Malta recently introduced an attractive 15% flat rate of tax for individuals working in the financial services sector who can meet a number of requirements specified in the relevant legal notice. This measure was introduced in response to the growth which the Maltese financial services sector, which has seen rapid growth in the context of hedge funds, FOREX businesses, captives and other areas, has registered over the last few years. This measure is now being extended to cover the country's well-established internet gambling industry.
The 15% tax rate will now, therefore, apply also to individuals drawing income from employment with companies that are licensed with the Lotteries and Gaming Authority and having a minimum income of Euro75,000. A number of qualifying i-Gaming specific roles have been introduced into the legislation, namely:
- Actuarial Professional,
- Chief Executive Officer;
- Chief Financial Officer;
- Chief Commercial Officer
- Chief Operations Officer;
- Chief Risk Officer (including Fraud and Investigations Officer);
- Chief Technology Officer;
- Head of Investor Relations;
- Head of Marketing (including Head of Distribution Channels);
- Head of Research and Development; (including Search Engine Optimisation and Systems Architecture)
- Senior Analyst (including Structuring Professional);
- Senior Trader/Trader.
- Odds Compiler Specialist
Malta already is a leading jurisdiction in the internet gambling industry and these rules should help the jurisdiction to sustain the growth that it has managed achieved so far thanks to its finely tuned balance of business friendliness and regulatory rigour.
Our first applications for eligibility under the new rules are underway. To inquire about your eligibility under these rules, contact Dr Jean-Philippe Chetcuti at your convenience.
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