Agreement (Amendment) Rules, 2021

L.N. 490 of 2021

INCOME TAX ACT

(CAP. 123)

Assignments of Rights Acquired under a Promise of Sale

Agreement (Amendment) Rules, 2021

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 the Assignments of Rights

Acquired under a Promise of Sale Agreement (Amendment) Rules,

2021 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".

Rule 12 of the principal rules shall be substituted by the

following new rule

" Assignments

Notwithstanding the foregoing provisions, the

made after 31

income derived from an assignment to which these rules

apply that is made after the 31st December 2020 but not

2020. later than the 31st December 2022, shall be subject to tax

at the rate mentioned 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