Group Deductions (Income Tax) Rules revised

LN 40 of 2023 has revised the provisos to Rule 3 of the Group Deductions Rules (SL 123.205), which now read:

“Provided that the total allowable deductions that may be claimed shall not exceed one million euro(€1,000,000) per group of companies and the total amounts surrendered in each year of assessment shall be equal to the amounts so claimed in each year of assessment:”

and

“Provided further that the total allowable deductions that may be claimed by a claimant company in the year of assessment 2022 and in the year of assessment 2023 shall not exceed the claimant company’s total income for the years of assessment 2022 and 2023 respectively:”