TaXavvy Issue 30/2024

In this issue:

Single Family Office Incentive Scheme

The Securities Commission has issued a media release providing details on the Single Family Office Incentive Scheme, following the announcement from the Minister of Finance II on 20 September 2024.

A Single Family Office (SFO) is a corporate vehicle, wholly owned or controlled by members of a single wealthy family, created to exclusively hold and manage the assets, investments and long-term interests of that family. The SFO may also represent multiple generations and branches of the family. A single family is taken to mean individuals who are lineal descendants from a single ancestor, including the close relative of the individual.

e-Invoice

The following in relation to e-Invoice implementation have been issued:

• Income Tax (Issuance of Electronic Invoice) Rules 2024
• e-Invoice Guideline (Version 4.0)
• General FAQ on Implementation of e-Invoice

Green Technology Incentives

The following gazette orders for Green Technology Incentives have been gazetted:

• Income Tax (Green Technology Incentive) (Asset) (Exemption) Order 2024

• Income Tax (Green Technology Incentive) (Project) (Exemption) Order 2024

• Income Tax (Green Technology Incentive) (Green Building) (Exemption) Order 2024

• Income Tax (Green Technology Incentive) (Services) (Exemption) Order 2024

• Income Tax (Green Technology Incentive) (Solar Photovoltaic System Leasing) (Exemption) Order 2024