Right time to become fully tax compliant – Videoblog 48


Finance Minister Prof. Edward Scicluna discusses the recently-launched Asset Registration Programme, which represents an opportunity for individuals and companies to declare previously undeclared assets (both local and abroad) and regularise their tax position.
He explains that by means of this programme, companies and individuals will be able to register undeclared deposit accounts, shares, bonds, as well as immovable property and shareholder loans.
Prof. Scicluna also explains that registration of assets in this way will be done against a fee of 7.5% of the value of the asset. In those instances where the undeclared assets being registered are based abroad and would be repatriated to Malta, registration would be done against a lower fee of 5%.




Prof. Scicluna explains that the main focus of this programme is not the generation of revenue, but to encourage individuals and companies to voluntarily regularise their tax position.
This is given how due to recent changes in the financial landscape the Maltese Government has greater powers and tools to obtain information on undeclared assets abroad. The Government is determined and will make full use of these tools to address tax evasion.


– Friday, 13th June. 2014

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