S.L. 123.26 Art. 3Deductions allowable. Cap. 409.

The deductions allowable annually under article 14(1) of the Act, in respect of income chargeable to tax under article 4(1)(f) of the Act, where such income is income arising from immovable property, shall be the total of -

(a) the amount of interest allowable under article 14(1)(a) of the Act;

(b) any rent, ground rent or similar burden payable;

(c) where applicable, the licence fee payable for the purpose of the Malta Travel and Tourism Services Act; and

(d) a further amount equivalent to twenty per cent of the income remaining after deducting from the total of the income in question the expenditure referred to in paragraphs (b) and (c), so however that no such deduction shall be allowed in respect of income arising from any emphyteutical concession.