Tax Refunds

Malta operates a shareholder tax refund system whereby upon a dividend distribution out of taxed profits the shareholders in receipt of such dividend may claim a refund of part of the tax paid by the distributing company on the distributed profits. This session will consider the technical and practical aspects of the shareholder tax refund system including:

• An overview of the full imputation system
• Tax accounting considerations
• An overview of the shareholder tax refund mechanism
• The different rates of refunds that may be applicable and the method to calculate the amount of refund including the interaction with double tax relief claimed by the distributing company
• The administrative procedure for claiming a tax refund
• A high-level overview of fiscal consolidation as an alternative to the shareholder tax refund system

The Speaker

Thomas Zammit is a Senior Manager as part of the tax function of KPMG Malta, having joined during 2016 after completing the Master in Accountancy degree at the University of Malta. He also completed the Advanced Diploma in International Taxation which is awarded by the Chartered Institute of Taxation. Thomas specialises in domestic and international corporate tax, whereby he is involved in the provision of tax compliance and tax advisory services to local and international corporate clients across various industries.