The Commissioner for Tax and Customs notifies that L.N. 229 of 2024 amending the Income Tax (Deductions) Rules (S.L. 123.07) with respect to deductions in respect of capital expenditure on intellectual property/intellectual property rights has been published on 13 September 2024. The amendments will apply with effect from the year of assessment 2024. In addition, a guidance note on Article 14(1)(m) of the Income Tax Act is now available here. The purpose of this guidance note is to clarify the application of the second proviso to Article 14(1)(m) of the Income Tax Act and the new Rule 6 of the Income Tax (Deductions) Rules (as amended).​