193 tal-2009 - Regoli tal-2009 li jemendaw ir-Regoli dwar Kreditu ta’ Taxxa li jingħata lil Nisa li Jirritornaw għal Impjieg (Emenda Nru. 2)

L.N. 193 of 2009

INCOME TAX ACT

(CAP. 123)

Tax Credit (Women Returning to Employment)

(Amendment) (No. 2) Rules, 2009

BY virtue of the powers conferred by article 96 of the Income

Tax Act, the Minister of Finance, the Economy and Investment has

made the following rules:–

(1) The title of these rules is the Tax Credit (Women Title.

Returning to Employment) (Amendment) (No. 2) Rules, 2009

and they shall be read and construed as one with the Tax Credit

(Women Returning to Employment) Rules, 2005, hereinafter L.N. 110 of 2005.

referred to as “the principal rules”.

(2) These rules shall be deemed to have come into

force as from the year of assessment 2009.

Immediately after rule 3 of the principal rules, there shall

be added the following new rule

(1) Notwithstanding the provisions of rule 3,

any woman to whom rule 2(b) or 2(c) applies may opt

for a tax credit instead of the one mentioned in rule 3,

in respect of each child, equivalent to the tax chargeable

on the gains or profits from the employment referred to

in rule 2 earned in the year of return to employment, and

this tax credit shall be set-off against the said gains or

profits for the year

Provided that where the said return to employment

is as a self-employed person, the tax credit as aforesaid

may not exceed €5000

Provided further that in the case of a woman to

whom rule 2(c) applies and who returned to employment

in the year 2007, the tax credit shall be availed of in the

year of assessment 2009.

(2) Where a woman qualifies for a tax credit in

respect of more than one child at the time of the exercise

of the option referred to in sub-rule (1), the tax credit

shall be availed of in consecutive years until exhausted

and the option in that respect cannot be revoked.

(3) The income in respect of which a tax credit

is granted in terms of the option referred to in sub-

rule (1) shall be deemed to constitute the first part

of that woman’s total income for the relative year of

assessment.

(4) Where a woman exercises the option referred

to in sub-rule (1), she shall be chargeable to tax on all

her income at the rates laid down in article 56(1)(b) of

the Income Tax Act, for the year or years in which the

tax credit in accordance with the said option is availed

of.

(5) The option referred to in sub-rule (1) shall

be made on the prescribed form submitted with the tax

return for the year of assessment in respect of which it is

exercised.”.

€0.19