S.L. 372.29 ст. 3Deduction.   Cap. 372.

(1) Where a company does not avail itself of the audit report waiver provided for in the second proviso to article

19(4)(a) of the Income Tax Management Act, it may claim a deduction against its income of 120% of the audit fees incurred.

(2) The deduction under sub-rule (1) shall apply for the first two accounting periods of a newly registered company whose sole shareholders are individuals in possession of educational qualifications as aforementioned and who have set up the new company within three years of obtaining the said qualifications.

(3) The deduction claimed under this rule may not exceed seven hundred euro (€700) in each accounting period.