205 tal-2016 - Regoli tal-2016 li jemendaw ir-Regoli dwar it-Taxxa fuq Dokumenti u Trasferimenti

L.N. 205 of 2016

DUTY ON DOCUMENTS AND TRANSFERS ACT

(CAP. 364)

Duty on Documents and Transfers (Amendment) Rules, 2016

BY VIRTUE of the powers vested in him by article 22 of the

Duty on Documents and Transfers Act, the Minister for Finance has

made the following rules:-

(1) The title of these rules is the Duty on Documents

and Transfers (Amendment) Rules, 2016, and these rules shall be read

and construed as one with the Duty on Documents and Transfers

Rules, hereinafter referred to as "the principal rules".

(2) These rules shall come into force on the 1st June, 2016.

Sub-rule (2) of rule 3 of the principal rules shall be

substituted by the following

"(2) The value of the full ownership of any property on

the relevant date shall be the average price which such property

would fetch if sold on the open market on that date, in the state

it is in as on that date, including any improvements existing on

that date, whether made or paid for by the transferor, the

transferee or any other person

Provided that in the case of a transfer by a gratuitous

title by a person to his spouse, descendants and ascendants in

the direct line and their relative spouses, or in the absence of

descendants to his brothers or sisters and their descendants, who

acquire such property for the purpose of establishing therein or

constructing thereon their sole, ordinary residence, the value

thereof shall be deemed to be eighty per centum of the market

value of the property so transferred on the date of transfer.".

€0.09