Capital Gains (Amendment) Rules, 2005

L.N. 5 of 2005

INCOME TAX ACT

(CAP. 123)

Capital Gains (Amendment) Rules, 2005

IN exercise of the powers conferred by articles 5 and 96 of the

Income Tax Act, the Prime Minister and Minister of Finance has made

the following rules>-

(1) The title of these rules is the Capital Gains (Amendment)

Rules, 2005 and they shall be read and construed as one with the Capital

Gains Rules, 1993, hereinafter in these rules referred to as “the principal

rules”.

(2) These rules shall come into force as follows>-

(a) paragraphs (d) and (e) of rule 2, sub-rule (1) of rule 3,

sub-rule (1) of rule 4 and rule 6 of these rules shall be deemed to

have come into force on the 25 th November, 2003 and shall apply

to transfers happenning on or after that date<

(b) paragraph (g) of rule 2, to the extent that it refers to

transfers of property that had been acquired causa mortis before

the 25 th November, 2003, shall be deemed to have come into force

on the 25 th November, 2003 and shall apply to transfers happening

on or after that date< and

(c) except as provided in paragraphs (a) and (b) hereof, these

rules apply to transfers happening on or after the date of the

publication of these rules.

(CAP. 123)

2. Details relating to transferor company appearing on this deed

3. Details referring to transferee appearing on this deed

1. Details referring to the immovable property

Address of property

Name of transferor company

Delivered by (officiating notary)

Name of transferee

Name of transferor company

(Rule 6(4))

improve-

Purchase

Total of

ments

I (certified public accountant), _________________________________________________, do hereby certify that the information

ements made

to date of the

(if any) from

acquisition

transfer in

each case

Value of

improv-

of the year

of the year

date of

contained in this notice is true and correct and agrees with the relative financial statements of the above-named company.

appearing on

public deed

acquisition

Purchase

of

4. Details referring to all previous transferors and transferees since the immovable property entered the group

transfer

Date of

day of

day of

Reference no.

Income Tax

Dated this

Dated this

Name of transferee

(Certified Public Accountant)

(Director and/or legal representative)

Reference no.

Income Tax

5. Certificate by auditor

Name of transferor

company

Signature

Signature

B

Schedule B

(Rule 9(2))

INCOME TAX ACT

(CAP. 123)

Capital Gains Rules, 1993

Notice of transfer of a right referred to in article 5(1), Income Tax Act

This notice is to be filled in, duly signed by all parties and delivered in triplicate to the Commissioner (Capital Transfer Duty

Department) within 21 days of the relative transfer and shall be accompanied by a provisional payment equivalent to 7% of the

consideration relating to the transfer.

1. Details referring to the property in respect of which the right is being transferred

Address of immovable property

Promise of

Date of

Name of Notary

Sale No.

agreement

2. Details relating to transferor

Transferor’s name

Present address

I.T. reference

no. or I.D.

card no.

3. Details relating to transferee

Transferee’s name

Present address

I.T. reference

no. or I.D.

card no.

4. Provisional tax payment

Consideration paid for the cession of the right

Lm

Provisional tax payable (7% of consideration)

Lm

No. of bank draft/cheque

Notification will be invalid if cheque is

Name of Bank

dishonoured.

