S.L. 123.107 Art. 3Tax credits.

(1) Subject to the other provisions of this rule, an individual who is a student shall become entitled to the tax credit referred to in this rule when, after following a relevant course, he successfully completes that course.

(2) With effect from the 1st January 2017, the tax credit referred to in this rule shall be an amount as may be determined by the Corporation that shall not exceed seventy per cent (70%) of the study costs paid by the student for the period commencing on the date of the commencement of the relevant course till the end of the relevant course or on a date specified by the Corporation.

(3) The tax credit referred to in this rule shall be due as a deduction from the tax payable by the student on his chargeable income for the year of assessment commencing on the 1st January of the year immediately following that in which the relevant qualification is obtained, and any amount not absorbed by the tax payable for that year of assessment may be carried forward to be allowed as a tax credit for the subsequent ten years of assessment:

Provided that the beneficiary of the tax credit referred to in these rules may be the student or his/her parents, as the case may be.