Please use this identifier to cite or link to this item:
Full metadata record
DC FieldValueLanguage
dc.identifier.citationSavona, R. (2005). An analysis of the accounting and taxation aspect of trusts in Malta and related accountability issues (Master's dissertation).en_GB
dc.description.abstractThis thesis dwells into the accounting and taxation aspect of trusts in Malta and examines related accountability issues. One of the duties of the trustees is to be accountable to the beneficiaries and accounting is one of the means to achieve such accountability. However, the Maltese law is silent about the manner in which the accounts are to be kept and the format in which financial statements are to be presented to the beneficiaries. In view of this, the United States Trusts practice offers a good basis for trust accounting since they follow the Uniform Principal and Income Act 2000 The new tax provisions which were introduced by virtue of Act XIII of 2004 are examined. These tax provisions can be considered as an 'upgrade' to the general tax rules intended to bring no change in the tax incidence of the parties if they become parties to a trust. The trustees are accountable to the beneficiaries for computing the tax to be paid. Maltese legislation gives some assurance to the beneficiaries by providing for liability of the trustees for breach of trust, however it does not mention an audit. An audit might enhance accountability since auditors form and express independent opinion on the financial statements. Finally, the extent of liability of trustees is discussed in view of the fact that the law imposes duties on the trustees and if they fail any of their duties they will be liable for breach of trust. In view of this, it is important to offer some protection to trustees in order to avoid the possibility of the beneficiaries abusing of the protection offered to them by the law.en_GB
dc.subjectTaxation -- Maltaen_GB
dc.subjectFinance, Publicen_GB
dc.titleAn analysis of the accounting and taxation aspect of trusts in Malta and related accountability issuesen_GB
dc.rights.holderThe copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder.en_GB
dc.publisher.institutionUniversity of Maltaen_GB
dc.publisher.departmentFaculty of Laws. Department of Commercial Lawen_GB
dc.contributor.creatorSavona, Romina (2005)-
Appears in Collections:Dissertations - FacLawCom - 1997-2008
Dissertations - MA - FacLaw - 1994-2008

Files in This Item:
File Description SizeFormat 
  Restricted Access
6.64 MBAdobe PDFView/Open Request a copy

Items in OAR@UM are protected by copyright, with all rights reserved, unless otherwise indicated.