Asset Registration Programme Launched

The Minister of Finance Prof. Edward Scicluna launched a new registration programme in respect of undeclared assets.

The Asset Registration Programme will provide individuals the opportunity to register undeclared assets, located both locally and abroad. Registration of assets will be done against a registration fee of 7.5% of the value of the asset, while a rate of 5% will apply in the case of assets abroad and which are repatriated.

During the launch of the Asset Registration Programme the minister stated that  “Justice requires that each and every person pays all tax that is due, and that nobody is allowed to evade tax as this is socially unjust and undermines the country’s revenue,”

Prof. Scicluna  further stated that “The Government is determined and will make full use of tools to address tax evasion,” said. The Government is inviting for voluntary disclosures prior to embarking on a crackdown on individuals and companies who are receiving undeclared income from assets which are not registered, and who are thus evading Income Tax. The Government is also conscious of those individuals who find themselves in possession of undeclared assets through inheritance.

Jesmond Mizzi Financial Advisors Limited will act as a Registration Agent once the programme gets underway. Further details will be made available once the Central Bank of Malta issues the complete details of the programme.

Kindly contact your advisor at Jesmond Mizzi Financial Advisors for further details or email [email protected]