Fringe Benefit (Amendment) Rules, 2023

L.N. 298 of 2023

INCOME TAX ACT

(CAP. 123)

Fringe Benefit (Amendment) Rules, 2023

IN EXERCISE of the powers conferred by articles 14(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 Fringe Benefit

(Amendment) Rules, 2023, and these rules shall be read and construed

as one with the Fringe Benefit Rules, hereinafter referred to as the

"principal rules".

(2) These rules shall apply with effect from the year of

assessment 2025.

Sub-paragraph (i) of the proviso to paragraph (c) of sub-

rule (2) of rule 26 of the principal rules shall be substituted by the

following new sub-paragraph

"(i) the benchmark rate of interest on a loan granted by a

bank set up or licensed under Maltese law or by a financial

institution authorised to lend money to the general public in

accordance with Maltese law to an employee of such bank or

financial institution shall be

(A) in the case of a loan for the purchase of a home,

the average rate on loans to residents of Malta for the

purchase of a house, calculated by reference to the interest

rates prevailing at the end of each month during the twelve

(12) month period ending on 30 September of the previous

calendar year, as published by the Central Bank of Malta in

the statistics database on interest rates and other key

financial market rates;

(B) in any other case, the rate on the main

refinancing operations as applied by the Central Bank of

Malta as prevailing at the end of the previous calendar

year;".

€0.09