Income Tax Management Act (Cap. 372), article 24B

24B. Where - (a) the settlor of a trust is a pe rson resident in Malta; and (b) none of the trustees of such t rust is a person resident in Malta; and (c) property is settled into such trust after such date as the Minister responsible for finance may, by notice in the Gazette, appoint, the said settlor shall inform the Commissioner of the property so settled together with a copy, wh ere applicable, of the relevant trust instrument or of any other document evidencing the existence of such trust. This information shall be submitted to the Commissioner by not later than thirty days from the date of the relevant settlement. Any settlor who fails to comply with the provisions of this article shall be guilty of an offence and li able on conviction to a fine (multa) of not less than one hundred and sixteen euro (116) and not exceeding one thousand and one hundred and sixty euro (1,160) and to a further fine ( multa ) of not INCOME TAX MANAGEMENT [CAP. 372. 27 less than four euro (4) but not exceeding twenty-three euro (23 ) for every day during which the offen ce continues after the lapse of the said thirty days. Powers of the Commissioner to request information. Added by: II. 2005.34. Amended by: I. 2008.6.