax to ACCA students. He has also delivered lectures on Transfer Pricing to students studying for their Advanced Diploma in International Taxation (ADIT).
Stephen has extensive experience in advising clients in the set-up of complex cross-border structures through the use of Maltese limited liability companies. Main areas of interest include tax and international tax planning, capital gains and business development. Apart from his experience in international tax matters, including tax planning, treaty interpretation and advice, he also has a great deal of knowledge on corporate matters, company law, management, and administration. He specialises in treaty planning, holding companies and treasury and finance operations.
Start date: 14/11/2017
Start time: 14:00
Venue: Landmark Business Centre - Hal Qormi
Phone: +356 27555560 / +356 77555560