Income Tax Act (Cap. 123), article 31C

31C. (1) Notwithstanding any other provision of the Income Tax Acts, this article shall apply to any person who is the own er of immovable property which has b een restored in accordance with any scheme issued for this purpose by the Malta Environment and Planning Authority providing for the restoration of grade 1 or grade 2 scheduled property or property situated in an urban conservat ion area, provided that the said pe rson complies with any condition s imposed by the Malta Environment and Planning Authority in connection with such scheme and submits such forms and documentation as the Commissioner may require. (2) Where the person referred to in sub-article (1) rents immovable property in the circ umstances mentioned in the said sub-article, the tax chargeable shall be at the rate of 10% of the gross rental income received where the rent is for a residentia l purpose, and at the rate of 15% of the gross rental income rece ived where the rent is for a commerci al purpose. Such tax shall be f inal and not be available as a credit against the tax liability of t he said person or refundable to him in any way. The tax as aforesaid sh all be remitted to the Commissioner, together with the forms and documentation referred to in sub- article (1) by not later than the 30th June of the year following th at to which the income refers . (3) The Malta Environment and Planning Authority shall provide the Commissioner with a yearly account of the details o f all persons who availed themselves of any such scheme and such account shall be provided in such manner as the Commissioner ma y require. Taxation of rental income derived from the letting of a tenement. Added by: XII. 2014.21. Amended by: XXXVII. 2014.3; XXI. 2015.29; XV . 2016.19.; VII.2018.20; VIII.2020.17.