Interest and Additional Tax (Adjustment) Rules, 2019

L.N. 304 of 2019

INCOME TAX MANAGEMENT ACT

(CAP. 372)

Interest and Additional Tax (Adjustment) Rules, 2019

IN EXERCISE of the powers conferred by article 44 of the

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

following rules:-

The title of these rules is the Interest and Additional Tax Citation.

(Adjustment) Rules, 2019.

PART ONE

This Part amends the Payment of Provisional Tax (P.T.) Amends the

Payment of

Rules hereinafter in this Part referred to as "the principal rules".

Provisional Tax

(P.T.) Rules.

Rule 14 of the principal rules shall be amended as follows

Amends rule 14

of the principal

rules.

(a) immediately after sub-rule (1) thereof, there shall be

added the following proviso

"Provided that in respect of any period or part

thereof commencing on or after 1 January 2020, the said

additional tax shall be charged in an amount equal to zero

point three three per cent (0.33%) for each calendar month

or part thereof:"; and

(b) the words "Provided that where the tax" of the

subsequent proviso thereof shall be substituted by the words

"Provided further that where the tax".

PART TWO

This Part amends the Income Tax (Rate of Interest) Rules, Amends the

Income Tax

hereinafter in this Part referred to as "the principal rules".

(Rate of

Interest) Rules.

In rule 2 of the principal rules, the words "at the rate of zero Amends rule 2

point five four per cent (0.54%)." shall be substituted the words "zero of

rules.

point five four per cent (0.54%):" and immediately thereafter there

shall be inserted the following proviso

"Provided that in respect of any period or part thereof

commencing on or after 1 January 2020, the said interest shall be

at the rate of zero point three three per cent (0.33%).".

€0.18