Rules (Amendment) Rules, 2020

L.N. 461 of 2020

INCOME TAX ACT

(CAP. 123)

Assignments of Rights Acquired under a Promise of Sale Agreement

Rules (Amendment) Rules, 2020

IN EXERCISE of the powers conferred by articles 5A and 96 of

the Income Tax Act, the Minister for Finance and Employment has

made the following rules:-

The title of these rules is Assignments of Rights Acquired

under a Promise of Sale Agreement (Amendment) Rules, 2020 and

these rules shall be read and construed as one with the Assignments of

Rights Acquired under a Promise of Sale Agreement Rules, hereinafter

referred to as "the principal rules".

Immediately after rule 11 of the principal rules there shall

be added the following new rule

Notwithstanding the preceding provisions,

"Assignments made

the income derived from an assignment to which these

rules apply that is made after the 31st December 2020

but not later than the 31st December 2021, shall be

subject to tax at the rate mentioned for in rule 5 and in

accordance with the provisions of that rule, regardless

of the amount of the consideration for that assignment

and without reference to rules 6, 7, 8 and 9.".

€0.09