sl_123.20 roundingup

INCOME TAX (ROUNDING UP) NOTICE (roundingup)

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Laws of Malta — Subsidiary Legislation 123.20 — INCOME TAX (ROUNDING UP) NOTICE

(ROUNDING UP) NOTICE

SUBSIDIARY LEGISLATION 123.20

INCOME TAX (ROUNDING UP) NOTICE

1st January, 1989

LEGAL NOTICE 110 of 1988, anended by Legal Notice 409 of 2007.

Laws of Malta — Subsidiary Legislation 123.20 — INCOME TAX (ROUNDING UP) NOTICE

The title of this Notice is the Income Tax (Rounding Up)

Notice.

Laws of Malta — Subsidiary Legislation 123.20 — INCOME TAX (ROUNDING UP) NOTICE

The Commissioner of Inland Revenue shall -

(i)

in determining the chargeable income of any person

after the 1st January, 1989, disregard any fraction of

one euro in respect of any source of income, and round

up to one euro any fraction of a euro in respect of any

amount representing any deduction against income or

a personal deduction; and

(ii) in determining the amount of tax due by any person

and in allowing any set-offs after the 1st January,

1989, disregard any fraction of a Euro being equal to

or less than fifty cents, and round up to one Euro any

fraction of a Euro exceeding fifty cents.