Investment Income (Amendment) Regulations, 2003

L.N. 186 of 2003

INCOME TAX ACT

(CAP. 123)

Investment Income (Amendment) Regulations, 2003

IN exercise of the powers conferred by articles 32A, 41B and 96

of the Income Tax Act, hereinafter referred to as “the Act”, the Minister

of Finance and Economic Affairs has made the following regulations>–

The title of these regulations is the Investment Income Citation.

(Amendment) Regulations, 2003 and they shall be read and construed L.N. 51 of 2002.

as one with the Investment Income Regulations, 2002, hereinafter

referred to as “the principal regulations”.

(Regulation 3)

Inland Revenue Department

Registration of payors of investment income

I, the undersigned, hereby register as payor of investment income for

the purposes of the investment income provisions of the Income Tax

Act and declare that

- I have assumed the obligations of a payor as defined under the

Investment Income Provisions of the Income Tax Act;

- I am aware of all the requirements under the Income Tax Acts in

relation to the above obligations; and

-

I have examined the contents of this return and, to the best of my

knowledge and belief, it is true, correct and complete

1. Name and address of the payor _____________________________

2. Income Tax Registration number ____________________________

3. ROC number (where applicable) ____________________________

4. Name of Principal Officer _________________________________

5. Designation ____________________________________________

6. Signature ______________________________________________

7. Date ________________________________________________”.

Mitbug[ fl-Istamperija tal-Gvern – Printed at the Government Printing Press

In regulation 2 of the principal regulations, for the words Amends regulation

“contained in the Schedule to these regulations.” there shall be 2 regulations.

substituted the words “contained in Schedule A to these regulations.”.

The following new regulation 3 shall be added to the principal Adds new

regulation 3 to the

regulations>

principal

regulations.

3. (1) Every person who assumes the obligations of

“Registration

of Payor.

a payor of investment income after the coming into force of

these regulations shall register with the Commissioner within

two months of the day when, but not later than fifteen days

before, an actual payment is made.

(2) Every other person who is a payor of

investment income shall register with the Commissioner

within one month from the coming into force of these

regulations.

(3) The registration referred to in this regulation

shall be made on the form prescribed in Schedule B to these

regulations.”.

The following new regulation 4 shall be added to the principal

regulations>

4. On being satisfied with the registration made in

“Certificate

accordance with regulation 3 hereof, the Commissioner shall

Registration.

confirm such registration by issuing a Certificate of

Registration.”.

For the Schedule to the principal regulations there shall be

substituted the following new Schedules A and B to these regulations>-

“SCHEDULE A

(Regulation 2)

Monthly account to be rendered to the Commissioner of Inland

Revenue by payors of investment income

1. Name and address of the payor ___________________________

2. Month ending _________________________________________

3. Totals for each type of investment income specified in articles

41(a) and 41A(a) of the Act paid during the month and totals of

tax withheld on each (where applicable), specified by currency

and distinguishing between investment income arising in Malta

and investment income arising outside Malta, shown separately

as investment income paid to

(a) prescribed funds, as defined in article 41A(b) of the Act,

and on which tax at the rate of ten cents on every lira was deducted;

(b) prescribed funds, as defined in article 41A(b) of the Act,

and on which tax at the rate of fifteen cents on every lira was

deducted;

(c) recipients resident in Malta, not being prescribed funds,

and on which tax at the rate of fifteen cents on every lira was

deducted;

(d) recipients resident in Malta who, under the provisions

of article 35 of the Act, elected to be paid without deduction of

tax;

(e)

persons not resident in Malta;

(f) a person, other than a person not resident in Malta, who

is not a recipient as defined in article 41(c) of the Act;

4. Total tax refunded or credited to recipients deducted erroneously in

a previous month, or as authorised by the Commissioner

(a)

accounts denominated in Maltese lira;

(b) accounts denominated in other currencies, specified per

currency.

5. Date ________________________________________________

6. Signature ____________________________________________

Name in full __________________________________________

8. Designation __________________________________________