Trusts (Income Tax) Regulations, 2006

L.N. 2 of 2006

INCOME TAX ACT

(CAP. 123)

INCOME TAX MANAGEMENT ACT

(CAP. 372)

Trusts (Income Tax) Regulations, 2006

IN exercise of the powers conferred by articles 5 and 27D of the

Income Tax Act, and of articles 42 and 58 of the Income Tax

Management Act, the Prime Minister and Minister of Finance has made

the following regulations>–

(1) The title of these regulations is the Trusts (Income Tax) Citation and

cmmencement.

Regulations, 2006.

(2) These regulations shall be deemed to have come into

force on 1 st January, 2005.

(Regulation 2.)

Registration of Trust

for the Purposes of the Income Tax Acts

1. Purpose

In pursuance of the provisions of the Income Tax Acts and relevant regulations made thereunder, the trustees of

a trust that are persons resident in Malta need to register the said trust for the purposes of the Income Tax Acts

where there is income attributable to such trust as provided for in the said Acts. Form Trusts 01 is required to be

furnished to the Commissioner of Inland Revenue for this purpose by the said trustee. This form may also be

used for the purposes of (i) the election to have the income attributable to such trust to be treated as though it was

income of a company ordinarily resident and domiciled in Malta in terms of Article 27D(1) of the Income Tax

Act; and (ii) the application for a determination that the trust is of a temporary nature in terms of Article 27D(2)

of the Income Tax Act.

2. When to File

This return is to be completed and forwarded so as to reach the Department of Inland Revenue not later than 30

days from the date of appointment of the first trustee that is a person resident in Malta.

3. Accompanying Documents

A copy of the written instrument establishing/evidencing the trust in the case of an election under Article 27D(1)

of the Income Tax Act or an application for a determination in terms of Article 27D(2) of the Income Tax Act,

together with such other documents specified in this form are to be attached.

4. Signatures

This return is to be signed by each of the trustees of the trust that are persons resident in Malta. In certain cases

as specified in this form, the trustee(s) may need to have particular authorisation(s) or licence(s).

5. Where to File

The completed return is to be submitted to: Commissioner of Inland Revenue, Department of Inland Revenue,

Floriana

Commissioner of Inland Revenue, Floriana

Part 1 – Details of Trust

Name of Trust

d

d

m

m

y

y

y

y

Date of Establishment of Trust

d

d

m

m

y

y

y

y

Date of Appointment of First Resident Trustee

y

y

y

y

First Year of Assessment

Type of Trust

For Official Use Only

Fixed Interest Trust

Trust Income Tax No.

Discretionary Trust

Accumulation & Maintenance Trust

Protective Trust

Determination/Election Ref. No.

Charitable Trust

Other (please specify)

Received

Page 1.

Part 2 – Contact Information

Name of Resident Trustee(s)

Income Tax No

Contact Details

House No.

Street

Locality

Post Code

Country

Telephone No.

Fax No.

Email

Part 3 – Details of Settlor(s) and Beneficiaries

(Optional except for cases where a valid election in terms of Article 27D(1) of the Income Tax Act or a

determination in terms of Article 27D(2) of the Income Tax Act has been made)

Part 3a – Settlor(s)

Name

Income Tax No

(where applicable)

Part 3b – Beneficiaries

Name

Income Tax No

(where applicable)

Page 2

Part 4 – Taxation Details

Note: Mark [a] as appropriate

Election in terms of Article 27D(1) of the Income Tax Act

The undersigned trustee(s) that have been granted authorisation as trustee(s) under the provisions of Article

43(3) of the Trusts and Trustees Act are hereby irrevocably electing that the chargeable income attributable

to the above named trust be computed as if such income was derived by a company ordinarily resident and

domiciled in Malta in terms of Article 27D(1) of the Income Tax Act . The said trustee(s) also declare that the

income attributable to this trust shall comprise only income in the form of royalties, dividends, capital gains,

interest, rents or any other income from investments.

Application for Determination in terms of Article 27D(2) of the Income Tax Act

The undersigned trustees are hereby applying for a determination that the above named trust is of a

temporary nature in terms of article 27D(2) of the Income Tax Act. The undersigned trustees are all in

possession of a valid licence issued in terms of the Banking Act or the Financial Institutions Act, a copy of

which is being attached herewith. A brief description of the purpose of establishment of this trust and of the

transactions involved, together with an estimated duration of this trust are being given hereunder.

