DEDUCTION OF EXPENSES IN RESPECT OF IMMOVABLE PROPERTY RULES

DEDUCTION OF EXPENSES IN RESPECT

OF IMMOVABLE PROPERTY

SUBSIDIARY LEGISLATION 123.26

DEDUCTION OF EXPENSES IN RESPECT OF

IMMOVABLE PROPERTY RULES

1st January, 1994

LEGAL NOTICE 100 of 1993.

The title of these Rules is Deduction of Expenses in respect

of Immovable Property Rules.

In these Rules, ''the Act'' means the Income Tax Act.

The deductions allowable annually under article 14(1) of

the Act, in respect of income chargeable to tax under article 4(1)(f)

of the Act, where such income is income arising from immovable

property, shall be the total of -

(a) the amount of interest allowable under article 14(1)(a)

of the Act;

(b) any rent, ground rent or similar burden payable;

(c) where applicable, the licence fee payable for the

purpose of the Malta Travel and Tourism Services Act;

and

(d) a further amount equivalent to twenty per cent of the

income remaining after deducting from the total of the

income in question the expenditure referred to in

paragraphs (b) and (c), so however that no such

deduction shall be allowed in respect of income arising

from any emphyteutical concession.