Development Trust) Rules, 2010

L.N. 187 of 2010

INCOME TAX ACT

(CAP. 123)

Donations (University Research, Innovation and

Development Trust) Rules, 2010

IN exercise of the powers conferred by articles 14(2)(b) and 96

of the Income Tax Act, hereinafter referred to as "the Act", the

Minister of Finance, the Economy and Investment has made the

following rules:-

(1) The title of these rules is the Donations (University Citation and

commencement.

Research, Innovation and Development Trust) Rules, 2010.

(2) These rules shall be deemed to come into force as from the

year of assessment 2011.

These rules shall apply to persons as defined in the Act.

Applicability.

(1) Where, in any year of assessment, a donation of not Deduction for

less than one hundred fifty euro (€150) up to a maximum of fifty donations.

thousand euro (€50,000), is made in a monetary amount or in the form

of any other asset, to the University Research, Innovation and

Development Trust, such a donation may be claimed as a deduction

against income for the year of assessment in which it is made,

provided that

(a)

a relevant signed certificate in respect of such a

donation has been issued to the donor by the trustees of the

University Research, Innovation and Development Trust; and

(b) the donation is made for the purpose of research,

innovation and development which purpose shall also be

indicated in the said certificate; and

(c)

the trustees of the University Research, Innovation

and Development Trust have submitted the information as

required by sub-rule (5).

(2) The certificate referred to in sub-rule (1) shall indicate

(a)

the date of the donation,

(b) the name, identity card number (or income tax

registration number) and address of the donor,

(c)

the value of the donation,

(d)

the purpose for which the donation is being made.

(3) Where capital allowances have been allowed in respect of

an asset donated in accordance with sub-rule (1), the value of the

donation shall be considered to be the written down value of the asset

as on the date of donation.

(4) Where an asset donated in accordance with sub-rule (1) is

purchased by the donor for forwarding to the said donee or is issued

out of the donor’s own stock, whether purchased or manufactured by

the said donor, the value of the donation shall be equivalent to its cost

to the donor.

(5) The trustees of the University Research, Innovation and

Development Trust shall submit to the Commissioner a statement in

such manner and format as the Commissioner may require showing

the details mentioned in sub-rule (2), in respect of all donations, by

the end of January of the year following that in which the donations

were made.

€0.19