Purpose of Trust

Transactions Involved

Estimated Duration

Taxation under Article 27D(3) of the Income Tax Act

The undersigned trustees declare that no election or application mentioned in the two previous paragraphs

shall be made and that the provisions of paragraphs (b), (c), (d) and (e) of Article 27D(3) of the Income Tax

Act shall apply to the above named trust.

Page 3

Part 5 – Supplementary Information

Please give any other details and information you consider necessary

Part 6 – Statement and Signature(s)

I (we) declare that

I am (We are) attaching herewith all documents required in connection with the registration of the above

named trust; and

I am (We are) aware of all the requirements under the Income Tax Acts in relation to the above named trust;

and

I (we) have examined the contents of this return and to the best of my (our) knowledge and belief, it is true,

correct and complete.

Indicate Residency of

Name

Signature

Date

Trustee

Page 4

(1) Trustees of a trust that are persons resident in Malta have Registration of trust

by trustee.

the obligation to ensure that such trust is registered for the purposes of

the Income Tax Acts. Such registration is to be made on Form Trusts

01 contained in Schedule 1 hereto within 30 days from the date of

appointment of the first trustee that is a person resident in Malta, or

from the date of publication of these regulations, whichever is the later

date. The said form shall be signed by each of the trustees of such trust

that are persons resident in Malta, and such resident trustees shall have

the joint obligation to submit the said form to the Commissioner>

Provided that the provisions of this subregulation do not apply to

those cases referred to in paragraphs (b) and (c) of subarticle (3) of

article 27D of the Income Tax Act.

(2) An election for the purposes of the treatment of the

income attributable to a trust as income derived by a company ordinarily

resident and domiciled in Malta, as provided for in subarticle (1) of

article 27D of the Income Tax Act, shall be made on Form Trusts 01

contained in Schedule 1 hereto.

(3) An application to the Commissioner for a determination

under the provisions of subarticle (2) of article 27D of the Income Tax

Act shall be made within 30 days from the date of appointment of the

first trustee that is a person resident in Malta, and that is in possession

of a valid licence issued in terms of the Banking Act or of the Financial

Institutions Act on Form Trusts 01 contained in Schedule 1 hereto.

(Regulation 3.)

Declaration by Trustee –

Transfer of Beneficial Interest in a Trust

in terms of Article 5(19) of the Income Tax Act (Cap. 123)

1. Purpose

In pursuance of the provisions of the Income Tax Acts, a beneficiary that transfers a beneficial interest in a trust is

liable to pay tax on gains from such transfer at the rate specified in Article 56(6) of the Income Tax Act through

the trustee of such trust. This form (Trusts 02) is required to be furnished by the trustee to the Commissioner of

Inland Revenue for this purpose.

2. Applicable Transfers

Transfers of beneficial interest in respect of which such a liability is triggered are transfers of beneficial interest in

any trust the property of which includes immovable property, securities and any other asset referred to in article

5(1)(a)(i) and 5(1)(a)(ii) of the Income Tax Act in terms of Article 5(19) of the Income Tax Act.

3. When to File

This return is to be completed and forwarded so as to reach the Department of Inland Revenue not later than the

14 th day following the end of the month in which the trustee had collected the tax from the transferor of beneficial

interest. The said transferor is to effect the relative payment of tax to the trustee not later than 45 days from the

date on which the transfer instrument was executed.

4. Accompanying Documents

Together with this form, the trustee needs to attach an authenticated copy of the transfer instrument and a copy of

the last financial statements of the relevant trust.

5. Signatures

This return is to be signed by at least one trustee of the trust that is a person resident in Malta.

6. Where to File

The completed return (together with the payment of tax) is to be submitted to: Commissioner of Inland Revenue,

Department of Inland Revenue, Floriana

Commissioner of Inland Revenue, Floriana

Part 1 – Details of Trust

Name of Trust

Trust Income Tax Registration No.

Part 2 – Details of Transfer of Beneficial Interest

d

d

m

m

y

y

y

y

Date of Transfer of Beneficial Interest

Consideration for the Transfer (MTL)

Tax due on the Consideration (MTL)

For Official Use Only

Received

Page 1.

