Income Tax Act (Cap. 123), article 90B

90B. † (1) With effect from 1 January 2020, income derived by an individual that represents qualifying overtime income shall be subject to tax at the rate of 15 cents on every euro. *Applicable from year of assessment 2023. †Applicable from year of assessment 2021. 210 CAP. 123.] INCOME TAX (2) Except where the individual deriving qualifying overtime income elects otherwise, the tax charged in accordance with sub-article (1) shall be final and shall not be available as a credit or se t off against the tax liability of any person or as a refund. (3) The Minister may, by rules, prescribe: (a) the circumstances in which, the limits up to which and the conditions under which, income shall represent qualifying overtime income for the purposes of this article; and (b) the manner in which the election referred to in sub-article (2) shall be exercised. Computation of certain tax reductions. Amended by: XV .1958.2. Repealed by: XLI.1961.6. Added by: XXI.1980.15. . Renumbered by: XVII. 1994.2.