S.L. 123.51 Art. 13Notification to payor.

(1) When the Commissioner classifies a fund in a Malta based scheme as a prescribed or a non-prescribed fund, that scheme shall as soon as may be notify that status to any person who is liable to pay any income referred to in article 41(a) of the Act that falls to be allocated to that fund.

(2) When any person who makes a payment of income referred in subregulation (1) to a Malta based scheme has not been notified, before that payment is made, that that income falls to be allocated to a non-prescribed fund that payment shall be deemed for all the purposes of the Act to be a payment of investment income that falls to be allocated to a prescribed fund and that person shall accordingly withhold tax and comply with the provisions of the Act relating to payors.