| COUNTRY PERSPECTIVES
-
MALTA |
|
Finance & banking system |
|
|
| |
|
Finance & banking system |
Maltese currency is the Maltese Lira, 1 MTL = 2.38 Euros. It is composed of a basket of currencies including the Euro (70%), the US dollar (10%) and the GB Pound (20%). It is convertible but not quoted abroad. The export of the Maltese Lira in bank notes is limited to MTL 1000. Transfers in currency for the payment of imports have been liberalised in the context of the dismantling of the exchange control system. The main currencies used for invoicing are the Euro, the American Dollar and the GB Pound.
There are currently five clearing banks on Malta. There are a number of international financial institutions that operate in other financial and banking related services. The five banks work with each other, with more than 100 branches offering the classic services and products of the large financial institutions. Maltese banks offer practically all the services of large financial centres. Foreign banks maintain direct relations and have a correspondent among their Maltese counterparts.
For permanent residents, there is an extremely reasonable fiscal deduction. A fixed amount of 15% is deducted from all income (less the applicable tax allowance). There are no local council taxes – local authorities do not deduct additional contributions. The maximum fiscal deduction is 4.17% for on-shore companies. |
|
|
|
|
