| 21/8/2008 |
Bil-Malti
HOME
SERVICES
HELP
SEARCH
|
| Collective Investment Schemes |
|
| CIS guide |
6. Authorised Financial Intermediaries |
Index |
|
|
| 6.1 |
An authorised financial intermediary is a person resident in Malta who is registered for this purpose with the Commissioner of Inland Revenue. He may apply for such registration if he holds a Category 2 or 3 investment services licence.
|
| 6.2 |
During the twelve month period ending on the 28th February, 2002, a person in possession of a Category 1 licence could register as an authorised financial intermediary if such a person gave a commitment to the Malta Financial Services Authority that he would apply for a Category 2 or 3 licence during that same period. If, by the 28 February 2002, such a person was still without a Category 2 or 3 licence, he ceased to be registered as an authorised financial intermediary.
|
| 6.3 |
Except as detailed in Sections 6.4 and 6.5 below, an authorised financial intermediary has all the obligations of payors in connection with disposals of securities in overseas based schemes and payments of dividends by such schemes.
|
| 6.4 |
In the case where a recipient utilises the services of an authorised financial intermediary in connection with capital gains arising on the disposal of shares or units held in a non-prescribed fund, the tax withheld is to be remitted not later than 90 days after the date of the contract note in relation to such disposal.
|
| 6.5 |
In the case where a recipient utilises the services of an authorised financial intermediary in connection with dividends received from a non-resident collective investment scheme, the tax withheld is to be remitted not later than the 30th April of the year following that in which the dividend was earned by the recipient.
|
| 6.6 |
A recipient utilises the services of an authorised financial intermediary in connection with the payment of investment income where:
- the authorised financial intermediary holds the units or shares in a nominee capacity; or
- the recipient receives the investment income directly in his own name but requires that an authorised financial intermediary collects the withholding tax on such income for onward payment to the Commissioner of Inland Revenue; or
- the Commissioner of Inland Revenue approves an arrangement which enables the collection of the withholding tax on investment income through an authorised financial intermediary.
|
| 6.7 |
When an authorised financial intermediary withholds tax he must furnish the recipient with a certificate. Upon the remittance of the tax to the Commissioner he must submit a statement. The information that must be given in the said certificate and in the remittance statement is shown in Table 4.
|
|
|
|
|