S.L. 123.182 Art. 5Minimum amount of income chargeable. Cap. 372. 5

(1) When an individual exercises the option available under article 56(21) of the Act in respect of a year of assessment, the minimum amount of income which shall be chargeable to tax at the reduced rate provided for in that sub-article in respect of that year of assessment shall be sixty-five thousand euro (€65,000):

Provided that should income from a qualifying contract of employment exceed the sum of five million euro (€5,000,000), no further tax would be charged on income from a qualifying contract of employment in excess of five million euro (€5,000,000):

Provided that the rate of 15% shall apply without possibility to claim any relief, deduction, credit or set off of any kind:

Provided that, a beneficiary shall be allowed deductions of tax paid in terms of article 23 of the Income Tax Management Act.

(2) The option available under article 56(21) of the Act may not be exercised in respect of any year of assessment preceding the year of assessment 2017 as regards eligible offices in the Servicing of the Offshore Oil and Gas and Ancillary Services Industry and any year of assessment preceding the year of assessment 2018 as regards eligible offices in Maritime activities.