ACT No. XIV of 1989 AN ACT 10 amend Iht Offshore Trusl)' A CI. 1988.

I assen t.

CENsu T ABONE

(LoS.)

President

16th J une, I9SQ

ACT No. XIV of 1989

AN ACT 10 amend Iht Offshore Trusl)' A CI. 1988.

BE IT ENACTED by the Presidem . by and with the advice and

consent of the House of Representatives, in this prese nt Parl iam ent

assem bled. and by the authority of the same, as follo~ :-

This Act may be ciled as the Offshore Trusts (A mendment)

Act. 1989. and shall be read and construed as one with the Offshore

Trusts Act, 1988, he reinafter referred to as "the pri ncipal Act".

For the definition of "immovable property si tuated in M alta ~

in seetion 2 of the principal Aet. th ere shall be substituted the following

~ ~im movable

property situated in Malta~ includes shares.

stock or debentures in or of a company whose assets include

immova ble prope rty situated in Malta or in, or of a oompanyot he r

than an o ffshore oompany, registe red in Malta~~ .

J . For subsection (6) of seaion 18 of the princi pal Act there

shall be substituted lhe following subsection

"(6) On the appointment of a new trustee anythi ng leq uisite

for vesting the tru.t property in or unde r lhe conlrol of the trustee

for the time being shall be. and ma y be required by the trustee

or any beneficiary to be. dO!Je.-.

In lhe Engli sh tellt of su bsectio n (3) of seetion 21 o f the

prim:ipal Act. for the words "AU{h ori ly o f the Court" tllere shHlI be

substituted the words -a uthority of the Court" ,

[n the English tn t of section 27 of the principal Act . for the

S.

words "property \0, or to trustees for the benefit of an y person ~ there

mall be substituted the words "property to. orto tru stees for the benefit

o f. any person".

FiH .. ,1 Inglii: w· J·~rlikolu 27 la' I·AII printip:,li. minnok il·

kli cm "proj)<"rty 10. or 10 tru Slees for 111.:- ocnefil of any pcr)()""

gllandhom jidhlu I-kli cm "p roperly 10. or 10 Iru£IU$ for IlIe benefit of.

any person" .

Fis-s ubpawgrafu (iii) tul-paragrafu (a) tas-sub:Htikulu (2) Il"

In sub-paragraph (iii) o f pa ragraph (a) of 5ubsc<:lion (2) o f

sccIion 37 of the principal Act . for the ""orm; "of :ony~ there shall be

substit ut ed the words ~or any'·.

In subsect ion (2) of ~tion J8 of the princi pal Act. fo r the

words ~powcr 10 the Court" there shall be substituted the words ~ powe r

give n to the Co urt ~.

For suhsection (I) of section 44 of the principal Act , there A .... ""","", of

S.

",,",,,,,, ... of 'h<

sh~1I be substituIl'd the following subsection

~"""'I"I A'"

-C.p. I~.'

( I) The tax chargea ble under the Income Tax Act. or

under any e nactme nt rtplacing thal law. on Ihe income of

:In offshore trust an d on any income of a be neficiary arising

from such !rUSt. sh all be in respect of all suc h income. two

hundred lir; fOTeaeh yea r of assessme nt . and sha ll be pa yable

by the trust to the Authority on behalf of the Commissione r

of Inl:md Reve nue not late r than the end o f Janua ry o f each

year fo llowing that of the regist ratio n of the trust.··.

In subsection (I) o f section 460f the principal Act. the number A .... od ..... ' of

>«CoOn ~ of ,11<

"1948 .~ shall be dl'le ted.

10. Section 47 of the principal ACI shall be amended as foIlO'A"S

(a) in subsection (I) t hcr~'(If. for the words "of subsection

(3)"' there sha ll be substituted the " ords "of subsections (3) and

(4)"

(b) in th e En glii;h te xt of subsect ion (."I) th ereof. for the

wo rd "ad aptions" there sha ll be >ub.t itu tcd the word

"ada ptations"

(c) in the said subloCction (3). for the word, ·· to duties a,

directOr) o r 'oeere taries of offshore companies sh all be ~"()r1~trucd

as references to the duties of trustees" there shall be substituted

the words ·· to directors Of IoCcrelaries of offshore companies or to

their duties shall be construed as references!o trustees or!o their

dutics~ .

11 . In !>Cetion 43 of the principal Ac!. for !he ... ord, ~au!homcd Am,,,,,,,,,,", ,>I

to act as !he !ru,tec" there ,ha ll be sub,tituted !hi.' ... ·ord, "authorbed """ .... "'" of 'h<

to act as a trus!ee": and for the words ~3nd no perwn othcr than a 1"''''"'1''1 "'"'

nominee compan)' authorised as aforesaid may be appointed truS tee

o f an offshore trust" there .hal1 be , ub>titu!cd !he words - and an

offshore tru st sha ll at all times hJ~c :0 nominee com pan~ as one of irs

!rustees" .

In the Englls ir te x! of subsectio n (3) of »Cl'!ion 51 of the A ...... od"",,,, ut

principal Act. fo r the word, ··this Act . !hc' An o r omi,s ion con,ti!u ting rn

the offence can be <lllrib ut cd direct ly t" a pcr~()1\ or person, clearly

identifiably."' th ere .hall he .' Ub,li!Ul ed tht "",..ts ··tiri, AC1.thc a~! or

om ission con,tit utlll!; the .. f{tnee Can he ~ I !rihu l cd ..tirec!ly h) a pcr.;tlll

o r PC lOOn' dcarl~ i..t~ntiti"ble."·.

A

I"llie Scliedule 10 Ihe principal ACI. for lhe wo rds "lnCl)m~

U.

" ....... ""'"' 0/'

Tax A rI. /948" IheTt' shall be subst ilut ed Ihe words " Im:o~ Tu A ct.

S<f><d"1< '0 'he

pr;""'p>1 "Cl.

Cap . 11T.

Passed by lht' Ho use or Represen lalivesal Sitting No. 245 0 rlhc ]3th June . 1989.

LAWRENCE GONZI

Speaker

p, M USCAT T t;RRlOl. E

Clerk 10 'he HOfIU of R t'PTf St,,/aliI'{'S

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