Part 3 – Details of Trust Property

Taxable Trust

Details of Property

Date of Settlement

Value/Cost at time

(Address, location, investment company

Property

or Acquisition

of Settlement/

etc.)

(e.g. Immovable,

Acquisition

Shares, Bonds, Patent

MTL

etc.)

Part 4 – Statement and Signature(s)

I (we) declare that

I (We) have been provided with an authenticated copy of an executed transfer instrument in connection

with a transfer of beneficial interest in the above mentioned trust; and

I am (We are) aware of all the requirements under the Income Tax Acts in relation to the above named

trust pursuant to the transfer of such beneficial interest; and

I (we) have examined the contents of this return and any other accompanying documents, and to the best

of my (our) knowledge and belief, they are true, correct and complete; and

I am (We are) herewith attaching payment of tax due on the transfer of beneficial interest.

Indicate Residency of

Name

Signature

Date

Trustee

Page 2

The return to be made under the provisions of paragraph (e)

of subarticle (19) of article 5 of the Income Tax Act by a trustee in

respect of the gains arising on the transfer of beneficial interest, shall

be made on Form Trusts 02 contained in Schedule 2 hereto.

(Regulation 4(1))

Income Tax Return

and Self Assessment

with respect to the Income Attributable to a Trust

where a Determination in terms of Article 27D(2) of the Income Tax Act (Cap. 123) has been made

Mark [a] as appropriate

First Tax Return

Final Tax Return

Other

1. Purpose

In pursuance of the provisions of the Income Tax Acts, the trustee of a trust in relation to which a determination in

terms of subarticle (2) of article 27D of the Income Tax Act has been made, is required to furnish the Commissioner of

Inland Revenue with a true and correct declaration of the income attributable to such trust for a year of assessment, as

well as a true and correct declaration of the property settled in such trust. Form Trusts 03 is to be used for the purpose

of such declaration.

2. When to File Return

This return is to be completed and forwarded so as to reach the Department of Inland Revenue not later than the end of

June following the year in which the income attributable to the trust was derived.

3. Scope of Declaration

Income derived during the twelve months commencing on the 1 st January of the year immediately preceding the year of

assessment shown on this return is to be declared in this return together with a valuation of the property settled into

such trust.

4. Accompanying Documents

Together with this return there needs to be attached (i) financial statements certified by a person in possession of

warrant granted under the Accountancy Profession Act; (ii) statements giving full details of income and property

declared where not enough space is provided for in this return; (iii) any other statement which in the opinion of the

trustee or the person in possession of the said warrant would give a complete and clear view of the tax situation of the

trust.

5. Full Disclosure

All income attributable to the trust for the year in question is to be disclosed, whether it is derived in Malta or elsewhere

and whether received in Malta or not. All property settled into such trust is to be disclosed whether it is situated in

Malta or elsewhere. No part of this return is to be left blank. Where there is nothing to declare, the word “NONE”

should be entered.

6. Signatures

This return is to be signed by the person who is in possession of the above-mentioned warrant and who certifies the

financial statements accompanying this return and by at least one trustee of the trust that is a person resident in Malta.

7. Where to File

The completed return is to be submitted to: Commissioner of Inland Revenue, Department of Inland Revenue, Floriana

Commissioner of Inland Revenue, Floriana

For Official Use Only

Received

Page 1.

Part 1 – Changes in Details concerning the Trust

Part 1a. - New Name of Trust

Income Tax No

Part 1b. - Persons no longer Resident Trustees

(where applicable)

Income Tax No

Part 1c. - New Resident Trustees

(where applicable)

Income Tax No

Part 1b. - Persons no longer Beneficiaries

(where applicable)

Income Tax No

Part 1c. - New Beneficiaries

(where applicable)

Part 1d. - New Contact Details

House No.

Street

Locality

Post Code

Country

Telephone No.

Fax No.

Email

Page 2.

