Malta Publishes FAQ on New Property Tax System

Malta's Inland Revenue Department has published a FAQ on its new property tax system, including examples. The new system includes the introduction of a final withholding tax on immovable property transfers at a rate of 8% as included in the 2015 Budget. The new tax for the most part replaces the capital gains tax and 12% final withholding tax.

The 8% final withholding tax applies from 1 January 2015, although there are a few exceptions, including:

• A 5% final withholding tax applies for the …