Yes, the annual road tax has been renamed to annual circulation tax.
You would have to pay the ACT as you register it as well as having to get it through a VRT test. The test fee is around EUR 31 inclusive of VAT (Can anyone quote the exact fee please?) but you should be prepared to pay for some repairs etc.
As a new immigrant to Malta and having owned your car for two years then para A.15 of the new regulations would appear to give exempt you from registration tax if you keep the car in Malta for three years, do not dispose of it, lend it or hire it out. This would in essence commit you to paying the ACT for the next three years too. You may be better off paying the reg tax and having the option to sell it after you have moved.
I don't feel qualified to advise on whether you should bring it or sell it before you move as their are so many factors involved, not the least of which is how you get it and yourself here!