Deduction (Pharmacy Of Your Choice) Rules, 2010

L.N. 171 of 2010

INCOME TAX ACT

(CAP. 123)

Deduction (Pharmacy Of Your Choice) Rules, 2010

IN exercise of the powers conferred by articles 14(2) and 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 Deduction (Pharmacy Citation and

Of Your Choice) Rules, 2010.

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

force as from the year of assessment 2010.

In these rules, unless the context otherwise requires –

“Pharmacy Of Your Choice” means the scheme by that

name resulting from the agreement dated 28th July 2007

reached by the Government of Malta and the Malta Chamber

of Pharmacists and the GRTU Chamber of Small and Medium

Enterprises;

“qualifying person” means a person to whom rule 3

hereof applies;

“Standing Advisory Committee” means the committee

of that name specified in the agreement dated 28th July, 2007

reached by the Government of Malta and the Malta Chamber

of Pharmacists and the GRTU Chamber of Small and Medium

Enterprises.

These rules shall apply to any person who

(a)

carries on a business through a pharmacy outlet;

and

(b) incurs expenditure in purchasing or installing

any equipment or software in a pharmacy outlet for the

implementation of the Pharmacy Of Your Choice scheme.

(1) Where a qualifying person incurs expenditure in

accordance with the provisions of rule 3, a deduction equivalent

to two hundred per cent (200%) of the cost incurred with respect

to each pharmacy outlet shall be allowed against the said person’s

income chargeable to tax for the relative year of assessment

Provided that where the cost referred to in this rule was

incurred prior to the year preceding the year of assessment 2010,

the said deduction shall be availed of in the year of assessment

2010. (2) The total deduction claimed under these rules as

aforesaid in respect of each pharmacy outlet shall not exceed nine

thousand euro (9,000).

(1) The deduction provided for by these rules shall

only be allowed where the works related to the expenditure have

been completed and an application has been made to the Standing

Advisory Committee, by providing details of the expenditure in

respect of each pharmacy outlet in such manner as the Committee

may require, and such application is recommended and approved

by the said Committee.

(2) The Standing Advisory Committee shall, following

its recommendation and approval in accordance with sub-rule (1)

hereof, submit to the Commissioner the details of applications

approved, in such manner as the Commissioner may require.

€0.19