INVESTMENT REGISTRATION SCHEME REGULATIONS (2014)

SUBSIDIARY LEGISLATION 233.11

INVESTMENT REGISTRATION SCHEME

REGULATIONS (2014)

22nd July, 2014

LEGAL NOTICE 256 of 2014, as amended by Legal Notice 382 of 2014.

(1) The title of these regulations is the Investment

Registration Scheme Regulations (2014).

(2) The purpose of these regulations is to provide for the

e s t a b l is h m e n t o f a r e g is t r at i o n s c h e m e t o b e k n o w n a s t h e

Investment Registration Scheme, 2014, hereinafter referred to as

the Scheme, whereby residents of Malta subject to tax in Malta who

ho l d e l ig i b l e a s s e t s wi t h o u t d e c l a r i n g t h e r e l e v a nt i n c o m e

(including capital gains) for the purposes of the Income Tax Act,

may regularise their position under the relevant laws.

(1)

In these regulations, unless the context otherwise

requires

"applicable date" means any date between 4 November 2013 and

30 November 2014;

"applicant" means a person who registers under the Scheme

under regulation 3;

"appointed registration agent" means a person appointed by the

Central Bank of Malta under regulation 5;

"eligible assets" shall, save for the provisions of sub-regulation

(2), have the same meaning assigned to it by the Act and

regulations made thereunder;

"fiduciary" means any private foundation or any person who is

engaged to hold in his name or owns any eligible assets for another

person under a mandate or a trust and shall include a company referred

to in regulation 2(2)(b)(iv);

"relevant laws" has the same meaning assigned to it in article 9B

of the Income Tax Act;

"reputable jurisdiction" has the same meaning assigned to it by

regulation 2 of the Prevention of Money Laundering and Funding

of Terrorism Regulations.

(2) By virtue of the powers vested in the Minister under the

Act, the Minister has determined that the eligible assets set out

hereunder shall, by virtue and for the purposes of this regulation,

are the following assets

(a) deposits as defined in the Banking Act held with credit

institutions licensed in Malta, or abroad irrespective of

the currency of denomination;

(b) securities including (i) shares and stock in the capital

of a company registered or incorporated in a reputable

jurisdiction or other instruments creating or

acknowledging an ownership interest in such company

(ii) debentures, certificates of deposit, bonds, notes

and any other similar instrument creating or

acknowledging indebtedness issued by a company

registered in a reputable jurisdiction; (iii) securities

issued by central, regional or local governments, states

or sub-divisions of any state or any supra-national

organization; and (iv) shares representing assets, where

the preparation and filing of audited accounts are not

mandatory under the law of their place of registration,

and the applicant is otherwise unable to provide to the

satisfaction of the Commissioner audited accounts by a

reputable audit firm, companies referred to in sub-

paragraph (i) shall be deemed to be fiduciaries of the

beneficial owner of the said shares, holding assets on

behalf of the beneficial owner of such shares and where

there are several shareholders, the interest of the

applicant in the eligible assets shall be the proportion of

his rights to assets available for distribution on a winding

up of the company as represented by the proportion of his

shareholding to the total number of the shares in

existence having rights to assets available for distribution

on a winding up of the company. Provided that on the

application of the beneficial owner, being the shareholder

of such company, such assets shall be separately assessed

for eligibility under paragraphs (a) to (g) but shall not

include any shareholder loans or advances to such

companies as is referred to in paragraph (f);

(c) units in a collective investment scheme, life and

annuity long term insurance policies, whether index-

linked or not issued by a scheme or insurer licensed in

Malta or abroad;

(d) precious metal bullion;

(e) warrants, options, futures and other derivatives as well

as any other financial instruments entered into in

Malta and, or abroad for investment purposes;

(f)

shareholder loans or other advances extended directly or

indirectly to a company registered in a reputable

jurisdiction; and

(g) immovable property situated in or outside Malta.

