The Budget Measures Implementation Act 2015

Following the presentation of the Budget by the Minister for Finance back in November of last year, the Budget Measures Implementation Act XIII has on the 30^th of April 2015 been enacted by the Maltese Parliament. The amendments to the main fiscal laws include amongst others the introduction of new tax rates for individuals, a new definition for ‘companies’ and ‘dividends’ and the possibility for partnerships to elect to be treated as companies. Major changes have also been introduced with respect to the tax on property transfers. Other changes include the introduction of a beneficial tax rate for water polo players, a higher deduction in respect of school transport fees and an exemption for Government stipends. Stamp duty on insurance has been increased to 11% and the duty on life insurance has been extended to all life insurance policies.