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Government DepartmentsTax Havens Buck European Property Slump 20-04-2009
Cyprus is Europe’s most attractive tax regime, survey finds 20-04-2009
Bank secrecy jurisdictions pledge to cooperate on tax data exchange
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Malta
Physical Facts |
|
| Population: | 403,532 (July 2008 est.) |
| Location: | Situated in the Mediterranean sea, about 100 km from Sicily. |
| Area: | 316 sq km |
| Climate: | Mediterranean; mild, rainy winters; hot, dry summers. Average temperature ranges from 14 C in winter to 32 C in summer. Average rainfall is 590mm. Average number of days with sunshine per annum is 300. |
| Transport | Air, Road, Sea |
| International Direct Dialling prefix: | 356 |
| Internet Country Code | .mt |
| Time difference on GMT: | + 1 |
Administrative Facts: |
|
| Status: | EU parliamentary democracy. |
| Government: | Unicameral system. House of Representatives usually has 65 seats; members are elected by popular vote on the basis of proportional representation to serve five-year terms; note - additional seats are given to the party with the largest popular vote to ensure a legislative majority) |
| Legal System: | The legal system is based on of civil (Roman) law, but with a strong mixture of English law, particularly in commercial and some financial law. The chief justice and seventeen judges are appointed by the president on the advice of the prime minister. The senior court is the Constitutional Court, which has limited jurisdiction. There is a Court of Appeal which handles most appeals from lower courts. |
| Language: | Maltese and English |
| Education system: | Compulsory between ages 5 – 16. Based on the English system. Mix of private state and church schools, tertiary colleges and 1 university |
| UK Embassy: | Malta High Commission Malta House 36-38 Piccadilly London W1V 0PQ Telephone: 020... |
| International Court Jurisdiction: | Accepts compulsory ICJ jurisdiction with reservations |
| Residency/Working Requirements: | All foreign nationals are required to obtain a permit to work in Malta. Employers are required to prove that no Maltese citizen is able to do the work. The applicant must posses a skill or qualifacation lacking in Malta and be able to prove that a significant demand exists in that field of expertise. |
Fiscal Facts |
|
| Legal tender & currency: | Euro |
| VAT: | 18% |
| Sales Tax: | None |
| Import duty: | None |
| Export duty: | None |
| Banking: | Local and national |
| Annual Government Revenue: | |
| Annual Government Expenditure: | |
| GDP: | US$6375 million (world bank 2007) |
| Minimum wage: | Approx €550 per month |
| Financial Services Regulation: | The Malta Financial Services Authority (MFSA) is the single regulator for financial services activities in Malta. It regulates and supervises credit and financial institutions, investment, trust and insurance business and also houses the country's Companies Registry. |
| Financial Services Regulation Contact Details: | Malta Financial Services Authority Tel: (356... Fax: (356) 2144 9308 Email: su@mfsa.com.mt |
Tax Facts |
|
| General: | Double tax treaties in force. Albania, Australia, Austria, Belgium, Bulgaria, Canada, China, Croatia, Cyprus, Czech republic, Denmark, Egypt, Finland, France, Germany, Hungary, India, Italy, Korea, Latvia, Lebanon, Lbya, Luxembourg, Malaysia, Netherlands, Poland, Portugal, Romania, Slovakia, South Africa, Sweden, Switzerland, Syria, Tunisia, UK, USA. |
| Corporate Tax: | 35%. BUT a tax credit system effectively means that non resident shareholders reclaim 6/7 of the tax paid by the company. Therefore Malta enjoys a net effective tax rate of 5%. |
| Individual – resident: | 15% |
| Individual – non-resident: | Foreign residents who work in Malta only pay tax on the income they earn in Malta. |
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