(3) Words and expressions used in these regulations which are

also used in the Act or the Income Tax Act shall, unless the context

otherwise requires, have the same meaning as assigned to them in

the said Acts.

(4) For the purposes of these regulations, any income arising

from eligible assets which is received after 4 November 2013 and

reinvested before the date of registration, shall be deemed to

constitute eligible assets existing on 4 November 2013 and shall be

eligible for registration under these regulations.

(1) Residents of Malta subject to tax in Malta who own

eligible assets without declaring the relevant income for the

purposes of the relevant laws, may regularise their position under

the relevant laws, by registering such assets under the Scheme on

the prescribed form as set out in the Schedule.

(2) Eligible assets may only be registered under the Scheme by

the person who beneficially owns such assets on the applicable date

or by the person from whom the eligible assets originated when on

the said date these are held by a fiduciary, or by the heir or legatee

of such person, provided that the same eligible assets may only be

registered by one such person.

The Scheme shall run until 30 November 2014.

Registration of eligible assets for the purposes of

regulation 3 shall be executed by an applicant through appointed

registration agents which shall be credit institutions licensed in

Malta under the Banking Act, financial institutions licensed in

Malta under the Financial Institutions Act, stockbrokers licensed

under the Investment Services Act, and persons holding a category

2 or category 3 Investment Services Licence granted under the

Investment Services Act and in each case appointed as registration

agents by the Central Bank of Malta.

Registration of eligible assets under this Scheme shall be

open to eligible assets referred to in regulation 2 (2) held in or

outside Malta on 4 November 2013 and still belonging to the

applicant or to a fiduciary on behalf of or at the request of the

applicant on date of registration

Provided that where an asset belonging to the applicant on the

4 November 2013 has been converted by the applicant into an eligible

asset, consisting of a deposit fixed for one year held with credit

institutions licensed in Malta, during the period between 4 November

2013 and the registration date, such asset shall qualify as an eligible

asset for registration under this Scheme.

(1) The appointed registration agent shall only register

assets under the Scheme against the submission by the applicant of

original documentary evidence confirming that such assets are

eligible under the Scheme and were held by the applicant on the

applicable date, or else have originated from him if held by a

fiduciary on such date.

(2) The documentary evidence referred to in sub-regulation (1)

shall be

(a) in the case of precious metal bullion, a confirmation

from the institution with which the precious metal

bullion is held;

(b) in the case of immovable property, a duly

authenticated copy of the original contract by virtue of

which the property was acquired and a confirmation

from a duly qualified person that the said property was

owned by the applicant on the applicable date;

INVESTMENT REGISTRATION SCHEME (2014)

(c) in the case of shareholder loans or other advances

extended directly or indirectly to a company in a

reputable jurisdiction, a duly authenticated copy of the

agreement by virtue of which funds were advanced

directly or indirectly by the applicant to such company

together with such other documentary evidence that

such loans or advances were duly received by the

borrower, as well as an auditor’s certificate confirming

title and existence of such loans or advances. In all

cases, the said loans or advances must be evidenced in

the audited financial statements submitted to the

Inland Revenue Department or the Registrar of

Companies in Malta (or to their equivalent

counterparts, in the case of other jurisdictions) by 4

November 2013;

(d) in the case of all other eligible securities, deposits,

insurance policies or units in collective investment

schemes, a contract note or other written confirmation

from the relevant licensed financial intermediary and in

the case of an eligible asset to which the proviso to

regulation 6 applies a written confirmation from the

applicant that the asset that has been converted belonged

to the applicant on the 4 November 2013;

(e) such other documentary evidence which may be

declared sufficient or satisfactory by the Central Bank

of Malta in writing on a case by case basis;

