The Minister of Finance introduced the country’s Budget for the year 2021 and highlighted that COVID 19 has brought about an economic impact on the country resulting in the GDP for 2020 being reduced to 7.7% and a fiscal deficit of 9.4%. Salient measures that were announced include: Tax First time buyers of immovable property...
The Malta Business Registry (MBR) has just published its “Guidance on the Register of Beneficial Owners of Commercial Partnerships” providing an overview of the requirements that need to be adhered to in terms of the Companies Act (Register of Beneficial Owners) Regulations which implemented by virtue of LN 374 of 2017. These Regulations impose on...
By virtue of L.N. 285 of 2020, the External Transactions Act, Chapter 233 of the Laws of Malta introduced the Cash Control Regulations, 2020. These Regulations require any individual who enters, leaves or transits through Malta, carrying a sum of a value of ten thousand Euro (€10,000) or more to declare such sum to the...
LN 247 of 2020 – Changes to the Companies Act (Register of Beneficial Owners) Regulations, 2017 Once LN 247 of 2020 comes into force, changes will be made to the Companies Act (Register of Beneficial Owners) Regulations, 2017 (hereinafter referred to as the ‘Regulations’). The Regulations already provide for notification to be submitted to the...
The Private Residential Leases (Tax Rebate) Rules, 2020, were published on the 23rd June, 2020, by virtue of Legal Notice 258 of 2020. In terms of the Rules, as from 1st January 2020, any person who in the year immediately preceding the year of assessment derives income from a private residential lease having an original...
The Cohabitation Act, 2020 The Cohabitation Act was originally enacted on the 27th April, 2017. Its raison d’être is to cater for couples who do not wish to be bound by either marriage or civil union, but who are nevertheless desirous of having their relationship recognised and protected. The Cohabitation Act thereby provided for 3...
The fatal incident which took place on the 2nd March in Hamrun led to the arraignment of four people: two architects, a contractor and a construction worker. They were charged with the involuntary homicide of Miriam Pace, 54, whose residence collapsed due to being adjacent to a building site which was being excavated at the...
