Tax Rate Adjustment Rules, 2016

L.N. 127 of 2016

INCOME TAX ACT

(CAP. 123)

Tax Rate Adjustment Rules, 2016

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

the Income Tax Act, the Minister for Finance has made the following

rules:-

(1)

The title of these rules is the Tax Rate Adjustment

Rules, 2016.

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

effect from the year immediately preceding the year of assessment

2017.

(1) Any person subject to tax under the Income Tax Act,

hereinafter referred to as "the Act", shall be allowed a tax rebate in

the circumstances established by these rules and in the amounts

stipulated herein.

(2) In the case of a person chargeable to tax under the

provisions of article 56(1)(a) of the Act and whose chargeable income

for the year is higher than €28,700 but less than €28,860, a tax rebate

shall be allowed as a set-off against the tax on his chargeable income,

as follows

Tax Rebate = €25,550 – (chargeable income less tax on

such chargeable income).

(3) In the case of a person chargeable to tax under the

provisions of article 56(1)(b) of the Act and whose chargeable income

for the year is higher than €19,500 but less than €19,620, a tax rebate

shall be allowed as a set-off against the tax on his chargeable income,

as follows

Tax Rebate = €17,440 – (chargeable income less tax on

such chargeable income).

(4) In the case of a person chargeable to tax under the

provisions of the second proviso to article 56(1)(b) of the Act and

whose chargeable income for the year is higher than €21,200 but less

than €21,340, a tax rebate shall be allowed as a set-off against the tax

on his chargeable income, as follows

Tax Rebate = €19,055 – (chargeable income less tax on

such chargeable income).

€0.09