S.L. 123.198 чл. 11When income is not reported fully and correctly. Cap. 372. Cap. 372.

(1) Notwithstanding the provisions of the foregoing rules, when income derived from an assignment to which these rules apply, including income derived from a transaction intended to be an assignment of rights acquired under a promise of sale of immovable property situated in Malta as referred to in article 5A(2)(d) of the Act but which, in terms of rule 3, is not a valid assignment, has not been reported or has not been reported fully and correctly in a notice of the assignment furnished to the Commissioner, the full amount of that income shall be charged to tax at the rate of thirty-five euro cents (€0.35) on every euro of that income.

(2) The tax chargeable in accordance with sub-rule (1), reduced by the amount of the tax that may have been paid in connection with the assignment in question in accordance with the other provisions of these rules, shall be payable upon demand with interest as provided in article 44(2A) of the Income Tax Management Act, which interest shall be deemed to have commenced running from the date of the assignment. The provisions of rule 5(2) shall apply to any tax chargeable in accordance with this rule.

(3) A person who is served with a demand for payment of tax determined in accordance with this rule shall have the rights of objection and appeal in the same manner as a person served with a notice of an assessment made under article 31 of the Income Tax Management Act.