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CHANGES IN TAXATION OF
PERMANENT RESIDENTS
Annual Income Remitted to Malta (unchanged):
|
Permanent
Resident: |
A minimum of
Lm6,000 annually |
|
Dependents: |
Lm1,000
each |
Taxation system up to 31/12/2002:
|
Reduced Tax
Rate: |
15% on income
remitted to Malta |
|
Minimum Tax: |
Lm1,000 after double tax
relief |
Taxation system from 1/1/2003:
|
Permanent Resident Family
inc. dependants: |
Assessed to tax on a minimum
of Lm12,000 annually (w/o deductions) at the same rate of 15%. |
|
Therefore:
a minimum tax liability irrespective of number
of dependents: |
Lm 1,800 after allowing
for a credit for double taxation relief. |
Back to
Budget 2003 Index
Becoming
a Permanent Resident of Malta |