Part 2 – Declaration of Income Attributable to a Trust

Item Description

Local

Foreign

MTL

MTL

Income

Interest Income

Dividends

Capital Gains

Rents

Income from Intellectual Property

Other Investment Income

Other Income

Chargeable Income Attributable

to a Trust (Add lines 1 through 7)

Tax thereon

Tax Paid during the Year

Tax Due/Overpaid (subtract line 10 from 9)

Part 3 – Declaration of Values of Trust Property

(Values in accordance with financial statements)

Item Description

Local

Foreign

MTL

MTL

Immovable Property

Shares

Bonds

Other financial instruments

Patents

Other Intellectual Property

Bank Deposits

Cash

Other Liquid Assets

Other Assets

Totals

Part 4 – Supplementary Information

Please give any other details and information you consider necessary

Part 5 – Statement(s) and Signature(s)

Person in possession of a warrant issued under the Accountancy Profession Act

I declare that

I am aware of all the relevant requirements under the Income Tax Acts in relation to Part 2 of this return; and

I have examined the contents of Part 2 of this return, including any attachments to this return which are

specifically connected thereto, and to the best of my knowledge and belief, it is true, correct and complete.

Name

Signature

Designation

Date

Trustees in possession of a valid licence issued in terms of the Banking Act or the Financial Institutions Act

I (we) declare that

I am (We are) aware of all the relevant requirements under the Income Tax Acts in relation to the above

named trust; and

I (we) have examined the contents of this return, including any attachments thereto, and to the best of my (our)

knowledge and belief, it is true, correct and complete.

Indicate Residency of

Name

Signature

Date

Trustee

Page 4

(1) The return to be made under the provisions of paragraph

(iv) of subarticle (2) of article 27D of the Income Tax Act by a trustee

with respect to the income attributable to a trust for which a

determination has been made in terms of subarticle (2) of article 27D of

the Income Tax Act shall be made on Form Trusts 03 contained in

Schedule 3 hereto. This return shall be signed by at least one trustee of

such trust that is a person resident in Malta and that is in possession of

a valid licence issued in terms of the Banking Act or of the Financial

Institutions Act. Such trustee shall have the obligation to submit the

said return to the Commissioner.

(2) Where a determination has been made in terms of

subarticle (2) of article 27D, tax in relation to the income attributable to

such trust is payable not later than the tax settlement date.

(Regulation 6.)

Income Tax Return

and Self Assessment

with respect to the Income Attributable to a Trust

in terms of Article 24A of the Income Tax Management Act (Cap. 372)

Mark [a] as appropriate

First Tax Return

Final Tax Return

Other

1. Purpose

In pursuance of the provisions of the Income Tax Acts, the trustee of a trust is required to furnish the Commissioner of

Inland Revenue with a true and correct declaration of the income attributable to such trust for a year of assessment, as

well as a true and correct declaration of those amounts allocated to the beneficiaries of such trust for the same year.

Form Trusts 04 is to be used for the purpose of such declaration. This form, however, is not to be utilised in those cases

where an election has been made so that the income attributable to the trust is to be computed in the same manner as

income of a company ordinarily resident and domiciled in Malta, or where a determination in terms of the provisions of

Article 27D(2) of the Income Tax Act has been made.

2. When to File Return

This return is to be completed and forwarded so as to reach the Department of Inland Revenue not later than the end of

June following the year in which the income attributable to the trust was derived.

3. Scope of Declaration

Income derived and allocations made during the twelve months commencing on the 1 st January of the year immediately

preceding the year of assessment shown on this return are to be declared in this return.

4. Accompanying Documents

Together with this return the following documents, where applicable, are to be attached

•

Financial statements certified by a person in possession of warrant granted under the Accountancy Profession Act;

•

Statements giving full details of income declared and deductions claimed;

•

Statements showing details requested in this return where not enough space was provided therein;

•

Documents supporting claims for tax credits;

•

Any other statement which in the opinion of the trustee or the person in possession of the said warrant would give

a complete and clear view of the tax situation of the trust.

5. Full Disclosure

All income attributable to the trust for the year in question is to be disclosed, whether it is derived in Malta or elsewhere

and whether received in Malta or not. No part of this return is to be left blank. Where there is nothing to declare, the

word “NONE” should be entered.

6. Signatures

This return is to be signed by the person who is in possession of the above-mentioned warrant and who certifies the

financial statements accompanying this return and by at least one trustee of the trust that is a person resident in Malta.

