Tax on Overtime (Amendment) Rules, 2022

L.N. 68 of 2022

INCOME TAX ACT

(CAP. 123)

Tax on Overtime (Amendment) Rules, 2022

IN EXERCISE of the powers conferred by articles 90B and 96 of

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

made the following rules:-

The title of these rules is Tax on Overtime (Amendment)

Rules, 2022 and these rules shall be read and construed as one with the

Tax on Overtime Rules, hereinafter referred to as "the principal rules".

In rule 3 of the principal rules, the words "by forty (40)."

shall be substituted by the words "by forty (40):" and immediately

thereafter there shall be added the following new proviso

"Provided that with effect from the year of

assessment 2023, the said provisions of article 90B of the

Act shall apply to qualifying overtime income derived by

an individual in the year immediately preceding the year

of assessment up to an amount not exceeding

(a) ten thousand euro (€10,000); and

(b) the amount resulting when the actual

number of hours is multiplied by maxrate, where

"the actual number of hours" means the actual

number of hours of qualifying overtime in respect

of which the individual has derived qualifying

overtime income and "maxrate" is the rate defined

above.".

€0.09