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Newsletter 26

 

3a Malta News
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Family Business Act

Registered family businesses may benefit from an exemption or reduced rate of duty payment on transfer of marketable securities and immovable property, provided certain conditions are satisfied.

The reduced rate of duty is applicable to transfers made on or after the first (1st) April 2017 but prior to first (1st) April 2018.  The below are the type of transfers applicable to this act:

  • Transfer of marketable securities
  • Transfer of an immovable property being a commercial tenement
  • Transfer of shares or interest in a partnership, trust or foundation

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Deadlines in June:

  • VAT returns submitted by the 15th
  • Form TA24 15% for Rents derived from Lets Form and payment of tax for year ending 31st December 2016 for Body Of Persons by the 30th
  • TA37 Income Tax Return & Self Assessment for Body Of Persons year ending 31st December 2016 (Y/A 2017) by the 30th 
  • Payment of settlement tax of Income Tax Return & Self Assessment for Body Of Persons year ending 31st December 2016 (Y/A 2017) by the 30th
  • Payment of settlement tax for companies with financial year 30th September 2016 (Y/A 20147) by the 30th
  • Manual filing of TA2 Income Tax Return and Self Assessment for companies with financial year ending 30th September 2016 (Y/A 2017) by the 30th
  • Electronic filing of TA2 Income Tax Return and Self Assessment for companies with financial year ending between 1 January 2016 and 30 June 2016 (Y/A 2017) by the 30th
  • Electronic filing of TA2 Income Tax Return and Self Assessment for companies with financial year ending 31st July 2016 (Y/A 2017) by the 30th 
  • FS5 Payer's Monthly Payment Advice and remittance of tax and social security contributions withheld during May 2017 by the 30th
  • Payment of settlement tax for Income Tax Return & Self Assessment for year ending 31 December 2016 (Y/A 2017) by the 30th 
  • Form TA22 Part Time Self Employed Form and payment for year ending December 2016 by the 30th
  • Income Tax Return & Self Assessment for year ending 31 December 2016 (Y/A 2017) by the 30th 
  • TA5 Income Tax Return for Partnerships for Year Ending 31 December 2016 (Y/A 2017) by the 30th
  • TA36 Income Tax Return & Self Assessment for Entities for year ending 31 December 2016 (Y/A 2017) by the 30th.


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3a's role

We can assist our clients in the following particular areas:

  • Family Business Registration
  • Tax planning consultancy
  • Business valuations
  • Assist in transfer of business/immovable property
  • Consultancy for opportunities of restructuring and composition of setup
  • Assistance in cash grants applications
  • Ongoing compliance 

 

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