7. Where to File

The completed return is to be submitted to: Commissioner of Inland Revenue, Department of Inland Revenue, Floriana

Commissioner of Inland Revenue, Floriana

For Official Use Only

Received

Page 1.

Part 1 – Changes in Details concerning the Trust

Part 1a. - New Name of Trust

Income Tax No

Part 1b. - Persons no longer Resident Trustees

(where applicable)

Income Tax No

Part 1c. - New Resident Trustees

(where applicable)

Income Tax No

Part 1b. - Persons no longer Beneficiaries (optional)

(where applicable)

Income Tax No

Part 1c. - New Beneficiaries (optional)

(where applicable)

Part 1d. - New Contact Details

House No.

Street

Locality

Post Code

Country

Telephone No.

Fax No.

Email

Page 2.

Part 2 – Declaration of Income Attributable to a Trust

Item Description

Local

Foreign

MTL

MTL

Interest Income

Dividends

Capital Gains

Rents

Income from Intellectual Property

Other Investment Income

Other Income

Chargeable Income Attributable to a

Trust (Add lines 1 through 7)

Exemptions: Specify Type of Income Exempted

Specify under which Legislation

Total Exemptions (Add lines 9 through 10)

Deductions

Income Attributable to a Trust Allocated to Beneficiaries -

Vested Rights for Income in the Year

Entitlement Bestowed during the Year

Amounts Distributed during the Year

Expenses in the production of Income

Trustee Fees

Professional Fees (including Audit and Accountancy fees)

Other Administrative Fees

Total Deductions (Add lines 12 through 18)

Chargeable Income Attributable to a Trust (Subtract lines 11 and 19 from 8)

Tax thereon

Rate of Tax

Total Tax (Add lines 21 through 22)

Tax Credits

Unilateral Relief

Tax at Source

Total Credits (Add lines 24 through 25)

Tax Payable (Subtract line 26 from line 23)

Tax Paid During the Year

Tax Due/Overpaid (Subtract line 28 from 27)

Part 3 – Declaration of Amounts Allocated to Beneficiaries

(Amount allocated in terms of Article 27D(4) of the Income Tax Act)

Name of Beneficiary

House No.

Street

Post Code

Locality

I.T. No.

Country

Tax Paid on behalf of

Amount Allocated

Type of Income

Country of Source

Date of Allocation

Beneficiary

MTL

MTL

Name of Beneficiary

House No.

Street

Post Code

Locality

I.T. No.

Country

Tax Paid on behalf of

Amount Allocated

Type of Inc.

Country of Source

Date of Allocation

Beneficiary

MTL

MTL

Name of Beneficiary

House No.

Street

Post Code

Locality

I.T. No.

Country

Tax Paid on behalf of

Amount Allocated

Type of Inc.

Country of Source

Date of Allocation

Beneficiary.

MTL

MTL

Name of Beneficiary

House No.

Street

Post Code

Locality

I.T. No.

Country

Tax Paid on behalf of

Amount Allocated

Type of Inc.

Country of Source

Date of Allocation

Beneficiary

MTL

MTL

Page 4.

Part 4 – Declaration of Values of Trust Property

(Values in accordance with financial statements)

Item Description

Local

Foreign

MTL

MTL

Immovable Property

Shares

Bonds

Other financial instruments

Patents

Other Intellectual Property

Bank Deposits

Cash

Other Liquid Assets

Other Assets

Total

Part 5 – Declaration of Income from Trust Property

Location

Description of Trust Property

Mark [a] as

appropriate

Local

Foreign

Total Income from Trust Property

Part 6 – Supplementary Information

Please give any other details and information you consider necessary

Part 7 – Statement(s) and Signature(s)

Person in possession of a warrant issued under the Accountancy Profession Act

I declare that

I am aware of all the relevant requirements under the Income Tax Acts in relation to Part 2 of this return; and

I have examined the contents of Part 2 of this return, including any attachments to this return which are

specifically connected thereto, and to the best of my knowledge and belief, it is true, correct and complete.

Name

Signature

Designation

Date

Trustees

I (we) declare that

I am (We are) aware of all the relevant requirements under the Income Tax Acts in relation to the above

named trust; and

I (we) have examined the contents of this return, including any attachments thereto, and to the best of my (our)

knowledge and belief, it is true, correct and complete.