5. Signatures of parties

Signature of transferor

Signature of transferee

6. Witness to signatures

Name in block capitals of witness

Signature of witness

Rubber stamp of witness

to signatures (Notary or Advocate

OFFICE USE

Name in block capitals of officer

Signature of officer

Official rubber stamp signifying

receiving the notice

receipt of notice

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

Rule 2 of the principal rules shall be amended as follows>

(a) the present provisions of the rule shall be renumbered

as sub-rule (1)<

(b) for paragraph (a)(ii) of sub-rule (1), as renumbered, there

shall be substituted the following>

“(ii) where the immovable property in question was

acquired causa mortis, the value of that property established

as provided in sub-rules (2), (3) and (4), and, where it was

acquired by means of a donation, the value as declared in the

deed of donation<”<

(c) for paragraph (a)(iv) of sub-rule (1), as renumbered, there

shall be substituted the following>

“(iv) duty paid in terms of the Duty on Documents and

Transfers Act on the transfer causa mortis of the immovable

property in question, including duty paid on a deed of

adjustment relating to that property made in terms of the

Adjustments to Declared Value of Immovable Property Rules,

2005<”<

(d) for paragraph (a)(v) of sub-rule (1), as renumbered, there

shall be substituted the following>

“(v) duty paid on the donation to the transferor of the

immovable property in question in terms of the Duty on

Documents and Transfers Act, the Death and Donation Duty

Act or any law replaced by any of those Acts<”<

(e) for paragraph (b) of sub-rule (1), as renumbered, there

shall be substituted the following>

“(b) the increase in inflation determined in accordance

with rule 8<”<

(f) in paragraph (c) of sub-rule (1), as renumbered, the words

“made after 31 st December, 1992” shall be deleted<

(g) immediately after sub-rule (1), as renumbered, there shall

be added the following new sub-rules (2) to (4)>

“(2) Subject to sub-rule (4) –

(a) the value of immovable property acquired causa mortis

on or after the 25 th November, 2003 shall be deemed to be the

value declared in a deed of transfer causa mortis made for the

purpose of and in accordance with the provisions of the Duty on

Documents and Transfers Act not later than six months after the

date of the relative succession, without regard to any adjustment

to or replacement of that declaration made after the said period of

six months, and notice of which has been given to the

Commissioner in accordance with that Act by not later than either

fifteen working days after the date of the publication of the said

deed or the expiration of the said period of six months, whichever

is the later<

(b) where the notice referred to in paragraph (a) is given to

the Commissioner later than fifteen working days after the date of

the publication of the said deed and after the expiration of the said

period of six months, the value of the property shall be deemed to

be such value which, in the opinion of the Commissioner, represents

the price which the property would have fetched had it been sold

on the open market on the date of the transfer causa mortis<

(c) a value determined in accordance with paragraph (b)

shall be subject to appeal> provided that no evidence shall be

considered by the Board of Special Commissioners as sufficient

to warrant any change to the value so determined if the notice

referred to in the said paragraph is delivered to the Commissioner

more than eighteen months after the date of the transfer causa

mortis<

(d) notwithstanding the foregoing provisions of this sub-

rule, where the value of property acquired causa mortis on or after

the 25 th November, 2003 is the subject of an assessment made

under the Duty on Documents and Transfers Act, and that

assessment becomes final and conclusive, or is confirmed or

amended by a final decision of an appellate tribunal or court or is

withdrawn following an agreement in writing with the

Commissioner, the value of the property shall be deemed to be the

value resulting from the said final and conclusive assessment,

decision or agreement<

(e) where, in a final and conclusive assessment made under

the Income Tax Management Act, the chargeable gain on a transfer

of immovable property that had been acquired causa mortis on or

after the 25 th November, 2003 is higher than that declared by the

taxpayer, and the excess is attributable to a value of the property

exceeding the value declared by the taxpayer for the purpose of

computing that gain by not more than twenty-five per cent of the

taxpayer’s value, that excess shall not constitute an omission for

the purposes of article 56(12) of the Act if the value declared by

the taxpayer is supported by an architect’s valuation delivered to

the Commissioner before that assessment became final and

conclusive.

(3) Subject to sub-rule (4) -

(a) the value of immovable property acquired causa mortis

before the 25 th November, 2003 shall be deemed to be the value

declared in a notice given to the Commissioner for the purpose of

and in accordance with the provisions of the Duty on Documents

and Transfers Act not later than the 30 th June, 2005, taking into

account any adjustment to the said value made in accordance with

the Adjustments to Declared Value of Immovable Property Rules,

2005 and delivered to the Commissioner by not later than the 30 th

June, 2005>

Provided that if the said property is transferred after the 25 th

November, 2004 and before the 30 th June, 2005, the value of the

property shall be deemed to be the value declared in a notice given

as aforesaid not later than the date of that transfer, taking into

account any adjustment made in accordance with the said Rules

not later than the date of that transfer<

(b) where the notice referred to in paragraph (a) in respect

of property acquired causa mortis before the 25 th November, 2003

is not given to the Commissioner by 30 th June, 2005 or, in the

circumstances mentioned in the proviso to paragraph (a), by the

date of the transfer, the value of that property shall be deemed to

be such value which, in the opinion of the Commissioner, represents

the price which the property would have fetched had it been sold

on the open market on the date of the transfer causa mortis, and no

evidence shall be considered by the Board of Special

Commissioners as sufficient to warrant any change to the value so

determined.

