Cooperation with Other Jurisdictions on Tax Matters

L.N. 481 of 2014

INCOME TAX ACT

(CAP. 123)

Cooperation with Other Jurisdictions on Tax Matters

(Amendment No. 2) Regulations, 2014

IN exercise of the powers conferred by articles 76 and 96 of the

Income Tax Act, the Minister for Finance has made the following

regulations:-

The title of these regulations is the Cooperation with Other

Jurisdictions on Tax Matters (Amendment No. 2) Regulations, 2014,

and these regulations shall be read and construed as one with the

Cooperation with Other Jurisdiction on Tax Matters Regulations,

hereinafter referred to as "the principal regulations".

Regulation 28 of the principal regulations shall be

amended as follows

(a)

in paragraph (a) of sub-regulation (1) thereof for the

words "FATCA Agreement. A Reporting Malta Financial

Institution may elect, either with respect to all Pre-existing

Individual Accounts or, separately, with respect to any clearly

identified group of such accounts not to review, identify and

report Pre-existing Individual Accounts referred to in section

II.A of Annex I of the FATCA Agreement. Such an election

shall be made in such manner as the Commissioner may

determine;" there shall be substituted the words "FATCA

Agreement;"; and

(b) immediately after sub-regulation (2) thereof there

shall be added the following new sub-regulation

"(3) A Reporting Malta Financial Institution may

elect, not to review, identify and report accounts referred to

in section II.A, III.A, IV.A and V.A of Annex I of the

FATCA Agreement as applicable. Such an election shall be

made in such manner as the Commissioner may

determine.".

€0.09