The Malta Government has on the 16th April 2021, by means of ACT XVIII of 2021 published and enacted a new Act which will be implementing the budget measures for the year 2021. The budget measures were announced by the Minister of Finance in his budget speech in October 2020. The measures came into force on the 1st January 2021 unless otherwise stated. The following changes to the Duty on Documents and Transfers Act came into force.
- Changes to the definition of the words ‘document’, ‘cohabitant’ and ‘spouse’
- Reduced rate of duty on transfers of immovable property
- Transfer ‘causa mortis’ of ordinary residence to descendants
- Interpretation of the term ‘Ordinary residence’
- Exemption from duty on restructuring of holdings
- The powers of the Commissioner to determine and assess duty
For a more detailed explanation of the changes, you are kindly requested to read our article by clicking here.
