DEDUCTIONS AND TAX CREDITS (PHARMACY OF YOUR CHOICE) [ S.L.123.112 1 SUBSIDIARY LEGISLATION 123.112 DEDUCTIONS AND TAX CREDITS (PHARMACY OF YOUR CHOICE) RULES 1st January, 2010 LEGAL NOTICE 171 of 2010, as amended by Legal Notices 113 of 2012 and 283 of
- The title of these rules is the Deductions and Tax Credits (Pharmacy Of Your Choice) Rules.
- In these rules, unless the context otherwise requires: Citation. Amended by: L.N. 283 of
- Definitions. "Pharmacy Of Your Choice" means the scheme by that name resulting from the agreement dated 28th July 2007 reached by the Government of Malta and the Malta Chamber of Pharmacists and the GRTU Chamber of Small and Medium Enterprises; "qualifying person" means a person to whom rule 3 applies; "Standing Advisory Committee" means the committee of that name specified in the agreement dated 28th July, 2007 reached by the Government of Malta and the Malta Chamber of Pharmacists and the GRTU Chamber of Small and Medium Enterprises.
- These rules shall apply to any person who: Scope. (a) carries on a business through a pharmacy outlet; and (b) incurs expenditure in purchasing or installing any equipment or software in a pharmacy outlet for the implementation of the Pharmacy Of Your Choice scheme. 3A.
(1)These rules shall also apply to any person carrying on a business through a pharmacy outlet who incurs capital expenditure or labour expenditure, as defined in sub-rule
(2), for the purpose of implementing the Pharmacy of Your Choice scheme.
(2)Additional scope. Added by: L.N. 283 of 2016. For the purpose of this rule: "capital expenditure" shall mean expenditure for the acquisition of equipment (including a motor vehicle), as approved by the Standing Advisory Committee, which equipment shall be used for the home delivery scheme as part of the Pharmacy of Your Choice scheme; "labour expenditure" shall mean additional labour costs, as approved by the Standing Advisory Committee, for the purposes of the home delivery scheme as part of the Pharmacy of Your Choice scheme. 4.
(1)Where a qualifying person incurs expenditure in accordance with the provisions of rule 3, a deduction equivalent to three hundred per cent (300%) of the cost incurred with respect to each pharmacy outlet shall be allowed against the said person’s income chargeable to tax for the relative year of assessment: Deduction. Amended by: L.N. 113 of 2012; L.N. 283 of 2016. 2 [ S.L.123.112 DEDUCTIONS AND TAX CREDITS (PHARMACY OF YOUR CHOICE) Provided that where the cost referred to in this rule was incurred prior to the year preceding the year of assessment 2010, the said deduction shall be availed of in the year of assessment 2010.
(2)The total deduction claimed under these rules as aforesaid in respect of each pharmacy outlet shall not exceed twelve thousand euro (€12,000).
(3)No deduction under this rule may be claimed in respect of any expenditure incurred after the 31st December, 2015. Tax credit. Added by: L.N. 283 of 2016. 4A.
(1)Where a qualifying person incurs expenditure in accordance with the provisions of rule 3A after the 1st January, 2016, a tax credit equivalent to one hundred per cent (100%) of the cost incurred with respect to each pharmacy outlet shall be allowed against the said person’s tax charge for the relative year of assessment.
(2)The total tax credit available under these rules as aforesaid in respect of each pharmacy outlet shall not exceed fourteen thousand euro (€14,000).
(3)No tax credit under this rule may be claimed for any expenditure in respect of which a deduction has been claimed under rule 4.
(4)No tax credit under this rule may be claimed in respect of any expenditure incurred after the 31st December, 2019. Application. Amended by: L.N. 283 of 2016. 5.
(1)The deduction or tax credit provided for by these rules shall only be allowed where the works related to the expenditure have been completed or the expenditure ascertained and an application has been made to the Standing Advisory Committee, by providing details of the expenditure in respect of each pharmacy outlet in such manner as the Committee may require, and such application is recommended and approved by the said Committee.
(2)The Standing Advisory Committee shall, following its recommendation and approval in accordance with sub-rule
(1), submit to the Commissioner the details of applications approved, in such manner as the Commissioner may require.