S.L. 123.219 Art. 8Minimum amount chargeable to tax under these rules.       Cap. 372.

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 the said article in respect of that year of assessment shall be deemed to be sixty-five thousand euro (€65,000): Provided that the minimum amount of income of sixty-five thousand euro (€65,000) shall be adjusted in accordance with the provisions of the provisos to rule 3(1):

Provided further that in the case of a beneficiary to whom the second proviso to rule 3(1) applies, the minimum amount of income which shall be chargeable to tax at the reduced rate shall be determined in accordance with the minimum amounts applicable for the first, second, and third years, as specified in the said proviso:

Provided further that the rate of fifteen percent (15%)

shall apply without possibility to claim any relief, deduction, reduction, credit or set-off of any kind. Notwithstanding the generality of foregoing, a beneficiary shall be allowed deductions of tax in accordance with article 23 of the Income Tax Management Act.