(f)

where eligible assets are held by a third party, including a

company referred to in regulation 2(2)(b)(iv), in a

fiduciary capacity, the applicant shall also submit to the

appointed registration agent

(i)

where the fiduciary is regulated and licensed in

Malta or in a foreign jurisdiction, evidence that

such fiduciary is in fact so regulated or licensed,

and confirmation evidencing that such fiduciary

held the eligible assets on behalf of or at the

request of the applicant; or

(ii) where the fiduciary is not licensed or regulated,

a confirmation, bearing the fiduciary’s original

signature and witnessed by a Notary Public, a

Commissioner of Oaths, or an Advocate,

evidencing that such fiduciary held the eligible

assets on behalf of or at the request of the

applicant;

(iii) where the fiduciary is a company referred to in

regulation 2(2)(b)(iv), a certified copy of the

company’s memorandum and articles of

association and its certificate of registration and

its register of members; and a confirmation

bearing the original signature of the directors of

the said company authenticated in the

jurisdiction of registration of the company

evidencing that (a) the applicant is the beneficial

owner of the shares, alone or with others, and

controls the same, alone or with others; and (b)

the company is the beneficial owner of all the

assets of the company subject of the application

Provided that the existence of any shareholder

loans or advances, any liabilities to third parties

and any security agreement relating to the assets

shall not hinder the making of such confirmation

and may be referred to in the directors’ statement

should the directors consider it appropriate to do

so. The directors may also attach a copy of the

latest unaudited accounts of the company in any

form they may take should they consider it

appropriate to do so.

(3) Where eligible assets which may be registered under the

Scheme have been switched or otherwise converted or exchanged

by the applicant into other eligible assets during the period between

4 November 2013 and the registration date, the applicant is to

provide documentary evidence of such conversions or exchanges as

may be required by the appointed registration agent. This rule shall

also apply if the eligible assets are held by a fiduciary.

(4) Copies of the original documentary evidence provided by

the applicant in terms of these regulations are to be retained by the

appointed registration agent, in printed or electronic form, for

record purposes for a period of ten years.

(1) A person who registers eligible assets under the

Scheme shall sign a declaration which is to be provided on the

prescribed form set out in the Schedule wherein the applicant

represents to the Central Bank of Malta that

(a) such person is the beneficial owner of the assets being

registered or that such assets being held in the name or

under the control of a fiduciary originated from him;

(b) such person accepts full responsibility for the accuracy

and authenticity of the information and documentary

evidence provided to the appointed registration agent;

(c) such person undertakes to make available to the

appointed registration agent any further information

that may be required by the agent for the proper

exercise of its functions in this regard;

(d) the documentary evidence being submitted to the

appointed registration agent hereof is the true original;

(e) the registered eligible assets do not represent proceeds

from

(i) a crime of money laundering under the

Prevention of Money Laundering Act, or

(ii) any of the crimes listed in the Second Schedule

to the Prevention of Money Laundering Act

other than a crime against the relevant laws;

(f)

the registered assets were held in or outside Malta on 4

November 2013 or in the case of registered assets

referred to in the proviso to regulation 6 such registered

assets were held in Malta on the applicable date;

(g) the registered assets have only been registered once

under the Scheme and have not already been registered

under this Scheme or previous Investment Registration

Schemes;

(h) the declaration is being given in good faith.

(2)

The declaration shall also include

(a) a detailed description of the eligible assets being

registered and such other information that would

enable, where applicable, the proper identification of

the eligible assets, including such unique references or

codes as may apply to the eligible assets;

(b) details of the beneficial owners or of the persons from

whom the eligible assets originated, including full

name, identity card number, address and signature; and

details of the fiduciary where eligible assets are held

by a third party;

(c) details of the appointed registration agent.

(1) The appointed registration agent, after having duly

completed the declaration modalities and being satisfied of their

accuracy and completeness, shall issue a Registration Certificate.

The Certificate shall be sequentially and uniquely numbered and on

controlled stationery, the use of which has to be restricted to duly

authorised staff of the appointed registration agent and of the

Appointed Central Registration Certificate Depository only.

