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Malta Tax Amnesty September 2009 The Maltese finance minister announced on September 4, 2009 a tax amnesty for defaulters. The total income tax due for over 60 years is about EUR 60 millions. For debts from 1998 onwards taxpayers will enjoy a 90% reduction on interest and fines. For debts prior to 1997, when the system was not computerised, the reduction will amount to 25% of the balance due. The applicants for the voluntary plan have to apply by January 15, 2010. Malta's law regarding medical treatment violates EU laws January 2009 Malta's court finds Malta's system of prior authorisation to free medical treatment abroad in violation of EU law. The court has ordered the government to pay nearly EUR 75,000 to a Maltese patient after refusing authorisation to free medical treatment abroad. Article by Ganado Sammut Advocates www.ganadosammut.com. Malta's Budjet 2009 November 2008 Malta's finance minister presented on November 3, 2008 the 2009 budget. The target of achieving a balanced budget will be moved by one year, from 2010 to 2011. Excise tax on unleaded petrol and diesel will increase, while excise taxes duties on spirits will be reduced, bringing the rates closer to Italy. Travellers departure tax will be abolished from 1.11.2008. Income tax rates for individualswill remain unchanged, but the tax bands will be raised. A tax holiday will be granted to women joining the labour market, for each child under 16 years old. For the full brief by Ganado Sammut Advocates please see www.ganadosammut.com. Malta and U.S. Double Taxation Treaty August 2008 Malta and the U.S. signed a new tax treaty on August 8, 2008. The treaty provides for elimination of withholding on dividend payments to pension funds. The withholding tax rates for interest royalties and other income are 10%. Malta Income Tax JANUARY 2007 In 2007, Malta's corporate tax rate remains the same as in 2006, 35%. For individuals, the tax rates for 2007 are 15%, 25% and 35%. The tax exempt income for individuals in 2007 is MTL 3,250. Malta Income Tax OCTOBER 2006 According to Malta's 2007 budget the personal tax exempt income would be MTL 3,250, compared to MTL 3,100 in 2006. There would be only 3 tax rates for individuals, 15%, 25% and 35%, compared to the present 5 tax rates in 2006. Malta Income Tax JANUARY 2006 From 1.1.2006 individuals having an employment income ,derived mainly outside Malta, will pay in Malta, subject to certain conditions, a flat income tax rate of 15%. Malta V.A.T. JANUARY 2004 From 1.1.2004 the new standard v.a.t rate in Malta is 18%(previous rate-15%).

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