ACT No. I of 2008 AN ACT to amend the Income Tax Management Act BE IT ENACTED by the President, by and with the advice and consent of the House of Representatives, in this present Parliament assembled, and by the authority of the same, as follows>

I assent.

E DWARD F ENECH A DAMI

President

18th January, 2008

ACT No. I of 2008

AN ACT to amend the Income Tax Management Act

BE IT ENACTED by the President, by and with the advice and

consent of the House of Representatives, in this present Parliament

assembled, and by the authority of the same, as follows>

The short title of this Act is the Income Tax Management

(Amendment) Act, 2008, and it shall be read and construed as one with

the Income Tax Management Act, hereinafter referred to as “the principal

Act”.

For article 10A of the principal Act there shall be substituted

the following>

“10A. (1) The Commissioner may, when and as often as

he deems necessary, give notice in writing to any person to furnish

him, within a reasonable time stated in such notice, not being less

than thirty days, such information as may be necessary in order to

provide information, including documents, to foreign tax authorities

where arrangements between Malta and the respective State or its

tax authorities exist for the reciprocal exchange of information for

tax purposes.

(2) The provisions of this article shall apply even if

the Commissioner could not collect the relevant information for

the purposes of the Income Tax Acts. The provisions of this article

shall have effect in respect of any person, entity or scheme,

including a person entity or scheme referred to in article 17,

notwithstanding any obligation to secrecy or confidentiality, or to

any other restriction relating to the disclosure of information.

(3) For the purposes of this article, “tax” means any

tax to which an arrangement as referred to in subarticle (1) applies.

(4) The powers of the Commissioner to require a

person to provide information under this article include the power>

(a) to require any person to complete and deliver to

the Commissioner any return specified in that notice<

(b) to summon any person who, he has reason to

believe, is able to give information required for the purposes

of this article, to attend before him and to examine such person

on oath or otherwise<

(c) to require any person to produce for examination

any books, documents, accounts (including bank statements,

passbooks and other bank documents) and any other document

which the Commissioner may require or a copy or extract

thereof<

(d) to require any person to give information by means

of written statements<

(e) to require any person to authenticate in such form

as the Commissioner may consider appropriate or as may be

prescribed any document prepared by that person or an extract

thereof or the copy of any document held by that person or of

an extract thereof<

(f) to require any person to confirm on oath any

declaration made by him or any document prepared by him<

(g) to require any person to provide information,

documents or written statements in such other form as the

Minister may prescribe.

In the proviso to article 16 of the principal Act, immediately Amendment of

after the words “Provided that” there shall be added the words “, subject article

principal Act.

to article 10A,”.

In article 17 of the principal Act, immediately after the words Amendment of

article 17 of the

“professional secrecy,” there shall be added the words “and subject to principal Act.

article 10A,”.

Article 24 of the principal Act shall be amended as follows>

(a) in subarticle (1), the words “, but not in the capacity of

a trustee of a trust” shall be deleted< and

(b) for the proviso to subarticle (1) there shall be substituted

the following>

“Provided that, subject to the provisions of article 10A, no

such person shall, by virtue of this article, be obliged to disclose

any information in relation to another person which he holds in

the capacity of a trustee of a trust or which is otherwise covered by

the duty of professional secrecy.”.

Article 24C of the principal Act shall be amended as follows>

(a) in the first proviso, for the words “Provided that the

information” there shall be substituted the words “Provided that,

subject to article 10A, the information”< and

(b) in the second proviso, for the words “Provided further

that where” there shall be substituted the words “Provided further

that, subject to article 10A, where”.

Article 50 of the principal Act shall be amended as follows>

(a) for the words “not exceeding fifty liri” there shall be

substituted the words “not exceeding ten thousand euros”< and

(b) for the words “not exceeding two liri” there shall be

substituted the words “not exceeding two hundred euros”.

Passed by the House of Representatives at Sitting No. 608 of 16th January,

2008. A NTON T ABONE

Speaker

R ICHARD J. C AUCHI

Clerk to the House of Representatives

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press

€0.37 (Lm0.16)