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

42B. (1) In addition to the other provisions of this Part and in particular articles 42 and 43 hereof a company shall also pay t he tax chargeable on its income in t he manner set out in this arti cle. (2) Upon the payment of a dividend from profits allocated to the foreign income acco unt or the Maltese t axed account the tax which a company is entitled to deduct in terms of article 59 of the Income Tax Act in respect of such dividend together with any additional tax payable in terms of article 44(1)( a), after deducting any tax credits relative to the profits out of which the divide nd is paid excluding any tax credits relative to a claim for relief o f double taxation under the articles referred to in articles 74( a), ( b) and ( c) of the Income Tax Act , shall be referred to as Advance Company Income Tax: Cap. 123. Provided that with effect from year of assessment 2015, the Advance Company Income Tax shall be determined before deducting tax credits which such company may deduct from its tax otherwis e payable other than the tax credit referred to in article 74( d) of the Income Tax Act . (3) The amount of Advance Co mpany Income Tax less any claim for relief of double taxation and any tax that the compan y has paid, as at the date of payment contemplated herein, on the pro fits out of which the said dividend i s paid shall be paid by the com pany within sixty days the end of the month following that in which the dividend is paid. (4) Where a dividend is paid out of profits earned in the accounting period in which the div idend is paid the dividend sh all, for the purpose of this article, be deemed to have been paid on the last day of that accounting period. ( 5 ) W h e r e a p a y m e n t o f A d v ance Company Income Tax has been made in accordance with thi s article, the amount so paid, excluding any ad ditional tax included therein, shall be set-off against any other future payments of tax that the company is required to make on th e profits out of whic h the dividend is pa id. (6) During the period from 1 Ja nuary 2007 to the 31 December 2010 the provisions of this artic le shall only be applicable to a company which was a company registered in Malta on or after the 1 January 2007, but was not residen t in Malta before that date an d to a company in respect of which paragraph (i) of the proviso to article 48(4A)(b) has been applied. INCOME TAX MANAGEMENT [CAP. 372. 45 Gains or profits from transfer of property. Amended by: II. 2004.52; XIII. 2004.90; L.N. 425 of 2007; I. 2010.51; XV . 2016.29; VIII.2020.57; XII.2023.39. Cap. 123. Cap. 123.