Exercising a European Right) Regulations, 2004

L.N. 372 of 2004

INCOME TAX ACT

(CAP. 123)

DUTY ON DOCUMENTS AND TRANSFERS ACT

(CAP. 364)

Fiscal Representatives (Financial Services Undertakings

Exercising a European Right) Regulations, 2004

IN exercise of the powers conferred by article 96 of the Income

Tax Act and article 22 of the Duty on Documents and Transfers Act,

the Prime Minister and Minister of Finance has made the following

regulations –

The title of these regulations is the Fiscal Representatives Title.

(Financial Services Undertakings Exercising a European Right)

Regulations, 2004.

In these regulations, unless the context otherwise requires -

Definitions.

“European credit institution” shall have the meaning assigned

to it in the European Passport Rights for Credit Institutions L.N. 88 of 2004.

Regulations, 2004<

“European insurance undertaking” shall have the meaning

assigned to it in the European Passport Rights for Insurance

L.N. 89 of 2004.

Undertakings Regulations, 2004<

“European investment firm” shall have the meaning assigned

to it in the European Passport Rights for Investment Firms

L.N. 87 of 2004.

Regulations, 2004<

“European right” shall have the meaning assigned to it in the

European Passport Rights for Credit Institutions Regulations, 2004,

the European Passport Rights for Insurance Undertakings

Regulations, 2004 and the European Passport Rights for Investment

Firms Regulations, 2004, in so far as it relates to the provision of

services.

(1) Any European credit institution, European insurance

undertaking or European investment firm which, in exercise of a European

right, is seeking to provide services in Malta without having a place of

business in Malta and without being resident in Malta, shall appoint a

fiscal representative to act on its behalf.

(2) Any fiscal representative appointed in terms of sub-

regulation (1) shall be responsible for the payment of all tax, duty and

other charges as may arise under the Income Tax Acts and the Duty on

Documents and Transfers Act which may be levied in Malta in respect

of the European credit institution, European insurance undertaking or

European investment firm which has appointed the said representative.

(1) A fiscal representative shall be appointed within seven

days from the actual provision of a service in Malta in exercise of a

European right or, in the case where another fiscal representative was

previously appointed, within seven days from when the appointment of

such fiscal representative has terminated.

(2) The European credit institution, European insurance

undertaking or European investment firm which has appointed a fiscal

representative shall, within seven days from the date of such

appointment, notify in writing to the Commissioner of Inland Revenue

the name and address of such fiscal representative and the date on which

the appointment was made.

(3) The fiscal representative shall, within seven days from

the date of his appointment, notify in writing to the Commissioner of

Inland Revenue the name and address of his principal and the date on

which the appointment was made.

(4) The Commissioner may at his discretion determine the

manner in which the notifications referred to in sub-regulations (2) and

(3) of this regulation shall be made.

Obligations of fiscal

(1) A fiscal representative appointed in terms of regulations

3 and 4 shall, in particular –

(a) receive official correspondence on behalf of his principal<

(b) exercise legal representation on behalf of his principal<

(c) keep and preserve any records which his principal is

required to keep and preserve in terms of Maltese law<

(d) secure the compliance of his principal with the

obligations and liabilities to which his principal may be subject

and ensure the discharge thereof< and

(e) assume the obligations imposed upon the “manager or

other principal officer of every body of persons” by sub-articles (1)

and (2) of article 7 and imposed upon “every person” in terms of

article 8 of the Income Tax Management Act.

(2) The provisions of article 9 of the Income Tax Management

Act shall apply mutatis mutandis to a fiscal representative appointed in

terms of these regulations and the references to “every person” in the

said article shall be read as a reference to a fiscal representative.

A fiscal representative appointed in terms of regulations 3 and Functions.

4 may exercise on his principal’s behalf any of the powers or privileges

afforded to his principal.

(1) The European credit institution, the European insurance Termination.

undertaking or the European investment firm which has appointed a fiscal

representative shall, within seven days from the termination of the

appointment of such fiscal representative, give notice of such termination

in writing to the Commissioner of Inland Revenue, indicating the date on

which the appointment was terminated.

(2) Within seven days from the date of termination of his

appointment, the fiscal representative shall give notice of such

termination in writing to the Commissioner of Inland Revenue,

indicating the date on which the appointment was terminated.

(3) The appointment of a fiscal representative shall be deemed

to be terminated if -

(a) such fiscal representative gives notice of termination in

terms of sub-regulation (2) of this regulation<

(b) his principal gives notice of termination in terms of sub-

regulation (1) of this regulation< or

(c) the fiscal representative becomes bankrupt or insolvent.