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CHANGES IN TAXATION OF
PERMANENT RESIDENTS

Annual Income Remitted to Malta (unchanged):

Permanent Resident:

A minimum of Lm6,000 annually

Dependents:

 Lm1,000 each

Taxation system up to 31/12/2002:

Reduced Tax Rate:

15% on income remitted to Malta

Minimum Tax:

Lm1,000 after double tax relief


Taxation system from 1/1/2003:

Permanent Resident Family inc. dependants:

Assessed to tax on a minimum of Lm12,000 annually (w/o deductions) at the same rate of 15%.

Therefore:
a minimum tax
liability irrespective of number of dependents:

Lm 1,800

 

Back to Budget 2003 Index

 

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