Tax Break for Malta's Libyan CEOs

Malta Today reports that the bosses of Libyan companies operating in Malta will not be paying any income tax in 2013.

According to the report, the then Maltese Finance Minister, Tonio Fenech, decreed in February 2013 that various Libyan directors and managers employed in Maltese-owned companies are to be exempted from income tax.

The exemption applies to officials of the Libyan Foreign Investment Authority (LAFICO) who were seconded to companies in which LAFICO has a shareholding, such as Corinthia Hotels International, Golden Tulip Vivaldi Hotel, LAMHCO, Medavia, Mediterranean Power Electric (a joint venture between Libya, Malta and Britain's Hawker Siddeley), Medelec Switchgear (a joint venture between LAFICO, Malta, Alstom Grid and Schneider Electric), and Universal Inspectorate and Services.

(Source: Malta Today)

(Picture: Valletta Harbour)

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