MT
COMMISSIONER FOR REVENUE ACT (TAXABLE VALUE OF USED PLEASURE BOATS) REGULATIONS
Statutory Text (5 Articles)
COMMISSIONER FOR REVENUE ACT
(TAXABLE VALUE OF USED PLEASURE BOATS)
SUBSIDIARY LEGISLATION 517.03
COMMISSIONER FOR REVENUE ACT
(TAXABLE VALUE OF USED PLEASURE BOATS)
REGULATIONS
7th May, 2019
LEGAL NOTICE 92 of 2019.
The title of these regulations is the Commissioner for
Revenue Act (Taxable Value of Used Pleasure Boats) Regulations.
(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
"A" is
"A" is in
between
between
between
between
less than
excess of
€500,000 -
€10,000,001 -
€25,000,001-
€55,000,001 -
€500,000
€75,000,000
€10,000,000
€25,000,000
€55,000,000
€75,000,000
20%
20%
15%
15%
10-12%
10%
8-10%
10%
10%
5-8%
10%
8-10%
10%
10%
5-8%
10%
8-10%
10%
10-12%
5-8%
10%
20%
20%
15%
10-12%
7%
5%
5%
5%
7. 5% 7% 5% 5% 5% 7.5% 6% 2% 2% 2% 2% 5% 2% 2% 2% 2% 5% 2% 2% 2% 2% 0% 2% 2% 2% 2% 0% 2% 2% 2% 2% 0% 2% 2% 2% 2% 0% 2% 2% 2% 2% 0% 2% 2% 2% 2% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
(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
COMMISSIONER FOR REVENUE ACT
(TAXABLE VALUE OF USED PLEASURE BOATS)
questioned in any appeal.