ACT No. XIII or 1992 ANACTIOtmU!ndw I rIi:O#M Tu Act, CiJp. /23.

1 assent .

CENSU T ABO"'!:!

(L .S.)

Preside nt

28th July . 1992

ACT No. XIII or 1992

ANACTIOtmU!ndw I rIi:O#M Tu Act, CiJp. /23.

BE IT ENACfED by the Presiden t, by and wilh the advice and

consent of the House of Representatives, in Ihis prese nt Parliament

assembled , and by the luthorityof the s.ame , 11$ follows:-

I. (\) This Act may be ciled u the IncotrJ.e Tax ( Amendment)

Act. 1992, and shall be read and construed as O!le with the Income Tax

A ct hereinafter rdel'TCd to u K1he principal Act~ .

(2) The provisions of Ihis Act shall come iDln force as

follows

(a) the provisions of this section and of sections), . , 5 and6

shall come inlo forte upon the publi<:ation of lhis Act in the

Gazelle ; and

(b) the provision$ ofsection 2shall come ;n loforce upon tbe

pu blication of Ihis Ad in the Gazelle, in respect of the yt:ar of

IIS$e5SIlle nl commencing OD the 1st January, 1993 and of

lIubseque nt yean of assessment.

Subsection (1) of section 11 of the principal Act shall be

amended as follows

in pa .... gnph (\) thereof ferthe word$ Meigbtcen Maltese

<I)

liri ~ there dlan be 5ubslillllcd the words M

lhin y Mal tciie liri~; and

(b) immediately aftcr paragraph (0) thereof there shall be

;niien ed the following new paragraph -

M(p) dividends paid 10 an individual in respect m shares

held in a company which has lhe SlalUS of a qUO(ed company

for the purposes of the Mal ta St(l(k EJ.change Act , 1990,

provided that the provisions of paragraph (I) of this subsection

sha ll apply mutatis mutl1ndis 10 Ih is paragraph . M .

J . Immediately after the words Mand 10 the lax charged "' ... od .... ..

thereunder. M;n subsection (I) of section 6J o f the prineipal Act. there of ....... 6:1

shall be added the following words: "The provisions of paragraph (b) of priIIcipol ......

subsection (2) oh ection 62 ofth is Ad shan apply to an assessment made

by the Commissioner under this subsection.

M •

[mmedialely afler subsectIon (2) of section 64 of the principal

Act, there shall be added the followi ng new subsection

"(3) Notwithstanding Ihe ot her provisions mthi s A ct where

more than eight yean have elapsed si nce the expiration of the )'<:ar

of il$SC$SIDe nt to which an lIS5e55ment raised by the Commissioner

before 1st January, 1992 refen and such IIS5essment is still oot final

and concl usive in terms of section 70 of this Act , and it appears to

the Commissioner Ihal such llSSC55ment may be invalid OT void

because of any miSlake, defect o r omission by the Commissioner in

making such !WCWTlCnt or in the notice thereof, the Commissioner

may within live yem from h t January , 1992 or within two years

from the dale the taxplye r applies to the Commissioner in writing

indicating as a funher ground of objection such mistake. defect or

omission raise a new assessment in terms of section 62 of this Act

for the year of &SSCl>Iiment in question and Ihe provisions of this Act

as to notice of assessment, appeal and other proce<:dings unde r this

Act sh all appl y 10 such an asse55ment and to the lax charged

M

thereon.

•

S, [n plI ragraph (b) of section 68 of the principal Act. after the

words Mo r of subsection (3) of section 6r there shall be added the words of_611

Mor of subsection (I) m section 6JH.

Immediately after subsection (3) m section 7 1 of the principal

Act. there shall be added the foUowingsubsection

~(4) Where any appeal has been en tered from any

assessment raised by the Commissioner and su~h assessment is by

final decision or judgement dedarcd invalid or void , the

Co mmi ssione r may, within one year of the final decision or

judgement as the case: may be, where a new all§C55ment cannot be

il>liued under any other provision of this Act . raise a new assessmcnt

on the lupa)'<:r on all or a ny pan of the chargeable income of the

taJllpaycr u declarcd by the taJllpayer for the year of assessmc nt in

questio n upon wllich no valid ~i$lM RI ha$ been raiKd ; aoothe

provision of t his Act as to notice o f assa.smc nl . appcal and other

proceedings unde r Ihis Act 511all apply \0 such assessme nt and 10

any tax chargeable thereunder. ~.

Passed by Ihe House of Representatives al Silting No. 40 of the 20I h J uly, 1992.

LA WRENCl! G ONZI

S(Hllku

R ICHARD 1 . C. .. UCHI

Clerk 10 Ihc House of Reprrsowui"Q.

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