{"id":3338,"date":"2021-08-16T14:50:03","date_gmt":"2021-08-16T12:50:03","guid":{"rendered":"https:\/\/www.act.com.mt\/?p=3338"},"modified":"2021-08-16T14:50:04","modified_gmt":"2021-08-16T12:50:04","slug":"extension-to-the-exemption-from-tax-on-certain-property-transfers-rules","status":"publish","type":"post","link":"https:\/\/www.act.com.mt\/news\/extension-to-the-exemption-from-tax-on-certain-property-transfers-rules\/","title":{"rendered":"Extension to the exemption from tax on certain property transfers rules"},"content":{"rendered":"\n
By means of LN 325 of 2021, the Government of Malta has amended the above-mentioned rules, which were originally issued in 2020 after announcing a recovery package with the aim of restoring the economy following the effect of the COVID-19 pandemic<\/p>\n\n\n\n
In terms of the said rules, the applicable rate of tax on transfers of immovable property situated in Malta, on the first Eur400,000 of the transfer value, shall be of 5% (instead of 8% or 10%).\u00a0 The tax on the transfer value which is in excess of Eur400,000 shall be of 10% or 8%, depending on the date of acquisition of the immovable property being sold.\u00a0 In the case of a transfer of an undivided share of property, the benefit shall apply only to such portion of Eur400,000 which corresponds pro rata to the share that is transferred.\u00a0 The reduced rate of 5% is applicable on the condition that the transfer would have been subject to tax at the rate of 8% or 10% on the transfer value, were it not for the provisions of these rules, and that the notice of the transfer is given to the Commissioner by not later than the 31st<\/sup>\u00a0of July 2022.<\/p>\n\n\n\n All the conditions of any one<\/u><\/strong> of the following paragraphs (a) or (b) must be satisfied in order to benefit from the said reduction<\/p>\n\n\n\n By means of LN 325 of 2021, the Government of Malta has amended the above-mentioned rules, which were originally issued in 2020 after announcing a recovery package with the aim of restoring the economy following the effect of the COVID-19 pandemic In terms of the said rules, the applicable rate of tax on transfers of immovable […]<\/p>\n","protected":false},"author":6,"featured_media":2684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","wds_primary_category":1},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.act.com.mt\/wp-json\/wp\/v2\/posts\/3338"}],"collection":[{"href":"https:\/\/www.act.com.mt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.act.com.mt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.act.com.mt\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.act.com.mt\/wp-json\/wp\/v2\/comments?post=3338"}],"version-history":[{"count":0,"href":"https:\/\/www.act.com.mt\/wp-json\/wp\/v2\/posts\/3338\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.act.com.mt\/wp-json\/wp\/v2\/media\/2684"}],"wp:attachment":[{"href":"https:\/\/www.act.com.mt\/wp-json\/wp\/v2\/media?parent=3338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.act.com.mt\/wp-json\/wp\/v2\/categories?post=3338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.act.com.mt\/wp-json\/wp\/v2\/tags?post=3338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}