(4) When the total of the value of immovable property

acquired causa mortis determined in accordance with sub-rule (2) or

(3) and the deductions, disregarding the value so determined, allowable

in accordance with the other provisions of these rules exceeds the value

at which that property is transferred, the value determined in accordance

with sub-rule (2) or (3) shall be reduced by an amount equivalent to

that excess> provided that the value so reduced shall never be less than

zero.”.

(1) Rule 4 of the principal rules shall be deleted.

Substitutes rule 4

of the principal

rules.

(2) Immediately after rule 3 of the principal rules there shall

be added the following new rule>

Subject to the other provisions of these rules, in

computing the gains or profits on a transfer of securities

acquired causa mortis or by means of a donation there shall

be taken into consideration the value of those securities

established by reference to the lower of –

(a) the value declared in respect of that acquisition

for the purposes of the Duty on Documents and Transfers

Act or of the Death and Donation Duty Act or any law

replaced by any of those Acts, as the case may be, and

(b) the price which those securities would have

fetched had they been sold on the open market on the

date of that acquisition.”.

4. (1) Rule 5 of the principal rules shall be deleted.

(2) Immediately after rule 4, as substituted, of the principal

rules there shall be added the following new rule>

(1) Where a transfer of shares in a company is a

transfer of a controlling interest in that company, the transfer

shall be deemed, for the purpose of determining the chargeable

gain, to have been made at the higher of the consideration

and the market value of the shares.

(2) A transfer is a transfer of a controlling interest when

any of the following criteria apply to the shares held by the

transferor at any time during the period of eighteen months

immediately preceding the transfer>

(a) their aggregate nominal value represents at

least twenty-five percent of the nominal value of the

issued share capital of the company<

(b) the aggregate voting rights attached to them

represent at least twenty-five per cent of the voting rights

in that company<

(c) the aggregate rights attached to them give the

right to the holder to be appointed or to nominate or

appoint or to withhold the nomination or appointment

of a director of that company.

(3) When two or more transfers of shares in the same

company (“the relevant transactions”) are made by the same

or by related persons within a period of eighteen months or

less, then, for the purpose of determining the chargeable gains

arising from the last of those transfers, the relevant transfers

shall be deemed to be one transfer (“the global transfer”) made

by the same person on the date of that last transfer, and if the

global transfer satisfies any of the criteria listed in sub-rule

(2), the following provisions shall apply>

(a) the last of the relevant transactions shall be

deemed to be a transfer of a controlling interest<

(b) the market value of the shares transferred in

the last transfer shall be deemed to be equal to the market

value of the global transfer reduced by the total value

that was or is to be taken into account for the purpose of

determining the chargeable gain arising from each of

the relevant transactions preceding the last of those

transfers.

(4) For the purpose of sub-rule (3) -

(a) an individual is deemed to be related to another

person if that other person is his spouse, his descendant

in the direct line, his adoptive child, the spouse of any

such descendant or adoptive child, his brother or sister,

or a company of which the individual is, directly or

indirectly, a shareholder<

(b) two bodies of persons are deemed to be related

persons if they are companies within the same group of

companies in terms of article 16 of the Act or are directly

or indirectly controlled and beneficially owned as to more

than fifty per cent by the same persons.

(5) The market value of shares in a company is a

percentage of the market value of the company corresponding

to the higher of –

(a) the percentage of the issued share capital

represented by the nominal value of those shares, and

(b) the percentage of the total voting rights in the

company represented by the total voting rights attached

to those shares>

Provided that -

(i) saving proviso (ii), where the percentage of

the shareholding or voting rights of the transferor in the

capital or voting rights of the company has been

decreased as a result of a change in the issued share

capital of that company made during the period of

eighteen months preceding the transfer, the market value

of the shares shall be determined by reference to the

market value of the company and the nominal value of

the shares, or the total voting rights in the company and

the voting rights attached to the shares, as the case may

be, as existing at the time immediately preceding that

change<

(ii) the market value of shares that are listed on a

stock exchange recognised under the Financial Markets

Act shall be the last quoted price of those shares on that

exchange before the date of the transfer.