Indicate Residency of

Name

Signature

Date

Trustee

Page 6

The return to be made under article 10 of the Income Tax

Management Act by a trustee with respect to the income attributable to

a trust for which a valid election as provided for in subarticle (1) of

article 27D of the Income Tax Act has been made, shall be made on the

same form which has been prescribed to be used by companies for the

declaration of their income. Such return shall be signed by at least one

trustee of such trust that is a person resident in Malta and such resident

trustee shall have the obligation to submit the said form to the

Commissioner.

(Regulation 7.)

Declaration by Settlor –

in terms of Article 24B of the Income Tax Management Act (Cap. 372)

1. Purpose

In pursuance of the provisions of the Income Tax Acts, a settlor that is a person resident in Malta that settles

property in a trust, the trustees of which are all persons not resident in Malta, needs to inform the Commissioner

of such settlement. This form (Trusts 05) is to be used for this purpose.

2. Applicable Settlements

This form is to be used where a person or persons resident in Malta settle property in a trust, the trustees of which

are all persons not resident in Malta.

3. When to File

This return is to be completed and forwarded so as to reach the Department of Inland Revenue not later than 30

days from the date of the relevant settlement of property in trust.

4. Accompanying Documents

Together with this form, the settlor needs to attach an authenticated copy of the relevant trust instrument or any

other document evidencing the existence of the relevant trust.

5. Signatures

This return is to be signed by the settlor of the relevant trust.

6. Where to File

The completed return is to be submitted to: Commissioner of Inland Revenue, Department of Inland Revenue,

Floriana

Commissioner of Inland Revenue, Floriana

Part 1 – Details of Settlor and Trust

Name

House No.

Street

Locality

Post Code

Country

Settlor’s Income Tax Registration No.

Name of Trust

d

d

m

m

y

y

y

y

Date of Establishment of Trust

Jurisdiction under the Law of which the Trust was Established

For Official Use Only

Received

Page 1.

Part 2 – Details of Property Settled in Trust

Type of Property

Details of Property

Value at time of Settlement or

(Immovable, Shares,

(Address, location, investment company etc.)

Acquisition

Bonds, Patent etc.)

MTL

Part 3 – Statement and Signature(s)

I (we) declare that

There has been a settlement of property in a trust, the trustees of which are all persons not resident in

Malta; and

I (we) have examined the contents of this return and any other accompanying documents, and to the best

of my (our) knowledge and belief, they are true, correct and complete.

Name

Signature

Date

Page 2

The return to be made under article 10 of the Income Tax

Management Act by a trustee with respect to the income attributable to

a trust for which no election as provided for in subarticle (1) of article

27D of the Income Tax Act has been made, and no determination under

the provisions of subarticle (2) of article 27D of the Income Tax Act

has been made, shall be made on Form Trusts 04 contained in Schedule

4 hereto. Such return shall be signed by at least one trustee of such trust

that is a person resident in Malta and such resident trustee shall have

the obligation to submit the said form to the Commissioner.

(Regulation 8.)

Declaration of Intention of

Transfer of Assets involving a Trust –

for the purposes of Article 43(2) of the Income Tax Management Act (Cap. 372)

1. Purpose

Certain transfers of assets involving trusts may not attract income tax. In such cases, a person intending to make

such a transfer may submit a declaration in duplicate to the Commissioner of Inland Revenue. Where a notary has

evidence that such a declaration has been received by the Commissioner of Inland Revenue, it shall constitute

sufficient evidence for the non-payment of provisional tax for the purposes of Article 43(2) of the Income Tax

Management Act. This form (Trusts 06) is to be used for this purpose of such declaration.

2. Applicable Transfers

This form is to be used in the case of a settlement, distribution or reversion where under the relevant provisions of

subarticles 5(18), (21), (22) and (24) of the Income Tax Act no tax is payable.

3. When to File

This return is to be completed and forwarded so as to reach the Department of Inland Revenue not later than 7

days prior to the date of the relevant transfer of assets.

4. Accompanying Documents

Together with this return there needs to be attached (i) statements giving details of persons transferring the assets

and of details relating to the assets being transferred where not enough space is provided for in this return; (ii) any

other statement or document which in the opinion of the persons signing this form would support the declaration

made in Part 3.

