S.L. 123.218 Art. 2Interpretation. Cap. 123.  Cap. 330. 2 [S.L.  S.L. 370.34.   Cap. 331.

In these rules, unless the context otherwise requires:

"Act" means the Income Tax Act;

"artificial arrangements" means arrangements the terms thereof include:

(a) a beneficiary receives any benefit or payment, in whatever form, from a person who is related to his employer and such beneficiary does not declare for tax purposes such benefit or payment in Malta or is not liable to tax on such income in Malta;

(b) arrangements of collusion between employer and employee to ensure that a contract which in substance does not fall within the scope of these rules and article 56(21) of the Act, would be given a form which enables it to qualify for benefits hereunder;

"Commissioner" means the Commissioner for Tax and Customs;

"competent authority" means the Malta Financial

Services Authority established by the Malta Financial Services Authority Act;

"eligible office" means an employment or an office listed in the Schedule;

"licence holder" means a person who holds a licence issued by the Malta Financial Services Authority;

"Multi Family Office" means a licence holder that

* These rules shall apply with effect from the year of assessment 2026. Vide Article 1(2) of Legal Notice 250 of 2025. OFFICES AND TREASURY MANAGEMENT OPERATIONS 123.218 TAX

exclusively manages the wealth of more than one (1) high-net-worth family;

"Notified PIF" means a notified professional investor fund established in accordance with the Investment Services Act (List of Notified CISs) Regulations;

"professional qualifications" means relevant qualifications attested by evidence of education qualifications or, by way of derogation, when provided for by national law, attested by at least five (5) years of professional experience of a level comparable to education qualifications and which is relevant in the profession or sector specified in the work contract or binding job offer. For the purpose of this definition:

(a) "education qualification" means any evidence of formal qualifications issued by an educational establishment obtained after the successful completion of a post-secondary education programme, namely a set of courses provided by an educational establishment recognised as a education institution by the jurisdiction in which it is situated. An education qualification shall be taken into account with regard to the benefits conferred by these rules and article 56(21) of the Act, provided that the relative course of studies needed to obtain such qualification was for a minimum period of at least three

(3) years; and

(b) "professional experience" means the actual and lawful pursuit of the profession concerned;

"registered trustee" means a trustee which is registered with the competent authority in terms of article 43B of the

Trusts and Trustees Act;

"rights acquired under this law" means the right to elect to pay tax at the reduced rate of tax provided by article 56(21) of the Act and these rules;

"Single Family Office" means an undertaking that solely manages the wealth of a single high-net-worth family.