The Assignments of Rights Acquired under a Promise of Sale Agreement Rules, 2020 were published in virtue of LN 191 of 2020 on the 12th May 2020.
These rules shall apply to any assignment that is made on or after 1 January 2020 of rights acquired in terms of a promise of sale of immovable property situated in Malta as referred in Article 5A (2)(d) of the Act.
The rules, inter alia, set out the criteria that must be satisfied for an assignment to be regarded as valid for the purposes of the rules, the deductions allowable when computing the income derived from an assignment and the criteria to be satisfied for such deductions to be allowable.
The rules furthermore prescribes that when the income is not reported fully and correctly, the full amount of the income derived from the assignment shall be charged to tax at the rate of 35%.
LN 191 of 2020 also amends Rule 9 of the Capital Gains Rules (S.L. 123. 27) and deletes Rule 24(1) of the Tax on Property Transfers Rules (S.L. 123.92).Go Back
Malta’s Passport Programme to be renewed with some changes expected to be made
Income Tax returns (together with payment) for the Year of assessment 2020 is being extended to 31 July 2020.
The rules, inter alia, set out the criteria that must be satisfied for an assignment to be regarded as valid for th...