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Malta Reduces Tax On Intergeneration Family Business Transfers

by Amanda Banks, Tax-News.com, London

27 April 2017


Malta has announced a reduction in transfer duties on family businesses passed from one generation to another through an act of donation.

Transfers taking place from April 1, 2017, to April 1, 2018, will be taxed at 1.5 percent, rather than five percent. This reduced duty applies to immovable and movable property making up a family business, provided the property was held by the family business for three years prior to the donation and continues to be held by the family business for three years following the donation.

The decreased rate for family business transfers is contained in the Family Business Act. The reduced rate of duty applies to immovable and movable property making up the business, which must have been held as a family business for three years prior to the donation and must be retained as a family business for three years following the donation.

TAGS: tax | small business | business | Malta | small and medium-sized enterprises (SME) | stamp duty | gift tax

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