ACT No. XI of 1987 A.N A CT further tQ amend the A.ids to Indrmries OrdjtUlnce, 19$9.

I assent.

AGATHA B ARBARA

(l ... 5.)

President

13tli February, 1987

ACT No. XI of 1987

A.N A CT further tQ amend the A.ids to Indrmries OrdjtUlnce, 19$9.

BE IT ENACTED by thc President, by nnd with the ad~ice and

consent of the House of Representatives. in this present Parliament

assembled. and by tlle authority ~ the same. as folloltt-

(I) This Act may be cited as the Aids to Industries Ordinance

(Amendment) Act. 1987. and shall be read and construed as one with

the Aids to Industries Ordinance, 1959, hereinafter referred 10 as "the

principal law".

(2) The pro~isions of this Act shall be deemed to ha~e come

into fon:e on the ht Jan uary, 1987.

Subsection (3) of section 2 of the principal law shall be deletrxl.

l. Immediately at the end 0( subsection (5) of section 6 of the

principal Jaw there shall be added the followi ng proviso

" Pro~ided that such period of two years may be extended for

{unhcr periods. each not exceeding two years, as the President alter

consultation with the Corporation may, for the expansion of the

induury. detennine ....

In the first proviso to subsection (I) of section 6A of the

principal law for the words UOf within throe yt'IaD theteafter" there

shall be subst ituted the words "or within five years thereafter".

S. Section 6B of the principal law s.ball be amended as follows

(a) in subsection (I) thereof for the words "expansion in

the company's capital investment so as to increase its production

of goods for export or for the substitution of imporls~ there shall

be substituted the words "any project of. the company as shall

have been approved by the Corporatioo";

(b) in paragraph (a) of subsection (2) thereof fur the words

"twelve monllls" there shall be subs ti tuted the words "twenty_four

mo nths": and

(c) in paragraph (b) of subsection (2) tMreof for the words

"Illree years" there shall be substituted the words "five years".

(a) fis-subarlikolu (!) liegltu minnok il-kliem "Iigi finanzjata

espan~joni

fl-inveslimcm kapitaH lal-kumpannija biex ittid il·

produr.zjoni lagllha la' oMell; ghall-esponazzjoni few gI'las-sosti luz.

zjoni ta' l-imporlazzjOlli," ghandhom jidll]u I-kliem "jig; finanzjat xi

pr*u lal·i::urnparmija kif dan ikun gie approval mill-Korporaz-

zjoni";

(b) f;\-paragrafu (a) las-subartikolu (2) lieghu minfiok il_/d iem

"tnax-il xahar" gllandhom jidlllu l-kliem "erbgba u gltolU"in xahar";

(~) fil-paragrafu (b) tas-subartikolu (2) tiegltu minfioir. iJ-ir.liem

"t]iet sn in" gllandhom jidlllu l-kliem "bames snin".

Immediately after section 6U of th e principal law there shall be AIIdhl", of

added the following new section

"'68. (I) Where it appears to tM Pres ident after

consultation with the Corporation, that the accumulated

reserves of profits or part thereof of particular years.

which an industriali st being a company as defined

in the Income Tax Act. 1948. has uti lised for the exclusive

purpose of fina ncing any project of the company as shall

have been approved by the Corporation, and notice of such

investment was given to the Commissioner, the President

may by order direct that. subject to such couditi olL'l as he

may consider proper to impose and to the condition that such

reserves of profits Of part thereof have in fact been utilised for

tbe purposes for which they were invested and in compliance

with all the cond itions of the order. such reserves of profits or

part thereof of particulaf years be exempted from the prov i·

sions of secti on 16 of the Income Tax Act.

(2) No order sha!l be made under subsection (J) of

this St!(:tion in resp~ct of any profits chargeable in the

company's hands in respect of any year of assessment prior to

that begi nning on the 1st January, 1984.

(3) For the purposes of this section where the

Commiss ioner has perm itted the gains or profits of an

industrialist to be computed for the purposes of the Income

Ta~ Act. 1948. UpOn the income of the year terminating on

a da te in the year immediately preceding the year of

assessmen t other than the 31st December. such year s.bal1 be

deemed to be the yea r immediately preceding the year of

H5sessment.".

In subsection (l) of sectiOll 7 of the principal law for the words AmeGdmoDC of

"so however, that no articles" there shall be substituted the words "as also

8, In the Fourth &hedule to the pri ncipal law. in paragraph (i) Amrodm«>t of

thereof. for the words "during the first three years" th ere shaH be sub· Pour.th

Scbodulo 10 the

stltuted the words "during the first five years".

SubstituliOD of

Fir-RaOO' Skeda. fil-paragrafu (i) tagllha, minfiok: il-kliem

"matull-ewwellliet stlin" gllandhom jidhlu I-kliem "matul1-ewwel hames

A

For Ihe Fiflh Schedule IQ

Ihe principal la.... there shall be

the Fifth

subslitulcd

Ihe following Schedule

Sob.dul. to th.

p,inelp.1 law.

"FIFTH SCHEDULE

(Section 6B)

Reduction of Camp{my Tax

P,oportiCD cl Comrany inoom.

R,du"ion in ta.

...t. clIa",abl.

11<\ 1,id .

o!h .. "i>e

by 17c5.".

any amounl

Passed by the House of Representatives 31 Silting No. 448 of the 13th February . 1987

PAUL XUEREB

Speaker

1'. M USCAT TE R~IBILE

Acting Clerk la the House of Represemariv(;s

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