5. Signatures

This return is to be signed by all the persons intending to effect the relevant transfer of assets and must be signed

by a person that is either the authorised trustee of the relevant trust, an advocate or a notary.

6. Where to File

The completed return is to be submitted to: Commissioner of Inland Revenue, Department of Inland Revenue,

Floriana

Commissioner of Inland Revenue, Floriana

Part 1 – Details of Person(s) intending to transfer assets

Name(s) of Person(s) intending to transfer assets

Income Tax No.

Name of Trust (where applicable)

Trust Income Tax No. (where applicable)

For Official Use Only

Received

Page 1.

Part 2 – Details of Property to be transferred

Type of Property

Details of Property

Value/Cost at time of

(Immovable, Shares,

(Address, location, investment company etc.)

Settlement/Acquisition

Bonds, Patent etc.)

MTL

Part 3 – Statement and Signature(s)

I (we) declare that

The person(s) referred to in Part 1 of this form intend(s) to transfer assets, which transfer constitutes a

settlement/distribution/reversion of property;

No tax is payable in connection with the said transfer in accordance with the provisions of

.............................................................................................................................................................; and

I (we) have examined the contents of this return and to the best of my (our) knowledge and belief, they

are true, correct and complete.

Name

Signature

Designation

Date

Trustee/Advocate/Notary

Page 2

The information referred to in article 24B of the Income Tax Information

submitted.

Management Act shall be submitted to the Commissioner in the Form

Trusts 05 contained in Schedule 5 hereto.

(Regulation 9.)

Information to be included in the certificate issued by the trustee to the beneficiary of

a trust upon an allocation

1)

Amounts over which the beneficiary has vested right.

2)

Amounts over which an entitlement has been bestowed to the beneficiary.

3)

Amounts distributed to the beneficiary.

For each of the above, the trustee is to specify

1. Date of allocation

2. Date of distribution (where applicable)

3. The type of income

4. The country of source

5. The gross amount

6. Any foreign tax suffered on such amounts

7. The net amount.

8. Declaration by trustee, where applicable, that tax has been paid in terms of

subparagraph (iii) of paragraph (b) of subarticle (4) or article 27D of the Income

Tax Act.

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

(1) Where a person intends to transfer assets referred to in Intention to transfer

trusts.

subparagraphs (i) and (ii) of paragraph (a) of subarticle (1) of article 5

of the Income Tax Act, which transfer constitutes a settlement of property

on trust or a distribution or reversion of property settled on trust, and no

tax is payable on such transfer in accordance with any of the relevant

provisions of subarticles (18), (21), (22) and (24) of article 5 of the

Income Tax Act, such person may make and submit a declaration in

duplicate to the Commissioner on Form Trusts 06 contained in Schedule

6 hereto not later than seven days prior to the said transfer. This form

shall be signed by all the persons making the transfer and must be signed

by at least one person that is either the trustee of the relevant trust

provided that such trustee is authorised to act as trustee in terms of

article 43 and 43A of the Trusts and Trustees Act, or an advocate or a

notary. A copy of a duly filled in Form Trusts 06 that is stamped as

received by the Commissioner, shall constitute sufficient evidence to

the relevant notary for the non-payment of provisional tax in relation to

such transfer. A copy of the said stamped Form Trusts 06 that is presented

to the relevant notary shall be annexed to the relevant instrument of

transfer of assets.

(2) The Commissioner shall retain all the relevant powers

conferred by the Income Tax Acts concerning the transfer of assets

referred to in the Form Trusts 06, even after having stamped such Form

as received.

The certificate referred to in sub-paragraph (ii) of paragraph Certificate to

contain

(b) of subarticle (4) of article 27D of the Income Tax Act shall contain prescribed

information.

the information specified in Schedule 7 hereto.

For the purposes of subarticle (2) of article 42 of the Income Conditions for

payment

Tax Management Act, and notwithstanding anything contained in any of provisional tax.

regulations made thereunder, no provisional tax shall be payable in

respect of the income attributable to a trust unless a valid election as

provided for in subarticle (1) of article 27D of the Income Tax Act has

been made.