S.L. 123.218 Art. 6Manner in which option is exercised. 6 [S.L.

(1) Once a formal determination of eligibility has been issued by the competent authority in accordance with the provisions of rule 5, the option available in accordance with article 56(21) of the Act may be exercised:

Provided that such available option may not be exercised in respect of any year of assessment preceding the year of assessment 2026.

(2) The said option shall be exercised by means of a declaration signed by the beneficiary and endorsed by the competent authority made on such form publicly available on the apposite website or in such manner as the Commissioner may require. Such declaration shall specify the years of assessment in relation to which the exercise of the option relates.

(3) The said option shall not be deemed to have been validly exercised unless the income to which it applies has been fully and correctly declared in the tax return and unless the said declaration and tax return are filed by not later than the relative tax return date. OFFICES AND TREASURY MANAGEMENT OPERATIONS 123.218 TAX