110 tal-1988

L.N. 110 or 1988

INCOM.E TAX ACT, 1948

(ACT NO. LlV OF 1948)

Income Tax (Rounding Up) Notice, 1.988

IN virtue of the powers vested in him by subsection (12) o f section

25 of the Income Ta~ Act , 1948, th e Minister of Finance has , in the

interest of econo mic e~ped ieney, directed as follows:-

I. This Notice may be cited as the Income Tax (Rounding Up)

Not ice, 1988.

The Commissioner o f Inland Revenue shall:-

0) in determining the chargeable income of any person after

the 1st January, 1%9, disregard any fraction of a Maltese lira in

respect of any source of income. and rouod up to one Maltese

lira any fraction of a Maltese lira in respect of any amount

representing any deduction against !Reome or a personal

deduction; and

(ii) in detennining the amount of tax du e by any person and

in allowing any set-offs after the \st January, 1989, disregard any

fraction of a Maltese lira being equal to or less than fifty cents ,

and round up (0 one Maltese lira any fraction of a Maltese lira

exceeding fifty cen ts.

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