Income Tax Act (Cap. 123), article 33

33. (1) A payor shall deduct tax from every payment to a recipient of investment income, howsoever made, at a rate of fifteen cents (€0.15) on ev ery euro of su ch payment: Provided that where the recipient derives, or is deemed to have derived pursuant to the provisions of article 43(6)( a) or (b), investment income referred to in article 41( a)(viii), tax shall be deducted at the rate specified in article 56(6) or such other rate as may be pr escribed and rules may also be prescribed on how the investment income provisions are to be applied in particular circumstances. (2) A payor shall render an accoun t to the Commissioner of all amounts so deducted, and, subject to the provisions of sub-arti cle (3), every amount deducted shall be a debt due from such payor to the Commissioner payable not later than the fourteenth day following the end of the month in which the payment was made and shall be recoverable as such. Added by: VII.2018.21† (2A) A payor shall render an acco unt to the Commi ssioner of all payments of investment income falling under the provisions of t his article made during any year. The account shall be submitted to the Commissioner by the 31st January following the year in which th e investment income is paid. Such account shall include details o f the recipient’s name, address and th e income tax registration numbe r as well as the amount of investment income paid, and the tax deducted, by the payor to the recipient during that year: Provided that a payor shall not be required to render an account to the Commissioner once nine years have elapsed follow ing the end of the year in which the investment income becomes paya ble. (3) The payor shall upon making a payment of investment income furnish each recipient with a certificate in a form acceptable to the Commissioner s etting forth the gross amount p aid by the payor, and the tax deducted. (4) Where a payor makes a payment of investment income to a person not resident in Malta (a nd therefore not a recipient wit hin the definition contained in article 41( c)), the payor shall be obliged to obtain a certificate of non-re sidence from the person receiv ing such payment in such form as the Commissioner shall require. (5) For the purposes of the inve stment income provisions, tax shall be deducted on the amount of the investment income before *Applicable from the year of assessment 2019. †Applicable from the year of assessment 2019. 140 CAP. 123.] INCOME TAX deducting any foreign tax, whether charged directly or by way o f witholding. (6) Where the tax deductible in accordance with the provisions of this article is not remitted to the Commissioner within the time stipulated in sub-article (2), or an account is not rendered to the Commissioner in the manner required under this article, the pay or shall be guilty of an offence and shall be liable on conviction to a fine (multa) of not more than twenty-th ree thousand euro (€23,000). Payor not to deduct tax where recipient elects to be paid gross. Added by. XVII. 1994.16. Amended by: II. 2003.16; I. 2010.22; VII.2018.22;* VIII.2021.4