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Tax Credits and Reimbursements

• Research and development of new technology
• Setting up of back office operations in Malta
• Setting up of eBusinesses in Malta
• Against bill for studies in Science and Technology
• Investment in film facilities (reimbursement of 20% of expenses incurred in Malta)

Refunds on Purchases

• Solar energy products
• Photovoltaic equipment

The Euro

• Adoption of the Euro set for 1st January 2008
• Maltese Lira to be pegged to the Euro
• Dual Pricing to be introduced

The Pension Reform

• Final recommendations to the White Paper presented

Cost of Living Allowances Increases

• Wages increase of Lm2.25 per week
• Pension increase of lm1.67 per week

Revision of Capital Gains Tax on Transfer of Property

• Final withholding tax of 12% of contract value as from the 1st November 2005 payable on contract (Amendment: Vendors could opt to be taxed on either the old or new tax on the condition that the property is sold within 5 years of its purchase or the development is considered “in a special designated area”)
• Deductions and allowances on property no longer applicable
• Final withholding tax of 7% applicable on property transfers inherited prior to 25th November 1992
• Exemptions on own residence, transfers on separation, etc. remain unchanged (Amendment: to apply also to engaged couples when the share of property of one of the parties is transferred from one party to the other)
• Special transitory measures apply up to 31st December 2005 (Amendment: extended to the 31st March 2006)

New Registration tax on New Commercial Vehicles

• 24% on vehicles over 5 tonnes

2006 Budget Matters - Excerpts

The Prime Minister Dr. Lawrence Gonzi announces his government’s budget for 2006 in Parliament on the 31st October 2005.

Major Budget Measures, Incentives and Initiatives

2006 Budget Matters - Notice

The Budget 2006 Excerpts are a brief summary and intended solely for general information and should not be acted upon without prior consultation.

The full version of the Budget Speech 2006 may be obtained from the Department of Information website.

Specific detail may become clearer on the enactment of the specific legislation.

Rolan Micallef Attard

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