Cap. 372 чл. 42BAdvanceCompany Income Tax.

(1) In addition to the other provisions of this Part and in particular articles 42 and 43 hereof a company shall also pay the tax chargeable on its income in the manner set out in this article.

(2) Upon the payment of a dividend from profits allocated to the foreign income account or the Maltese taxed 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 dividend is paid excluding any tax credits relative to a claim for relief of 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:

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 otherwise payable other than the tax credit referred to in article 74(d) of the Income Tax Act.

(3) The amount of Advance Company Income Tax less any claim for relief of double taxation and any tax that the company has paid, as at the date of payment contemplated herein, on the profits out of which the said dividend is paid shall be paid by the company 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 dividend is paid the dividend shall, for the purpose of this article, be deemed to have been paid on the last day of that accounting period.

(5) Where a payment of Advance Company Income Tax has been made in accordance with this article, the amount so paid, excluding any additional tax included therein, shall be set-off against any other future payments of tax that the company is required to make on the profits out of which the dividend is paid.

(6) During the period from 1 January 2007 to the 31 December 2010 the provisions of this article shall only be applicable to a company which was a company registered in Malta on or after the 1 January 2007, but was not resident in Malta before that date and to a company in respect of which paragraph (i) of the proviso to article 48(4A)(b) has been applied.