(2) The Registration Certificate shall be issued to the applicant

against the payment of a registration fee as specified in regulation

(1) L-aġent għar-reġistrazzjoni maħtur għandu jassigura

konformità sħiħa mad-dispożizzjonijiet ta’ dawn ir-regolamenti,

tal-Att kontra Money Laundering u r-regolamenti rilevanti li

jinħarġu taħtu u l-proċeduri ta’ implimentazzjoni kif maħruġa mill-

Korp għall-Analiżi ta’ Informazzjoni Finanzjarja meta ssir ir-

reġistrazzjoni ta’ kull assi taħt din l-Iskema u għalhekk huwa

obbligat li josserva l-obbligi imposti fuqu bħala persuna suġġetta,

inkluż customer due diligence u ġabra ta’ informazzjoni fuq is-sors

tal-fondi.

(2) Ebda dispożizzjoni ta’ dawn ir-regolamenti ma tista’ b’xi

mod tinftiehem li qed teżenta lill-applikant jew kull persuna oħra

mill-ħtija għat-twettiq ta’ reat jew mill-prosekuzzjoni ta’ xi reat li

ma jkunx reat kontra l-liġijiet rilevanti.

Wara li tkun ġiet kompluta r-reġistrazzjoni, l-applikant

jikkonferma l-kunsens tiegħu fejn jawtorizza lill-agent għar-

reġistrazzjoni maħtur sabiex ikun jista’ jagħti kopja taċ-Ċertifikat

ta’ Reġistrazzjoni lid-Depożitarju Ċentrali Maħtur ta’ Ċertifikat ta’

Reġistrazzjoni.

(1) Malli ssir ir-reġistrazzjoni, is-sid benefiċjarju tal-assi

eliġibbli reġistrati taħt din l-Iskema, u li f ’ismu jew għall-

benefiċċju tiegħu ikun inħareġ Ċertifikat ta’ Reġistrazzjoni taħt

dawn ir-regolamenti, għandu jkun intitolat għall-eżenzjonijiet

imsemmija fl-artikolu 9B tal-Att dwar it-Taxxa fuq l-Income

Iżda fil-każ li l-assi eliġibbli li għalih japplika l-proviso tar-

regolament 6, minkejja id-disposizzjonijiet tal-artiklu 9B ta’ l-Att

dwar it-Taxxa fuq l-Income, l-eżenzjoni mit-taxxa fuq l-income

imsemmija fis-subregolament (2)(a) tal-imsemmi Att m’għandhiex

tapplika u l-eżenzjoni mit-taxxa fuq id-dħul imsemmija fis-subartikolu

(2)(b) tal-imsemmi Att għandha tapplika sakemm l-income ma ġiex

iddikjarat fil-prospett tat-taxxa fuq l-income li ġiet provduta lill-

Kummissarju sal-4 ta’ Novembru 2013, u l-ebda taxxa ma giet stmata

dwarhom fi kwalunkwe valutazzjoni taħt l-Att dwar it-Taxxa fuq l-

Income u notifkata qabel 31 Mejju 2014.

(2) Jekk l-applikant

jippreżenta

xi

dikjarazzjoni

u/jew

dokument falz

(a) dan jannulla ċ-Ċertifikat ta’ Reġistrazzjoni bħallikieku

dan iċ-Ċertifikat ta’ Reġistrazzjoni qatt ma nħareġ; u

(b) jirrendi lill-applikant ineliġibbli għall-benefiċċji u l-

eżenzjonijiet li jingħataw taħt l-Iskema.

(3) The Registration Certificate shall be issued by the

appointed registration agent in triplicate: one copy shall be

provided to the applicant; one copy is to be retained by the

appointed registration agent; and one copy is to be provided to the

Appointed Central Registration Certificate Depository.

(4) The Central Bank of Malta is, by means of these

regulations, being appointed the Central Registration Certificate

Depository.

