REMOVAL OF SECRECY (DETAILS OF INCOME) RULES

REMOVAL OF SECRECY (DETAILS OF INCOME)

SUBSIDIARY LEGISLATION 372.10

REMOVAL OF SECRECY (DETAILS OF INCOME)

RULES

12th May, 1995

LEGAL NOTICE 60 of 1995, as amended by Legal Notice 425 of 2007.

The title of these Rules is Removal of Secrecy (Details of

Income) Rules.

(Rule 2)

Details of Income declared for the purposes of article 10

of the Income Tax Management Act

(A)

Profession

Gross Earnings, Expenses Claimed, Net Profits/

Losses

(B)

Vocation

Gross Earnings, Expenses Claimed, Net Profits,

Losses

(C)

Business

Gross Profit, Expenses Claimed, Net Profits/Losses

(D)

Trade

Gross Takings, Expenses Claimed, Net Profits/Losses

(E)

Employment

Gross Salary (including Overtime, Allowances, etc.)

(F)

Pension

Gross Occupational and Social Security Pension

(G)

Dividends

Gross Local and Foreign Dividends

(H)

Bank/

Gross Local and Foreign Interests

Other Interests

(I)

Rents

Gross and Net Rents

(J)

M. P. Honoraria/

Gross Amount

Allowances

(K)

Other Income

Gr oss Amount (including Comm issions, Wife’s

Income, etc.)

(L)

Capital Gains

Gross Earnings, Expenses Claimed, Net Profits/

Losses

REMOVAL OF SECRECY (DETAILS OF INCOME)

The details of income to which the provisions of article 4

of the Income Tax Management Act in regard to secrecy shall not

apply in terms of subarticles (4) and (5) of the said article 4 shall be

those contained in the First Schedule.

Substituted by

L.N. 425 of 2007.

(Rule 3)

Details of Income

(A)

Profession

Gross Earnings

€

Expenses claimed

€

Net Profit/Loss ( 1 )

€

(B)

Vocation

Gross Earnings

€

Expenses claimed

€

Net Profit/Loss ( 1 )

€

Business ( 2 )

(C)

(i)

(ii)

(iii)

Gross Profit

€

€

€

Expenses claimed

€

€

€

Net Profit/Loss ( 1 )

€

€

€

Trade ( 2 )

(D)

(i)

(ii)

(iii)

Gross Takings

€

€

€

Expenses claimed

€

€

€

Net Profit/Loss ( 1 )

€

€

€

Employment ( 3 )

(E)

Gross Salary (including

overtime, allowances, etc.)

€

(F)

Pension

Gross Occupational Pension

€

Gross Social Security Pension

€

(G)

Dividends

Gross Local Dividends

€

Gross Foreign Dividends

€

(H)

Bank/Other Interests

Gross Local Interests

€

Gross Foreign Interests

€

REMOVAL OF SECRECY (DETAILS OF INCOME)

Rents ( 4 )

Gross Rents

€

Net Rents

€

(J) M.P. Honoraria/Allowances

Gross Amount

€

(K)

Other Income

Gross Amount (including

€

Commissions, Wife’s Income,

etc.)

Capital Gains

Gross Earnings

€

Expenses claimed

€

Net Profit/Loss ( 1 )

€

After all losses and capital allowances brought forward have been taken into

account.

Separate columns show results for different lines of business/trade.

Different sources of whole-time and part-time employment are included in

gross salary.

Difference between gross and net rents represents ground rents, burthens and

interests on loans.

The statement to be submitted in accordance with

paragraph (a) and any information to be given in accordance with

paragraph (b) of article 4(5) of the Income Tax Management Act

shall be in the form set out in the Second Schedule.

Rules 2 and 3 shall apply to details of income contained in

any return filed in accordance with article 10 of the Income Tax

Management Act in respect of the year of assessment 1995 and

subsequent years of assessment.

REMOVAL OF SECRECY (DETAILS OF INCOME)