Income Tax Management Act (Cap. 372), article 42

42. (1) Tax due for any year of assessment preceding the year of assessment 1999 shall be payable within the period ending on the last day of the first calendar month immediately following that during which service has been made of a notice of assessment under article 33. (1A) Tax chargeable for the y ear of assessment 1999 or any subsequent year of assessment shall be due and payable by not l ater than such date, being a date not earlier than the tax return da te as determined in accordance with art icle 10, during that year, in the Income Tax Acts referred to as t he "tax settlement date", as ma y be prescribed. (2) Notwithstanding anything contained in sub-article (1) and (1A), provisional tax shall be paid to the Commissioner in the year immediately preceding the year of assessment by every person in respect of his liability for the year of assessment in such amo unt and in such manner and on suc h date as may be prescribed: Provided that the provisions of this sub-article shall not apply to the income of any body of persons arising from activit ies relating or ancillary to banking, sound or television broadcast ing, film renting or insurance (excluding commissions derived from t he sale of insurance by bodies of persons residing in Malta) in re spect of the liability of such body of persons for any year of assess ment preceding the year o f assessment 1990. (3) Apart from any payment of provisional tax which may be due under the provisions of sub-article (2) - (a) every person shall make payments to be determined by the Commissioner on acco unt of the said person’s outstanding liability to tax for any year of assessment in such amount and in such manner and on such date as may be prescribed; and 42 CAP. 372.] INCOME TAX MANAGEMENT (b)( Deleted by XV . 2016.28 ). (c) every person required to make a self assessment in accordance with article 10(2), including any person to whom article 12 applies but who does not make an election under that article for that year, shall, by not l a t e r t h a n t h e t a x s e t t l e m e n t date, pay the amount, if any, that is required to be determined in that self- assessment as the amount of tax payable by that person for that year o f assessment; (d) notwithstanding any other provision contained in this Act or in any other law no person may set off against the tax payable for a year of assessment in accordance with paragraph ( c) any amount whatsoever, including any amount repayable to him or due to him as a credit under the Income Tax Acts for any other year of assessment; Amended by: VII.2018.62.* Cap. 123. (4) ( a) Payment of tax due by individuals in terms of article 90A(7)(b) of the Income Tax Act shall be made by not later than the 30th April of the year following the relevant year in respect of the income arising during the period January to December of the relevant year. This payment shall be accompanied by a statement of accounts indicating the taxable net profits for the relevant year. (b) For the purposes of paragraph ( a) - "relevant year" means th e year during which the income from part-time work is earned; and "taxable net profit" is the result of all incomes and expenses in accordance wit h established accounting practices but duly adjusted for income tax purposes. Amended by: VII.2018.62.† Cap. 123. (c) Payment of tax due by persons in terms of article 31D of the Income Tax Act shall be made by not later than the 30th April of the year following the relevant year, in respect of the gross rental income received during the period January to Decem ber of the relevant year. This payment shall be accompanied by the relevant form which the Commissioner may prescribe indicating the gross rental income received for the relevant year. For the purposes of this paragraph "relevant year" means the calendar year during which the gross rental i ncome is received: Cap. 123. Provided that in the case of an individual who exercises the option referred to in article 31D(6A) of the Income Tax Act , payment of tax shall be made by not later than the 30th June 2015. *Applicable as from the year of assessment 2019. †Applicable as from the year of assessment 2019. INCOME TAX MANAGEMENT [CAP. 372. 43 (5) If any person fails to pay a ny tax as prescribed under or pursuant to this article he shall be chargeable with the tax wh ich should have been so paid and, in addition, with further tax or interest as provided for in article 44, and such tax, additional tax and interest shall be recovere d from such person in the same manner as other tax assessed and charged upon him. (6) For the purposes of sub-article (5) a notice by the Commissioner to any person showing the tax which should have been paid and any additional tax and interest to which he is li able for having failed to pay the tax shall, unless the contrary is proved, be sufficient evidence that the amount shown in the said notice is the amount due to be paid to the Commissioner by the said perso n. (7) The powers conferred upon the Commissioner by sub- articles (5) and (6) shall be in addition to any right conferre d upon him to commence proceedings in respect of an offence under sub- article (8). (8) ( a) Any person who contravenes or fails to comply with the provisions of this article or of any rules made thereunder shall be liable on conviction to a fine (multa ) of not less than one hundred and sixteen euro (116) and not exceeding on e thousand and one hundred and sixty euro (1,160) and to a further fine ( multa ) of not less than eleve n euro (11) but not exceeding one hundred and sixteen euro (116) for every day during which the offence continues. (b) The Commissioner may compound any offence under this article and may before judgment stay or compound any proceedings thereunder. (9) Notwithstanding anything contained in the preceding provisions of this article, any tax payable by an international trading company and by a company with respect to profits alloca ted to the foreign income account shal l not become payable before t he earlier of: (a) the date of distribution of such profits by the company; or (b) eighteen months after the end of the accounting period in which the aforesaid profits were made by the company. Time limit within which payment is to be made by trustees. Added by: XIII. 2004.89. Cap. 123.