Cap. 123 Art. 31CRental income from restored property.

(1) Notwithstanding any other provision of the Income Tax Acts, this article shall apply to any person who is the owner of immovable property which has been restored in accordance with any scheme issued for this purpose by the Malta Environment and

Planning Authority providing for the restoration of grade 1 or grade 2 scheduled property or property situated in an urban conservation area, provided that the said person complies with any conditions imposed by the Malta Environment and Planning Authority in connection with such scheme and submits such forms and documentation as the Commissioner may require.

(2) Where the person referred to in sub-article (1) rents immovable property in the circumstances mentioned in the said sub-article, the tax chargeable shall be at the rate of 10% of the gross rental income received where the rent is for a residential purpose, and at the rate of 15% of the gross rental income received where the rent is for a commercial purpose. Such tax shall be final and not be available as a credit against the tax liability of the said person or refundable to him in any way. The tax as aforesaid shall be remitted to the Commissioner, together with the forms and documentation referred to in sub-article (1) by not later than the 30th June of the year following that to which the income refers.

(3) The Malta Environment and Planning Authority shall provide the Commissioner with a yearly account of the details of all persons who availed themselves of any such scheme and such account shall be provided in such manner as the Commissioner may require.