Boats) Regulations, 2019

L.N. 92 of 2019

COMMISSIONER FOR REVENUE ACT

(CAP. 517)

Commissioner for Revenue Act (Taxable Value of Used Pleasure

Boats) Regulations, 2019

IN EXERCISE of the powers conferred by article 6 of the

Commissioner for Revenue Act and for the purpose of carrying out the

provisions of the revenue acts, the Minister for Finance has made the

following regulations:-

The title of these regulations is the Commissioner for

Revenue Act (Taxable Value of Used Pleasure Boats) Regulations,

2019.

(Regulation 3)

In this Schedule, "A" represents the total value of the consideration

paid by the supplier or the consideration paid by the importer, as the

case may be, when such supplier or importer had originally

acquired legal title to the used pleasure boat.

The percentage rates for the purpose of regulation 3 are listed

hereunder

"A" is

"A" is

"A" is

"A" is

Number of

"A" is

between

between

between

between

Months of

less than

€500,000 -

€10,000,001 -

€25,000,001-

€55,000,001 -

Ownership

€500,000

€10,000,000

€25,000,000

€55,000,000

€75,000,000

0 – 12

20%

20%

15%

15%

10-12%

13 - 24

10%

8-10%

10%

10%

5-8%

25 - 36

10%

8-10%

10%

10%

5-8%

37 - 48

10%

8-10%

10%

10-12%

5-8%

49 - 60

10%

20%

20%

15%

10-12%

61 - 72

7%

5%

5%

5%

7. 5% 73 - 84 7% 5% 5% 5% 7.5% 85 - 96 6% 2% 2% 2% 2% 97 - 108 5% 2% 2% 2% 2% 109 - 120 5% 2% 2% 2% 2% 121 - 132 0% 2% 2% 2% 2% 133 - 144 0% 2% 2% 2% 2% 145 - 156 0% 2% 2% 2% 2% 157 - 168 0% 2% 2% 2% 2% 169 - 180 0% 2% 2% 2% 2% 181 - 192 0% 0% 0% 0% 0% 193 - 204 0% 0% 0% 0% 0% 205 - 216 0% 0% 0% 0% 0% B 217 - 228 0% 0% 0% 0% 0% 1.5% 229 - 240 0% 0% 0% 0% 0% 1.5% 241 - 252 0% 0% 0% 0% 0% 1.5% €0.27

(1) In these regulations, save as provided in sub-

regulation (2), all words and phrases shall have the meaning as

prescribed in the Commissioner for Revenue Act.

(2)

In these regulations, unless the context otherwise requires

"Act" means the Commissioner for Revenue Act;

"Schedule" means the Schedule to these regulations as may

be amended by the Minister from time to time by way of notice

in the Gazette;

"taxable Value" shall have the meaning as defined in the

revenue acts;

"used pleasure boat" means a pleasure boat which

(a)

is not a new means of transport; and

(b) is imported into Malta or supplied by a person

who was not the builder of the pleasure boat.

Without prejudice to the relevant provisions of the

applicable revenue acts, the taxable value of a supply or an importation

of a used pleasure boat computed in accordance therewith shall be

adjusted, if at all necessary, such that the taxable value of that supply

or importation would be not less than the amount which would have

been payable if the total value of the used pleasure boat when it was

originally acquired by the supplier or importer was annually reduced

by the applicable percentage rates as specified in the Schedule to these

regulations during the period when the supplier or importer had

uninterrupted legal title to the used pleasure boat

Provided that the Commissioner for Revenue may accept a

taxable value for the supply of the used pleasure boat which is lower

than the amount adjusted as afore-said where the Commissioner for

Revenue is satisfied following appropriate evidence provided to him

that there are bona fide reasons for such lower taxable value. The use

of the Commissioner’s discretion under this rule shall not be

questioned in any appeal.