Amendment to the Income Tax (rate of interest) rules

LN 304 of 2019 published on 19 November 2019, amends the Income Tax (Rate of Interest) Rules (S.L. 372.28).

A new proviso to Rule 2 provides that in respect of any period commencing on or after 1 January 2020, the rate of interest applicable in terms of article 44(2A) of the Income Tax Management Act shall be at the rate of 0.33% (instead of 0.54%).