Amendment to the FSS Rules – Qualifying Overtime Income
The Final Settlement System (FSS) Rules (S.L. 123.200) have been revised in virtue of LN 246 of 2020 in connection with the introduction of the reduced rate of 15% on qualifying overtime income announced with the Budget for 2020. See MIT News – Tax on Overtime Rules Published.
The amendments introduced to the FSS Rules provide for the deduction, under the FSS, of the tax on overtime computed in accordance with article 90B of the Income Tax Act and LN 245 of 2020.