(6) The market value of a company is the total of the

net asset value of the company as resulting from its financial

statements for the financial year preceding that in which the

transfer is made>

Provided that -

(a) where the assets of the company include shares

in another company, and such shares represent at least

ten percent of the nominal value of the issued share

capital of that other company, their book value shall be

replaced by their market value determined in accordance

with this rule 5, including this proviso<

(b) where the assets of the company include

immovable property, the book value of that property shall

be replaced by its market value, that is to say, the price

that the property would fetch if sold on the open market

on the date of the transfer<

(c) the net asset value shall be increased by an

amount, representing the value of the goodwill,

equivalent to two years’ average profits calculated by

reference to the profits of the company for the five

financial years immediately preceding the year in which

the transfer is made.

(7) For the purpose of sub-rule (6) -

(a) where the transfer is made during the

company’s first financial year, its net asset value shall

be the nominal value of its issued share capital as adjusted

in accordance with the provisos to the said sub-rule<

(b) where the company has not been in existence

for a sufficient period to determine the value of the

goodwill in the manner stated in proviso (c) to sub-rule

(6), the average profits shall be calculated by reference

to the total profits for the years preceding that during

which the transfer is made>

Provided that, subject to paragraph (c), where the transfer

is made during the company’s first or second financial year

no value is to be attributed to the goodwill<

(c) where the company has acquired its business

or part thereof from another person during the company’s

first three financial years the value of the goodwill of

the business so acquired shall be the higher of the

consideration, if any, paid for the acquisition of the

goodwill of that business and its value determined in

accordance with the foregoing provisions by reference

to the profits derived by that other person from the

relevant business.

(8) Where a controlling interest includes shares in a

company that directly or indirectly owns, at the time of the

transfer of those shares, immovable property there shall be

allowed a deduction for the increase in inflation calculated in

accordance with rule 8 in respect of that immovable property

or its relevant portion.

(9) Where a transfer of a controlling interest is a

transfer to which article 5(3)(a) of the Act applies, the

deduction allowable in terms of paragraph (8), where

applicable, is to be deemed as satisfying the requirement for

any adjustment to the value of the immovable property that

may be due in terms of that article>

Provided that where the transfer is not a transfer of a

controlling interest, the adjustment required by the said article

5(3)(a) shall consist of an increase for inflation made in

accordance with rule 8 but taking index yd to be the index for

1991. (10) The transferor in any transfer of shares shall

submit to the Commissioner a statement prepared by a

certified public auditor stating whether the transfer is a transfer

of a controlling interest or not and indicating the grounds on

which this statement is based. Where the transfer is a transfer

of a controlling interest or a transfer to which article 5(3)(a)

of the Act applies, the auditor’s statement shall also include a

computation of the market value of the shares as required by

these rules, and shall be accompanied, where applicable, by

an architect’s valuation of the market value of the immovable

property taken into account in determining the value of the

shares.

(11) The statement referred to in sub-rule (10) shall

be delivered in triplicate to the Commissioner (Capital

Transfer Duty Department) and the transferor shall, together

with the delivery, pay to the Commissioner the provisional

tax due on the transfer in accordance with article 43 of the

Income Tax Management Act, and the Commissioner shall

not consider that delivery or the notice of the transfer required

in accordance with the Duty on Documents and Transfers

Act as valid unless payment is made as aforesaid.

(12) The Commissioner shall stamp one of the copies

of the certificate submitted in accordance with sub-rule (11)

in acknowledgement of the receipt of same and return it to

the person who submitted it.

(13) An architect’s valuation delivered to the

Commissioner in accordance with this rule (“the taxpayer’s

technical valuation”) constitutes proof of the market value of

the property to which it refers unless a different value results

from a valuation prepared by an architect appointed by the

Commissioner (“the Commissioner’s technical valuation”)>

Provided that -

(a) where the taxpayer’s and the Commissioner’s

technical valuations are produced in any proceedings in

the Board of Special Commissioners, the Board shall,

unless the parties otherwise agree, appoint a third

architect to report on the value after examining the two

valuations and inspecting the property, and the Board

shall decide the matter after taking into account the third

architect’s report and any other consideration that it may

consider appropriate<

(b) where, in a final and conclusive assessment,

the chargeable gain on a transfer of shares is higher than

that declared by the taxpayer, the excess shall not, to the

extent that it is attributable to a value of immovable

property as assessed exceeding the taxpayer’s technical

valuation by not more than twenty-five percent,

constitute an omission for the purposes of article 56(12)

of the Act.”.

