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1、AnjelicaCamillerideMarcoPaper1-ThemeISetoutsomeoftheproblemsencounteredwhentryingtoidentifywhether,ingivencircumstances,“atradeorbusiness”existsforthepurposesofarticle4(1)(a)oftheIncomeTaxAct.Giveanindicationofhowthisproblemistackledinpractice.Doyouconsiderthatadefinitionoftheex
2、pressionshouldbecontainedintheAct?TheproblemsstatedArticle4(1)(a),thechargingsectionoftheIncomeTaxAct,Chapter123,LawsofMalta.setsoutasitssubject-matter“gainsorprofitsfromanytrade,business,professionorvocation…”.Thus,inorderforatransactiontobetaxableintermsofarticle4(1)(a)oftheIn
3、comeTaxAct,itmustinteraliafallwithintheambitofthesetwoterms,asacceptedfortaxpurposes.Anotableconsiderationinthisrespectisthereferencetoboth‘trade’and‘business’.ThelattertermisanadditiontoArticle4(1)(a)’sUKcounterpartwherebyincometaxischargedon“theprofitsofatrade,professionorvoca
4、tion”.WhereasintheUKtheresponsetotheperceivedneedtoextendthedefinitionof‘trade’wastodefinethetermtoinclude“everytrade,manufacture,adventureorconcerninthenatureoftrade”,thisdifficultywassoughttobecircumventedinMalteselegislationthroughthesubstitutionofsuchdefinitionbythesingleter
5、m‘business’.Infact,‘business’isofawiderimportthan‘trade’-alltradesarebusinesses,butnotallbusinessesaretrade.EdwinA.Vella,‘NotesonIncomeTaxinMalta’(1968),p.30.Thisfinedistinctionhashowever,notalwaysbeenadoptedbyourcourtsTheCourtofAppeal,incaseno.135,refusedtodrawadistinctionbetwe
6、enthetwoterms.andthetermsareneitherdefinednortheiressencealwaysaccuratelyreflectedinMalteselegislation.10DiplomaCourse2008/2009AnjelicaCamillerideMarcoPaper1-ThemeIThus,forinstance,occasionally,theIncomeTaxActsrefertosuchmattersasabusinessaddresstorefertoone’sworkplaceasopposedt
7、oaprivateaddress.TheproblemisheightenedbythetranslationofArticle4(1)(a)intoMalteselawas“…qlighjewprofittiminnxisengha,negozju,professjonijewvokazzjoni…”,whereby‘trade’isgivenitsoldmeaningmanifestinsuchtermsas‘tradesman’and‘tradeunion’,while‘negozju’takesonthetaskofcoveringboth‘t
8、rade’and‘business’whichwereinheritedtogetherfro
