ACCOUNTING TREATMENT OF THE MALTESE LIRA g S.L.204.04 1
SUBSIDIARY LEGISLATION 204.04
ACCOUNTING TREATMENT OF THE MALTESE 
LIRA REGULATIONS
15th November, 1994
LEGAL NOTICE 165 of 1994.
Title .
the Maltese Lira Regulations.
Interpretation. 
contract, writing, invoice, bill, cheque or other similar document in
terms of which a sum of money is due.
Treatment of mils 
component. 
3.  Where in terms of any instrument a sum of money is due
and such sum is denominated in Maltese liri and/or cents and mils,
the mils component shall be treated in either of the following
manners for accounting purposes:
( a ) if the mil component is four mils or less, the said sum
of money shall be rounded down to the nearest cent; or
( b ) if the mil component is five mils or more, the said sum
shall be rounded up to the nearest cent.
Aggregate. 
shown, the treatment as stated in regulation 3 shall only apply to
the aggregate addition of such sums due.
5. Where any calculation of any sum on the basis of any price
or consideration which includes mils is made, such calculations
shall duly take account of the mil component of the price or
consideration as the case may be:
Provided that in aggregating the total of any such sum in
any instrument regulation 3 shall apply.
Accounting 
records.
6. All accounting records in respect of an instrument treated
as in regulation 3 shall reflect the rounded amount without any
mils.
Settlement. 
3 shall for all purposes of law be deemed to have been duly
discharged by the person to whom it is addressed or given and no
claim from a creditor upon a debtor solely based upon the fact that
settlement has been effected as provided for under regulation 3
shall be considered valid at law.
One instrument.
any other person shall be entitled to demand one instrument for all
purchases from the other person and that person shall comply with
such a request.
General.
prior to 16 May, 1972 is not a whole number of liri, so much of that
amount as is in shillings, shillings and pence or pence or fractions
2 g S.L.204.04 ACCOUNTING TREATMENT OF THE MALTESE LIRA
thereof shall be converted to cents and mils as follows:
( a ) for any whole shilling or multiple thereof the
corresponding amount shall be taken to be five cents
or that multiple thereof; and
( b ) for any amount or remaining amount of less than one
shilling shown in Column l of the following Table the
corresponding amount shall be taken to be the amount
(if any) in cents or mils or in cents and mils shown
opposite that amount in Column 2 of that Table (and
accordingly an amount or remaining amount of less
than one half-penny shall be disregarded):
Provided that any amount so converted to cents and mils
shall be treated in accordance with these Regulations for
accounting purposes.
TABLE
Column 1
Amount in old currency
Column 2
Corresponding amount in new currency
Pence Cents Mils
½ 0 2
1 0 4
1½ 0 6
2 0 8
2½ 1 0
3 1 3
3½ 1 5
4 1 7
4½ 1 9
5 2 0
5½ 2 3
6 2 5
6½ 2 7
7 2 9
7½ 3 2
8 3 3
8½ 3 3
9 3 7
9½ 4 0
10 4 2
10½ 4 4
11 4 6
11½ 4 8
