S.L. 123.129 Art. 5Fifteen percent rate.

(1) In these rules, the rate of fifteen cents (0.15) on every euro shall apply with the possibility to claim relief of double taxation under article 74(a) and (b) of the Act: Provided that the minimum amount of tax payable in terms of these rules in respect of any year of assessment shall be twenty thousand euro (€20,000): Provided further that a beneficiary with dependents shall, in addition to the minimum amount of tax payable of twenty thousand euro (€20,000), pay another two thousand five hundred euro (€2,500) per year of assessment for every dependent.

(2) Income of a beneficiary or his spouse that is not chargeable to tax under these rules, at the rate referred to in sub-rule (1), shall be charged to tax at the rate of thirty-five cents (0.35) on every euro.

(3) A beneficiary and his spouse shall be precluded from opting for a separate computation for the purposes of article 50 of the Act.

(4) Any tax paid under these rules excluding any tax paid under sub-rule (2) shall not be refundable.