5. (1) For the marginal note to rule 6 of the principal rules there Amends rule 6 of

shall be substituted the marginal note “Notary to collect provisional tax the principal rules.

and to give notices to the Commissioner”.

(2) In sub-rule (2) of rule 6 of the principal rules, for the

words “in duplicate” there shall be substituted the words “in

(3) Immediately after sub-rule (3) of rule 6 of the principal

rules there shall be added the following>

“(4) The notice referred to in paragraph (ii) of sub-article

(9) of article 5 of the Act shall be made on the form prescribed in

Schedule A to these rules and shall be presented in triplicate

together with the notice referred to in sub-rule (2) of this rule. One

of the copies shall be stamped by the Commissioner in

acknowledgement of the receipt of the same notice and shall be

returned to the Notary to be annexed to the relative deed.”.

Immediately after rule 6 of the principal rules there shall be Adds new rules 7

to 11 to the

added the following new rules 7 to 11>

principal rules.

The provisions of sub-article (14) of article 5 of the

article 5(14) Act shall apply where the exchange of the shares does not

produce any change in the individual direct or indirect

beneficial owners of the companies involved or in the

proportion in the value of each of the companies involved

represented by the shares owned beneficially directly or

indirectly by each such individual.

(1) The increase for inflation of the value of

immovable property is to be determined by using the index

of inflation established in terms of article 13 of the Housing

(Decontrol) Ordinance and applying the following formula>

index yd – index ya

cost of acquisition#improvements x

index ya

Where -

index yd is the index for the year immediately

preceding that in which the transfer is made<

index ya is the index for the year immediately

preceding that in which the property in question had been

acquired or completed, whichever is the later, or, when

it relates to improvements, for the year immediately

preceding that in which the cost for carrying out the

improvements was incurred>

Provided that –

(a) where, in terms of the Act, the cost of

acquisition of immovable property that is transferred by

a person is to be determined by reference to an acquisition

happening before the acquisition of that property by that

person, index ya is the index for the year immediately

preceding that in which the earlier acquisition took place<

(b) the deduction for inflation shall not exceed -

TP – CA- D

where –

(i) TP = the transfer price of the property

(ii) CA = the cost of its acquisition, taking into

account any reduction in the value of property that may

be required in terms of rule 2(4)

(iii) D = the other deductions, excluding the

deduction for inflation, allowable in terms of these

rules.

(2) Where the increase in inflation is to be calculated

in connection with a transfer of a controlling interest in a

company in the circumstances mentioned in sub-rule 5(8),

the formula referred to in sub-rule (1) hereof shall apply

subject to the following provisions>

(a) index yd is the index for the year immediately

preceding that in which the transfer of the controlling

interest is made<

(b) the increase is to be calculated by reference

to such portion of the cost of the acquisition of the

immovable property as corresponds to the portion of the

immovable property represented by the shares

transferred<

(c) if the property was acquired or completed by

the company before the shares were acquired by the

transferor, the increase in inflation computed in

accordance with the foregoing provisions of this sub-

rule shall be reduced by the amount corresponding to

the increase in inflation from the date of the acquisition

or completion of the property by the company to the

date of the acquisition of the shares by the transferor<

and when the shares were acquired in different years the

reduction shall be calculated up to each year of

acquisition. The cost of acquisition to be taken into

account in each such calculation shall be such percentage

of the cost of acquisition of the property as corresponds

to the portion of the immovable property represented by

the shares acquired in each year<

(d) the deduction for inflation computed in

accordance with this sub-rule shall not exceed –

MV – CA – R

where -

MV = the market value, determined in accordance

with rule 5, of the portion of the immovable property

represented by the shares transferred

CA = an equivalent portion of the cost of acquisition

or completion of that property

R = the amount of the reduction, if any, computed

in accordance with paragraph (c).

(3) Where the increase in inflation is to be calculated

in connection with a transfer of an immovable property

acquired causa mortis after the 24th November 1992 but

before the 25th November 2003, and in respect of which an

adjustment to the value thereof is made in accordance with

the Adjustments to Declared Value of Immovable Property

Rules, 2005, index ya shall be deemed to be the index for the

year 2003.

(1) A transfer of any rights acquired under a

promise of sale or transfer of immovable property or any rights

over immovable property, including a promise of an

emphyteutical grant, shall not be valid unless it is made by

means of a written agreement signed by the transferor and

the transferee and authenticated by a notary or an advocate

and notice thereof is given to the Commissioner together with

the relative payment in accordance with sub-rules (2) and

(3).

