                                     BEARER  ACCOUNTS  LEVY                   g CAP. 219.                  1
CHAPTER 219
BEARER ACCOUNTS LEVY ACT 
To impose a levy on bearer deposits.
(24th July, 1970) *
Enacted by ACT XXIV of 1970, as amended by: Act XXVII of 1972;
Legal Notice 148 of 1975 and Acts: XIII of 1983; XXV of 1985; I of 1990,
II of 1993, and XXIV of 1995.
Short title.
Interpretation.
"appointed day" means 1st July, 1970;
"bearer account" includes any arrangements whereby a bank
accepts deposits of money withdrawable or payable on demand or
after a fixed period or after notice or otherwise by or to the bearer
of a passbook, certificate or other instrument or withdrawable or
repayable in any other manner except by or to a named person, and
"bearer deposit" shall be construed accordingly;
"depositor" means the person or persons entitled to withdraw
from a bearer account or to be repaid a bearer deposit, or to be paid
any interest on such account or deposit;
"levy" means the bearer account levy chargeable under section 3
of this Act.
Cap. 215.
(2) In this Act, words or expressions not otherwise defined,
have, unless the context otherwise requires, the same meaning as
they have in the Banking Act.
Bearer account 
levy. 
Amended by: 
XXVII.1972.2; 
XXV. 1985.2: 
I.1990.2; 
II. 1993.2.
3. (1) A levy, to be called "bearer account levy", shall be
charged and paid in accordance with this Act on all sums placed in
Malta with any bank for deposit in a bearer account, whether such
sum is to be so held by that bank or by another bank and whether it
is to be so held in Malta or outside Malta.
(2) The levy chargeable per annum under subsection (1) of this
section shall be forty per cent of the interest due on all sums placed
for deposit as aforesaid and at any time in a bearer account and held
as aforesaid on deposit by a bank on the appointed day or at any
time thereafter, and shall be assessed and be due with effect from
the said day on the daily balances in such account on and after the
said day.
(3) Every bank with which a sum has been placed for deposits
in a bearer account, whether or not such deposit is held by that
bank, shall pay to the Accountant General the amounts due by way
of levy on any such deposit not later than - 
( a ) the 15th of July in any year in respect of all levy due,
* See  Government Notice No. 561 of 24th July, 1970.
  2        CAP. 219. h               BEARER  ACCOUNTS  LEVY  
in accordance with subsection (2) of this section, on or
before the 30th June of that year; and
( b ) the 15th of January in any year in respect of all levy
due as aforesaid on or before the 31st December of the
previous year.
(4) Without prejudice to any other right against a depositor,
every bank as aforesaid may deduct from any interest or other sum
payable to a depositor the amount paid by way of levy under this
Act in respect of the bearer account in respect of which the interest
or such other sum is due, and all sums properly deducted under this
subsection shall not be recoverable by the depositor from the bank.
(5) Except in repayment of sums deposited, a bank shall not
pay to a depositor, directly or indirectly, any sum in excess of the
difference between the interest payable on the account at the agreed
rate and the levy.
Record of bearer 
accounts.
4. (1) Every bank shall keep proper records showing all
deposits made with or through the bank in a bearer account and
held, whether or not by that bank, on the appointed day, and all
deposits made with or through the bank in a bearer account
thereafter; and such records shall indicate in respect of each bearer
account -
( a ) the progressive number and the nature of the account; 
( b ) the amount held on the appointed day;
( c ) all deposits made after the appointed day and the date
or dates on which such deposits were made;
( d ) all withdrawals from or repayments of deposits after
the appointed day and the date or dates on which such
withdrawals or repayments were made;
( e ) the date or dates on which interest is due on sums
deposited therein;
( f ) any other term or condition of the account; and 
( g ) all sums paid by way of levy on the account.
(2) Every bank shall maintain separate records showing the
daily aggregate deposits, withdrawals and resulting balance in
respect of each type of bearer account.
Returns to be 
submitted by 
banks.
5. (1) Every bank shall submit to the Accountant General -
( a ) not later than one month after the coming into force of
this Act a return showing the type of bearer accounts
held and the aggregate balance on each type of account
as on the appointed day;
( b ) not later than fifteen days after 31st December, 1970
and after 30th June and 31st December of each year
thereafter a return showing the daily aggregate
deposits, withdrawals, resulting balance and levy in
respect of each type of bearer account during the
previous six months.
                                     BEARER  ACCOUNTS  LEVY                   g CAP. 219.                  3
(2) Any return under this section shall be in such form as the
Accountant General may from time to time approve.
Document to 
accompany 
payment of levy.
6. Every bank shall, in making payment to the Accountant
General of any levy due under this Act, submit to the Accountant
General a document drawn up in such form as the Accountant
General may approve and showing in respect of each type of bearer
account the aggregate amount of the levy due and paid.
Administrative 
authority and 
powers.
7. (1) The Accountant General is charged with the
administration of this Act.
(2) Every bank shall permit the Accountant General and any
person authorised by him in that behalf to inspect at all reasonable
times the records referred to in section 4 of this Act and shall afford
all reasonable facilities to enable him or such person as aforesaid to
ascertain the correctness of any such records and of any return
submitted by the bank under this Act and otherwise to ensure that
the provisions of this Act are being complied with; and the bank
shall also give to the Accountant General or such person as
aforesaid all information they may require for any of the above
purposes, but the bank shall not be required to give under this Act
to the Accountant General or to such person as aforesaid any
information for any other purpose.
(3) Except for any of the purposes of this Act, any return or
other information submitted by or obtained from a bank under this
Act shall be regarded as secret.
Offences and 
penalties. 
Amended by: 
L.N. 148 of 1975; 
XIII. 1983.5;
XXIV.1995.362.
8. (1) If any bank fails to comply with any of the provisions
of this Act it shall be liable to a penalty not exceeding two hundred
liri:
  Provided that where the non-compliance consists of a failure by
a bank to pay in accordance with this Act any levy, or part thereof,
due under this Act, the penalty shall be a sum not exceeding twice
the amount of levy remaining unpaid or two hundred liri whichever
is the higher amount.
(2) Without prejudice to the generality of the foregoing
provisions of this section, a bank shall be deemed to have failed to
comply with the provisions of this Act - 
( a ) if in the records kept, or in any return given, under this
Act there is any false, incorrect or misleading
particular or information;
( b ) if any other information given for the purposes of this
Act is false, incorrect or misleading in any material
particular; or
( c ) if the bank fails or refuses without reasonable cause to
comply with any request made by the Accountant
General or any person authorised by him in that behalf
in pursuance of their powers under section 7 of this
Act.
(3) Any person who, being a director or manager of a bank -
( a ) fails to take all reasonable steps to secure compliance
  4        CAP. 219. h               BEARER  ACCOUNTS  LEVY  
by the bank with any of the provisions of this Act; or
( b ) fails to take all reasonable steps to ensure the
correctness of the records kept, or of the returns
submitted, or of any other information given, by the
bank, under any of the provisions of this Act,
shall be liable to a penalty not exceeding two hundred liri.
(4) The Accountant General may compound any penalty to
which a person may become liable under this Act, and may, before
judgment, stay or compound any proceedings thereunder.
(5) All penalties under this Act shall, at the instance of the
Accountant General by writ of summons in the Civil Court, First
Hall, be fixed by that court and be recoverable as a civil debt due to
the Government.
