BUDGET MEASURES IMPLEMENTATION ACT (2015)

BUDGET MEASURES IMPLEMENTATION (2015)

CHAPTER 541

BUDGET MEASURES IMPLEMENTATION ACT (2015)

To implement Budget measures for the financial year 2015 and other

administrative measures.

1st January, 2015

ACT XIII of 2015.

The short title of this Act is the Budget Measures

Implementation Act.

The provisions of this Part shall be deemed to have come

into force on the 1st January, 2015.

For the purpose of this Part, "revenue" has the same

meaning as is assigned to it in article 2 of the Financial

Administration and Audit Act, but does not include proceeds from

loans.

(1) Subject to the provisions of this Act, the

Government of Malta may raise in Malta, by way of loan, a sum of

money not exceeding five hundred million euro, (€500,000,000).

(2) For the purpose of raising the aforesaid loan the Minister

for Finance is hereby authorised to issue stock in Malta under the

provisions of the Local Loans (Registered Stock and Securities)

Ordinance on such terms and conditions as the said Minister may

approve.

Any money borrowed under the authority of this Part shall

be appropriated and applied for the purpose of

(a) meeting excess expenditure over revenue incurred in

the Consolidated Fund for year 2015 and, or

subsequent years;

(b) redeeming registered stocks which are due for

redemption during 2015; and

(c) effecting portfolio changes in relation to amounts

raised through Treasury Bills, amounts raised through

Government Stocks, and in respect of loans raised

outside Malta as and when required in line with

Government’s debt management policies.

PART XXXII

150. (1) This Part of this Act amends the Value Added Tax Act

and it shall be read and construed as one with the Value Added Tax

Act, hereinafter in this Part referred to as "the principal Act''.

(2) The provisions of article 151 shall come into force on such

date as the Minister for Finance may, by notice in the Gazette,

establish.

BUDGET MEASURES IMPLEMENTATION (2015)

151. Immediately after the proviso to sub-article (2) of article 24

of the principal Act, there shall be added the following new

''Provided further that, where a person to whom a refund is

payable in terms of this sub-article has, by the date the

refund claim is made, failed to file any tax return or

declaration required to be furnished for the purposes of

this Act and such failure persists until the date such refund

becomes payable, any such refund shall not be paid to

such person and shall be withheld by the Commissioner

until such time as the said tax return or declaration is

submitted; and provided further that notwithstanding any

other provisions of this Act, no interest shall be due by the

Commissioner in respect of the period during which the

said refund is withheld on account of failure to submit a

tax return or declaration for the purposes of this Act.''.