Income Tax Act (Cap. 123), article 57

57. (1) An amount which is equal to the lower of: (a) fifteen per centum (15%), or such other amount as may be prescribed by the Minister from time to time, of the aggregate of any contributions made or premiums paid by a person during the y ear immediately preceding a year of assessment in respect of membership in any personal retirement schemes as defined in the Special Funds (Regulation) Act or any Act substituting the said Act, or a policy of ins urance held with a company authorised to carry on long term business under the Insurance Business Act ; and (b) one hundred and fifty euro (€150) or such other amount as may be prescrib ed by the Minister from time to time, is to be allowed as a credit aga inst the income tax chargeable in Malta to any person who is a member of, and makes contributions to, any one or more personal retirement schemes or pays a premi um in relation to a policy of insurance in the year immediately preceding the year of assessment , and the amount of the income tax so chargeable shall be reduced b y the amount o f the credit: Provided that the credit shall only be allowed in respect of qualifying schemes or policies of insurance as may be prescribe d by the Commissioner and if the details of such person and amoun ts contributed by him to the personal retirement scheme/s or the premiums paid by him in relation to the policy of insurance in the relevant year are confirmed by a certificate issued by a licenc e holder in such format and content as determined by the Commissioner. (2) In the case of a married couple resident in Malta, and irrespective of whether or not th e responsible spouse has opted for a separate computation in terms of article 50, each of the spou ses may claim the credit refer red to in this article. (3) The credit referred to in this article shall only be availab le in respect of the income tax chargeable for the year during whi ch the contribution was made by a person to personal retirement scheme/s or the premiums paid by him in relation to the policy of insurance, and such credit may not be carried forward to subsequent years if it is not so utilised. (4) The income in respect of wh ich a credit is granted under this article shall be deemed to constitute the first part of th at person’s total income for the relative year of assessment. (5) No refund of tax may be cla imed by a person for an amount which is equal to the credit a llowed under this article where s uch refund would have been otherwise due as a result of the person having availed himself of the credit in terms of this article. *Applicable from year of assessment 2020. INCOME TAX [CAP. 123. 189 Cap. 450. Cap. 403. (6) For the purposes of this artic le, a licence holder shall mea n any person, whether a natural person or otherwise, who holds a licence under the Special Funds (Regulation) Act or any Act substituting the said Act, or to carry on long term business un der the Insurance Business Act , and is recognised by the Commissioner for the purpose of issuing certifi cates in terms of this articl e. Added by: XXXVI. 1990.14. PART VIII TAX REBATE Rebate of tax. Renumbered by: XVII. 1994.2. Amended by: XVIII.1993.7. 57. Repealed by: XX.1996.17. Further rebate. Added by: VIII.1991.3. Amended by: XVIII. 1993.8. Substituted by: I.1994.2. Renumbered by: XVII. 1994.2. mended by: XXII.1995.6.