(5) The triplicate copies of all the Registration Certificates

issued by the appointed registration agent during each calendar

m on th s h a ll b e se n t t o th e C e nt ra l Re gist ra tio n C e r ti fi c a te

Depository within seven (7) days after the end of that month.

(6)

The Registration Certificate is strictly non-transferable.

(7) In the event that a Registration Certificate is lost, defaced

or destroyed, the applicant may make a request in writing to the

Central Registration Certificate Depository for the issue of a copy

of the lost, defaced or destroyed certificate.

(8) Other than by order of a Court, every person, including past

and present officers or agents of an appointed registration agent or

of the Appointed Central Registration Certificate Depository, shall

be bound by the duty of professional secrecy in the exercise of his

functions under these regulations and shall not disclose any

information contained in the Registration Certificate which may

come in his possession in the exercise of his functions under these

regulations.

10. (1) The appointed registration agent shall ensure full

compliance with the provisions of these regulations, the Prevention

of Money Laundering Act, regulations issued thereunder and

implementing procedures issued by the Financial Intelligence

Analysis Unit when registering any asset/s under this Scheme and

shall therefore be bound to comply with all the obligations imposed

on a subject person, including customer due diligence and the

collection of information on the source of funds.

(2) Nothing in these regulations shall be construed as

exempting the applicant or any other person from liability for the

commission of any crime or from prosecution for any crime other

than a crime under the relevant laws.

11. In completing the registration, the applicant confirms his

consent to authorise the appointed registration agent to furnish a

copy of the Registration Certificate to the Central Registration

Certificate Depository.

12. (1) Upon registration, the beneficial owner of the eligible

assets registered under this Scheme and in whose name or for

whose benefit a Registration Certificate has been issued pursuant to

these regulations shall be entitled to the exemptions referred to in

article 9B of the Income Tax Act

Provided that in the case of an eligible asset to which the

proviso to regulation 6 applies, notwithstanding the provisions of

article 9B of the Income Tax Act, the exemption from tax on

income referred to in sub-article (2)(a) of the said Act shall not

apply and the exemption from tax on income referred to in sub-

article (2)(b) of the said Act shall apply to the extent that the said

income has not been declared in any income tax return which has

been furnished to the Commissioner by 4 November 2013, and no

tax has been assessed with respect thereto in any assessment raised

under the Income Tax Acts and notified before 31 May 2014.

(2) The submission by the applicant of false statements and/or

documents required under these regulations shall

(a) nullify the Registration Certificate as if that

Registration Certificate had never been issued; and

(b) render the applicant ineligible to the benefits and

exemptions granted under the Scheme.

13. (1) The issue of a Registration Certificate is subject to the

payment by the applicant of a registration fee payable to the

Government.

(2)

Such registration fee is equivalent to

(a) in the case of immovable property, seven and one half

per centum of the original cost on date of purchase of

the registered asset;

(b) in the case of an eligible asset to which the proviso to

regulation 6 applies, seven and one half per centum of the

current market value of the registered asset;

(c) in the case of all other eligible assets, seven and one

half per centum of the current market value of the

registered eligible assets

Provided that in the event that the applicant can

provide documentary evidence that the acquisition cost

exceeded the current market price, the applicable

registration fee shall be charged on such acquisition

cost

Provided also that in respect of eligible assets referred to in

paragraphs (a) and (c) which were held abroad on 4 November 2013

and are still held abroad on date of registration, a rate of five per

centum shall be charged where the applicant makes an irrevocable

commitment to repatriate the relative proceeds within two weeks

after date of registration and to invest such funds in locally listed

securities or in deposits with domestic banks, subject that the

applicant shall provide to the registration agent within three weeks

from date of registration documentary evidence of such repatriation

and local investment, and that the repatriated assets will be retained

locally for at least three years after date of registration

Provided further that in the case where the eligible asset

consists of shares in the capital of a company registered or

incorporated in Malta or in a reputable jurisdiction outside Malta

which does not own any asset other than immovable property or

where more than ninety five percent of its assets consist of

immovable property, the current market value of the company shall

be reduced by the excess of the current market value of the

immovable property, upon which the current market value of the

shares was determined, over the original cost on date of purchase of

the said immovable property owned by the company.

