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Income Tax Act (Cap. 123) Investment Income (Amendment) Regulations, 2003 (L.N. No. 186 Of 2003 )

INCOME TAX ACT (CAP. 123)
Investment Income (Amendment) Regulations, 2003
IN exercise of the powers conferred by articles 32A, 41B and 96 of the Income Tax Act, hereinafter referred to as “the Act”, the Minister of Finance and Economic Affairs has made the following regulations>–
1. The title of these regulations is the Investment Income (Amendment) Regulations, 2003 and they shall be read and construed as one with the Investment Income Regulations, 2002, hereinafter referred to as “the principal regulations”.
2. In regulation 2 of the principal regulations, for the words “contained in the Schedule to these regulations.” there shall be substituted the words “contained in Schedule A to these regulations.”.
3. The following new regulation 3 shall be added to the principal regulations>

Citation.

L.N. 51 of 2002

.

Amends regulation

2 of the principal regulations.

Adds new regulation 3 to the principal regulations.

“Registration of Payor.

3. (1) Every person who assumes the obligations of a payor of investment income after the coming into force of these regulations shall register with the Commissioner within two months of the day when, but not later than fifteen days before, an actual payment is made.
(2) Every other person who is a payor of investment income shall register with the Commissioner within one month from the coming into force of these regulations.
(3) The registration referred to in this regulation shall be made on the form prescribed in Schedule B to these regulations.”.
B 2232

Adds new regulation 4 to the principal regualtions.

4. The following new regulation 4 shall be added to the principal regulations>

“Certificate of Registration.

4. On being satisfied with the registration made in accordance with regulation 3 hereof, the Commissioner shall confirm such registration by issuing a Certificate of Registration.”.

Substitutes Schedules A and B for Schedule to the principal regulations.

5. For the Schedule to the principal regulations there shall be substituted the following new Schedules A and B to these regulations>-

Regulation 2)

“SCHEDULE A

Monthly account to be rendered to the Commissioner of Inland

Revenue by payors of investment income

1. Name and address of the payor

2. Month ending

3. Totals for each type of investment income specified in articles

41(a) and 41A(a) of the Act paid during the month and totals of tax withheld on each (where applicable), specified by currency and distinguishing between investment income arising in Malta and investment income arising outside Malta, shown separately as investment income paid to:

(a) prescribed funds, as defined in article 41A(b) of the Act, and on which tax at the rate of ten cents on every lira was deducted;
(b) prescribed funds, as defined in article 41A(b) of the Act, and on which tax at the rate of fifteen cents on every lira was deducted;
(c) recipients resident in Malta, not being prescribed funds, and on which tax at the rate of fifteen cents on every lira was deducted;
(d) recipients resident in Malta who, under the provisions of article 35 of the Act, elected to be paid without deduction of tax;
(e) persons not resident in Malta;
(f) a person, other than a person not resident in Malta, who is not a recipient as defined in article 41(c) of the Act;

4. Total tax refunded or credited to recipients deducted erroneously in a previous month, or as authorised by the Commissioner:

(a) accounts denominated in Maltese lira;
(b) accounts denominated in other currencies, specified per currency.

5. Date

B 2233

6. Signature

7. Name in full

8. Designation

(Regulation 3)

SCHEDULE B
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B 2234

Ippubblikat mid-Dipartiment ta’ l-Informazzjoni – 3, Pjazza Kastilja – Published by the Department of Information – 3, Castille Place

Mitbug[ fl-Istamperija tal-Gvern – Printed at the Government Printing Press

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