Chapter 541 – Budget Measures Implementation Act (2015)
What is this act about?
Din il-liġi timplimenta miżuri tal-Baġit għas-sena finanzjarja 2015 u miżuri amministrattivi oħra. Tiġbor flimkien dispożizzjonijiet dwar is-self tal-Gvern u emendi għall-Att dwar il-VAT.
Who it applies to: Il-Gvern ta' Malta u l-Ministru għall-Finanzi; Persuni li huma intitolati għal rifużjonijiet tal-VAT.
At a glance
- Country
- Malta
- Area of law
- Tax law
- Articles
- 5
- Source
- legislation.mt
- Text retrieved
- Explanation updated
What does this act regulate?
- L-awtorità tal-Gvern ta' Malta li jissellef flus.
- L-iskopijiet li għalihom jistgħu jintużaw il-flus mislufa.
- Emendi għall-Att dwar il-VAT.
- Il-kundizzjonijiet għall-ħlas ta' rifużjonijiet tal-VAT.
Who does this act apply to?
- Il-Gvern ta' Malta u l-Ministru għall-Finanzi.
- Persuni li huma intitolati għal rifużjonijiet tal-VAT.
What are the key points?
- Il-Gvern ta' Malta jista' jissellef sa ħames mitt miljun ewro (€500,000,000) f'Malta.
- Il-flus mislufa jridu jintużaw biex ikopru nfiq żejjed, jifdu stokks reġistrati, jew għal bidliet fil-portafoll.
- Rifużjonijiet tal-VAT ma jitħallsux jekk persuna tonqos milli tippreżenta dikjarazzjonijiet tat-taxxa meħtieġa.
- Ma jkun dovut l-ebda imgħax mill-Kummissarju għall-perjodu li fih rifużjoni tal-VAT tinżamm minħabba nuqqas ta' preżentazzjoni ta' dikjarazzjoni tat-taxxa.
Tax law
Legal text
Legal text
BUDGET MEASURES IMPLEMENTATION (2015)
CHAPTER 541
BUDGET MEASURES IMPLEMENTATION ACT (2015) To implement Budget measures for the financial year 2015 and other administrative measures.
1st January, 2015 ACT XIII of 2015.
Art. 1
The short title of this Act is the Budget Measures Implementation Act.
Short title.
Art. 2
The provisions of this Part shall be deemed to have come into force on the 1st January, 2015.
Coming into force.
Art. 3
For the purpose of this Part, "revenue" has the same meaning as is assigned to it in article 2 of the Financial Administration and Audit Act, but does not include proceeds from loans.
Interpretation.
Art. 4
Authority to raise loan.
Art. 5
Any money borrowed under the authority of this Part shall be appropriated and applied for the purpose of:
Purpose. (a) meeting excess expenditure over revenue incurred in the Consolidated Fund for year 2015 and, or subsequent years; (b) redeeming registered stocks which are due for redemption during 2015; and (c) effecting portfolio changes in relation to amounts raised through Treasury Bills, amounts raised through Government Stocks, and in respect of loans raised outside Malta as and when required in line with Government’s debt management policies.
PART XXXII
Amendments to the Value Added Tax Act.
Amendment of article 24 of the principal Act.
BUDGET MEASURES IMPLEMENTATION (2015) 151. Immediately after the proviso to sub-article (2) of article 24 of the principal Act, there shall be added the following new proviso: ''Provided further that, where a person to whom a refund is payable in terms of this sub-article has, by the date the refund claim is made, failed to file any tax return or declaration required to be furnished for the purposes of this Act and such failure persists until the date such refund becomes payable, any such refund shall not be paid to such person and shall be withheld by the Commissioner until such time as the said tax return or declaration is submitted; and provided further that notwithstanding any other provisions of this Act, no interest shall be due by the Commissioner in respect of the period during which the said refund is withheld on account of failure to submit a tax return or declaration for the purposes of this Act.''.