Where in the case of a company referred to in regulation

2(2)(b)(iv), the eligible asset is an immovable property forming

part of the assets of a company which does not own any asset other

than immovable property or where more than ninety five per cent of

its assets consist of immovable property, reference shall be made to

the original cost of the immovable at the date of purchase. In the

case of all other eligible assets owned by such company reference

shall be made to the current market value of the eligible assets,

including when the eligible assets are themselves shares within

sub-paragraph 2(2)(b)(iv), and no reference shall be made to the

current market value of the shares in the company itself.

Furthermore, no reference shall be made to any accounts of

the company (unless the applicant is able to provide to the

satisfaction of the Commissioner audited accounts by a reputable

audit firm) or to any liabilities, any reserves, shareholder loans or

advances

Provided further that, in respect of eligible assets referred to in

paragraphs (a) and (c) which have been subject to a registration fee of

five per centum, where the beneficial owner of the eligible asset and in

whose name or for whose benefit a Registration Certificate has been

issued pursuant to these regulations does not retain the repatriated

assets locally for a period of three years after the date of registration,

he shall be considered as never having been entitled to the exemptions

referred to in article 9B of the Income Tax Act, and shall forfeit the

right not to refund any benefit, exemption or advantage acquired

before the registration.

(3) The current market value is calculated on the basis of a

valuation by a duly qualified person made within three months

preceding the date of registration and presented to the appointed

registration agent.

(4) The registration fees paid by registered applicants are to be

remitted by the appointed registration agent to the Government at a

designated account at the Central Bank of Malta by not later than

seven days after the end of the month during which the fees are

collected.

(5) The appointed registration agent shall issue a receipt, which

is an integral part of the Registration form, to the applicant in

respect of the registration fee paid.

The appointed registration agent is entitled to recover a fee

for services rendered to effect registration. Such fee shall be

deducted from the Registration fee paid in respect of the issue of

the Registration Certificate. Such fee shall be equivalent to five per

centum of the Registration fee, provided that it shall not be less

than €30 or more than €380 per application registered.

Holders of a Registration Certificate who convert their

registered eligible assets into other assets shall, after registration,

retain the documentary evidence regarding such conversions or if

no such documentary evidence is available such other evidence in

such readable medium as may be available.

(1) Where the holder of a Registration Certificate is

served with a notice of enquiry by the Inland Revenue Department

in terms of article 13(7) of the Income Tax Management Act, such

person is required to produce the Registration Certificate to the

Inland Revenue Department within thirty days from the date of

such notification.

(2) In the event that the Registration Certificate is not

submitted to the Commissioner of Inland Revenue within thirty

days from the date of such notification without a justifiable reason,

the exemptions referred to in regulation 12(1) shall not apply.

(3) Where the Commissioner of Inland Revenue is satisfied that

such person was prevented from submitting the Registration

Certificate owing to a reasonable cause, he may extend the period

for submission of the said Certificate as may be reasonable in the

circumstances.

