04 May 2005


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Lm700 in tax credits for women returning to work

Matthew Vella

The regulations for the tax credit for women returning to employment have been legislated to allow women who return to employment after being absent the last five years to enjoy a cut in their taxes of Lm700.
The rules apply to women who have not attained the statutory retirement age and who return to employment on or after the 1 January, 2005 after having been absent from any gainful employment for at least five years.
Women who are in receipt of a pension in view of past employment and who had been previously in employment for at least 24 consecutive months are not eligible for the tax credit.
Returnees, either unmarried or married women with separate tax computations, will benefit from a tax credit of Lm700, which will be set-off against the tax in respect of gains or profits from employment.
The credit may also be claimed over a period of two consecutive years of assessment, starting from the year of assessment during which the return to employment occurs. It shall not be available as a set-off against the woman’s other sources of income, if any, or against her spouse’s income.
If any woman is married with a joint tax computation with their spouses, the tax credit will be set-off against the tax on the total income of the married couple. This income will be deemed to constitute the last part of the married couple’s total income for the relative years of assessment.

matthew@newsworksltd.com



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