I). TRADING INCOME as a result of trading from and not in Malta, and in any foreign currency except Malta liri, shall be subjected to the standard 35% income tax payable within 8 months from the end of the fiscal year, followed by a shareholder refund of 30.8% paid one month after government receipt of taxation thus resulting in a net taxation of 4.2%.

II). HOLDING INCOME resulting from ordinary asset administration or receipt of dividends resulting from a 'qualifying participation' (i.e. holding or control of more than 10% of the total number of shares with voting rights in the foreign company), must pay 35% as above, followed by a FULL refund to shareholders one month after government receipt of taxation resulting in a net taxation of 0%.

III). In the case of all other 'HOLDING' income, the non resident shareholder is entitled to claim a 2/3 refund of the tax paid in Malta thus resulting in a net taxation of 6.25%.