INVESTMENT REGISTRATION SCHEME (2014)

INVESTMENT REGISTRATION SCHEME (2014)

INVESTMENT REGISTRATION SCHEME (2014)

Section 4: Applicant’s Declaration

In completing Section 2, I/ we declare

1. to be the owner/joint beneficial owner(s) or the originator(s) of the

registered assets or the heir or legatee of such person(s);

2. that the registered assets were owned by me/us on 4 November 2013 and are

still owned by me/us on date of registration;

3. that these assets are being registered only once under this Investment

Registration Scheme and that these assets have not already been registered in any

form under the Investment Registration Schemes established by virtue of Legal

Notice 315 of 2001, Legal Notice 59 of 2002, Legal Notice 209 of 2003, Legal

Notice 226 of 2003, Legal Notice 121 of 2005, Legal Notice 112 of 2007 and Legal

Notice 256 of 2014;

4. that the registered assets do not represent proceeds from a crime of money

laundering in terms of the Prevention of Money Laundering Act, or from a crime that

would result due to an infringement of any law other than the Income Tax Act;

5. that the documentary evidence being hereby submitted to the Appointed

Registration Agent in support of the registered assets is true and original;

6. that I/we accept full responsibility for the accuracy and authenticity of the

inform atio n and of the docum entary evid ence subm itt ed to the A ppoi nted

Registration Agent under the Scheme;

7. that I/we will make available to the Appointed Registration Agent any

further information, statements or documents that it may require for the proper

exercise of its functions in terms of the Investment Registration Scheme;

8. that I/we hereby authorise the Appointed Registration Agent to provide a

copy of the Registration Certificate to the Central Bank of Malta as Central

Registration Certificate Depository;

9. that the declaration is being made in good faith;

10. that in return for my/our making this declaration and obtaining the relevant

exemptions arising from law upon registration, I/we hereby pay the applicable

registration fee based on (a) in the case of immovable property, the original cost on

date of purchase, and (b) in the case of all other eligible assets, the market value of

the eligible assets or the original cost whichever is the higher;

11. I/we understand that the submission of false statements and documents will

nullify this Certificate and render me/us liable to legal prosecution;

12. I/we also understand that in the event that I/we am/are receiving any benefit,

exemption or other advantage under the Social Security Act or under any other

scheme made by the Government or any public entity or under any other law, as a

result of not having declared the eligible assets being hereby registered (or income

therefrom), I/we shall not be required to refund that benefit, exemption or other

advantage acquired before this declaration. However, if after this registration, I/we

continue to take that benefit, exemption or advantage without being entitled thereto,

I/we shall be considered as never having enjoyed exemptions referred to in article

9B of the Income Tax Act, and shall forfeit the right not to refund any benefit,

exemption or advantage acquired before the Registration;

13. I/We undertake that any losses referred to in article 5(10)(a) and article

14(1)(g) of the Income Tax Act declared in the return for year of assessment 2013

INVESTMENT REGISTRATION SCHEME (2014)

and for any preceding year of assessment, whenever submitted, shall not be carried

forward and set off against my/our total income for the year preceding the year of

assessment 2014 or in any subsequent year;

14. I/We understand that in the event that I am/we are served with a notice of

enquiry by the Inland Revenue Department, I am/we are obliged to submit this

Registration Certificate to the said Department within thirty days from the date of

such notification. I/We also understand that if I/we fail to submit the Certificate

within thirty days without a reasonable cause, the exemptions referred to in article

9B of the Income Tax Act will not apply;

15. I/We undertake that in the event that I/we opt for the 5% registration fee, I/

we will repatriate the relative registered assets within two weeks after registration

date and invest such funds in locally listed securities or in deposits with local banks.

I/we undertake to retain such funds locally for at least three years after date of

registration.

Section 5: Appointed Registration Agent’s Declaration

In completing Section 3, we declare

1. that we have obtained the necessary information, statements and documents

required for the proper exercise of our function under the Scheme;

that we have retained copies of supporting documentary evidence as

necessary and undertake to continue retaining such documentation for 10 years;

3. that we are bound by the duty of professional secrecy in terms of the

Professional Secrecy Act and will not disclose any information contained in the

Registration Certificate other than to the Central Registration Certificate Depository

or by order of a Court;

4. that we ensure full compliance with the provisions of the Prevention of

Money Laundering Act and related regulations and the implementing procedures

issued by the Financial Intelligence Analysis Unit.