MT
Pensions (Tax Exemption) (Amendment) Rules, 2022
Statutory Text (5 Articles)
L.N. 220 of 2022
INCOME TAX ACT
(CAP. 123)
Pensions (Tax Exemption) (Amendment) Rules, 2022
IN EXERCISE of the powers conferred by articles 12(2) and 96
of the Income Tax Act, the Minister responsible for finance has made
the following rules:-
(1) The title of these rules is the Pensions (Tax Citation and
Exemption) (Amendment) Rules, 2022 and these rules shall be read commencement.
and construed as one with the Pensions (Tax Exemption) Rules, S.L. 123.204.
hereinafter referred to as "the principal rules".
(2) These rules shall be deemed to have come into force on 1
January 2022.
Rule 2 of the principal rules shall be substituted by the Substitutes rule
2 of the
following new rule
principal rules.
"2. In these rules, unless the context otherwise
requires
"Act" means the Income Tax Act;
"pension income" means pension income derived by
an individual who is at least sixty-one (61) years old in
the year in which he receives the said income and which
would be taxable, were it not for these rules, according to
the provisions of article 4(1)(d) of the Act.".
Rule 3 of the principal rules shall be substituted by the Substitutes rule
3 of the
following new rule
principal rules.
"3. Pension income derived by an individual on or after 1
January 2022 shall be partially or fully exempt from tax as
follows
Applicability of the
Amount exempt
exemption
Pension income derived
Twenty per cent (20%), but not
in the year immediately exceeding two thousand, eight hundred
preceding
the
year
of and sixty-four euro (€2,864)
assessment 2023
Pension income derived
Forty per cent (40%), but not
in the year immediately exceeding five thousand, seven
preceding
the
year
of hundred and twenty-seven euro
assessment 2024
(€5,727)
Pension income derived
Sixty per cent (60%), but not
in the year immediately exceeding eight thousand, five hundred
preceding
the
year
of and ninety-one euro (€8,591)
assessment 2025
Pension income derived
Eighty per cent (80%), but not
in the year immediately exceeding eleven thousand, four
preceding
the
year
of hundred and fifty-four euro (€11,454)
assessment 2026
Pension income derived
One hundred per cent (100%),
in the year immediately but not exceeding fourteen thousand,
preceding
the
year
of three hundred and eighteen euro
assessment 2027 and in (€14,318)".
subsequent years
Immediately after sub-rule (3) of rule 3 of the Tax Rebate
(Pensioners) Rules there shall be added the following new sub-rule
"(4) For the purpose of this rule, "pensions income" refers
to the amount of pension income that is included in the total
income.".
€0.18