Increase to the deduction of fees for sporting & cultural activities

The Budget Measures Implementation Act 2023 has amended the Income Tax Act (CAP 123) increasing, as of Year of Assessment 2024, the amount allowable as a deduction against taxable income in relation to fees paid for qualifying sporting activities (Article 14E) and qualifying cultural activities...

Increased adminstrative penalty for failure to submit Recapitulative Statements

The Budget Measures Implementation Act of 4 April 2023 has increased the administrative penalty for failure to submit Recapitulative Statements to eur50 per month of  default (currently eur10), capped at eur600 per statement (currently eur120). The Act has also introduced an enabling provision (a new art. 55A)...

Tax Credit for costs of therapy for children with disability

The Tax Credit (Costs of Therapy provided to Children with Disability) Rules, 2023 were published on 4 April 2023. The rules provide for a tax credit of eur200 in connection with qualifying costs incurred in the year immediately preceding the year of assessment commencing on or...

Budget Measures Implementation Act Published

The Budget Measures Implementation Act - Act XII of 2023 - was published on 4 April 2023. The Act revises the following legislation: the Customs Ordinance the Income Tax Act the Social Security Act the Motor Vehicles Registration and Licensing Act the Income Tax Management Act ...