Income Tax Act (Cap. 123), article 67

67. (1) Where a company pays a dividend to a person resident in Malta out of profits allocated to immovable property account , the Maltese taxed account or the foreign income account and whi ch profits have suffered tax at a rate of tax which is less than t he rate of tax chargeable applicable at the time of the distribution, u nder article 56(6), only by reason of the fact that a different rate of tax was applicable at the time the profits being distributed were chargeable to tax, the company s hall deduct tax at a rate equiv alent to the difference between the current rate and that actually su ffered as aforesaid on the amount of the dividend before deducting any tax which it has suffered on the profits so being distributed: Provided that the provisions of this sub-article shall not apply in respect of such dividend payments to persons who are exempt from tax. (2) Every amount deducted under sub-article (1) shall be a debt due from such company to the Commissioner payable not later tha n the fourteenth day following the end of the month in which such dividend was paid and shall be recoverable as such. (3) The provisions of article 63 to 65 shall apply mutatis mutandis as they apply to distributions from the untaxed account and references in those articles to article 62 shall be constru ed as references to sub-article (1). (4) For the purposes of this artic le a person resident in Malta shall include a non-resident person (including a non-resident company) who is owned and controlled by, directly or indirectly or who acts on behalf of, an individual who is ordinarily resident and domiciled in Malta. Profits distributed by a collective investment scheme. Added by: XVII. 1994.26. Substituted by: II. 2004.14. Amended by: II. 2005.12; II. 2007.18.