(2) The notice referred to in sub-rule (1) shall be signed

by the transferor and the transferee and authenticated by the

notary or the advocate who authenticated the relative written

agreement and shall be in the form set out in, and contain the

information required by, Schedule B.

(3) The notice referred to in sub-rule (2) shall be

delivered to the Commissioner (Capital Transfer Duty

Department) in triplicate within twenty-one days of the

relative written agreement and shall be accompanied by a

payment of provisional tax equivalent to 7% of the

consideration for the transfer.

(4) In computing the gains or profits on the transfer of

any right to which this rule applies, the only deductions that

shall be taken into account shall be in respect of>

(a) where the transferor had acquired that right

from another person, the consideration, if any, which he

had paid to that other person for that acquisition, to the

extent that the consideration is supported by a receipt

and results from an agreement that complies with this

rule and in respect of which notice has been given and

payment of provisional tax has been made as provided

for in this rule>

Provided that where the transferor had acquired that right

under an agreement made before the date on which this rule

came into force a deduction for the consideration paid for

that acquisition shall be allowable if proof thereof is submitted

to the satisfaction of the Commissioner<

(b) brokerage fees paid in respect of the said

transfer, to the extent that they result from documentary

evidence and supported by a receipt.

(1) If, in any particular case, the Commissioner

has reason to believe that a person who intends to transfer

immovable property may leave Malta before the tax that may

leave Malta.

become due on that transfer or any other tax that may be due

by that person is paid, he may require the notary engaged to

publish the deed of that transfer to give the notice referred to

in sub-rule (3).

(2) When a notary is engaged to publish a deed of a

transfer of immovable property and the transferor is a person

who is either not resident in or not a citizen of Malta, that

notary shall give the notice referred to in sub-rule (3) not less

than two months before the date set for the publication of that

deed.

(3) The notice required to be given by a notary in terms

of sub-rule (1) or (2) shall state the details of the proposed

transfer, including the details identifying the parties and their

addresses, a description of the property, the date of the

proposed transfer and the consideration at which the proposed

transfer is to be made, and where an agreement for promise

of sale or transfer has been concluded in writing, it should be

accompanied by a certified copy of that agreement.

(4) A notary who is required to give a notice in

accordance with sub-rule (1) or (2) may not publish the deed

of the relative transfer before the expiration of two months

from the date on which he gave the said notice to the

Commissioner or before the date given in the said notice as

the date of the proposed transfer unless he is so authorised in

writing by the Commissioner>

Provided that in any case the notary may not publish the

deed of the relative transfer>

(a) unless the transfer is made for a consideration

not exceeding the consideration notified to the

Commissioner as aforesaid< and

(b) unless he complies with any conditions that

may have been imposed in the authorisation in writing

given by the Commissioner before the publication of

that deed< and

(c) if the Commissioner refuses to give the said

authorisation and notifies the notary of that refusal before

the publication of the deed.

(5) The Commissioner may refuse to give the

authorisation mentioned in sub-rule (4) if, in the circumstances

mentioned in article 46 of the Income Tax Management Act

and subject to the procedures provided for in that article, the

transferor has not made such payment, and, or made such

return, and, or given such security as the Commissioner may

have requested in accordance with that article>

Provided that the Commissioner may give the said

authorisation on condition that on the deed of transfer the

notary collects, by means of a deduction from the transfer

the Commissioner requests in accordance with the said article

and remits that deduction to the Commissioner within fifteen

days of that transfer.

These rules shall be without prejudice to paragraph

(a)

of

sub-article (1) and paragraph (a) of sub-article (4) of

prejudice to

article 43 of the Income Tax Management Act.” .

provisions of

article 43 of

Management

B

Date of public deed

Income Tax Reference no.

Income Tax Reference no.

I (a director and/or legal representative of transferor company), _________________________________________________, on behalf

Notice of transfer of immovable property, within or from a group of companies pursuant to article 5(9), Income Tax Act

of the above-named company, hereby give notice, in accordance with article 5(9) of the Income Tax Act, of the transfer of the

Name of officiating notary on this

immovable property referred to below and assume full responsibilty as to the correctness of the contents of this notice.

public deed

Address of transferor company

Address of transferee

Transfer Value of

Capital Gains Rules, 1993

property

INCOME TAX ACT