ACT No. XXIII of 2007 AN ACT to amend the Malta Enterprise Corporation Act, Cap. 463.

I assent.

E DWARD F ENECH A DAMI

(L.S.)

President

19th October, 2007

ACT No. XXIII of 2007

AN ACT to amend the Malta Enterprise Corporation Act, Cap. 463.

BE IT ENACTED by the President, by and with the advice and

consent of the House of Representatives, in this present Parliament

assembled, and by the authority of the same, as follows

(1) The short title of this Act is the Malta Enterprise

Corporation (Amendment) Act, 2007 and this Act shall be read and

construed as one with the Malta Enterprise Corporation Act,

hereinafter referred to as "the principal Act".

(2) The provisions of this Act shall come into force on such

date as the Minister responsible for Malta Enterprise may by notice in

the Gazette appoint, and different dates may be so appointed for

different provisions and different purposes thereof.

(1) The long title of the principal Act shall be

substituted by the following new long title

"AN ACT to make provision for the establishment of a

corporation in Malta, to determine the functions and powers of

the Corporation in order to promote enterprise and related

business undertakings in Malta, to encourage the establishment

of new business undertakings and the expansion of existing

business undertakings in Malta, to provide for the development

and administration of incentives, schemes and other forms of

support for such ventures and to provide for matters ancillary or

in relation thereto and to provide for powers to rationalise and

update the relevant legislation in the sector.".

(2) Article 1 shall be substituted by the following new article

"1.

The short title of this Act is the Malta Enterprise

Act.".

(3) Wherever in the principal Act or in any other law or

regulation there is reference to the principal Act, it shall henceforth

be deemed to refer to the principal Act as renamed in virtue of the

preceding subarticle.

Article 2 of the principal Act shall be amended as follows

Amendment of

article 2 of the

principal Act.

(a)

immediately before the definition "committee" there

shall be added the following new definition

" "beneficiary" means any person who is entitled to

benefit under an incentive scheme or arrangement in terms

of this Act;";

(b) immediately after the definition "effective date"

there shall be added the following new definitions

" "enterprise" means the carrying on of any

economic activity in Malta;

"existing projects" means any project already

approved by the Corporation and entitled to or benefiting

from any grants or incentives under the Business

Promotion Act;";

(c)

immediately after the definition "financial year"

there shall be added the following new definitions

" "guidelines" means the set of rules issued by the

Corporation from time to time for the further

implementation of the provisions of this Act, and any

regulations issued hereunder, including the definition,

application, administration, grant and revocation of

schemes, incentives and other arrangements for the

promotion of enterprise in Malta;

"Incentive Entitlement Certificate" means

a

certificate issued in terms of Part VI of this Act;";

(d) immediately after the definition "Malta" there shall

be added the following new definition

" "relevant legislation" means -

(i) the Business Promotion Act, and

regulations made thereunder, and in particular the

Business Promotion Regulations;

(ii) the Malta Development Corporation Act,

and any regulations made thereunder;

(iii) the Small Enterprises (Loan Guarantee)

Act, and any regulations made thereunder;

(iv) the Aids to Industry Ordinance, and any

regulations made thereunder; and

(v) the Encouragement of New Industries

Act, and any regulations made thereunder;";

(e)

immediately after the definition "secretary" there

shall be added the following new definitions

" "State Aid Monitoring Board" means the State Aid

Monitoring Board constituted under article 57 of the

Business Promotion Act;

"tax" shall have the same meaning as assigned to it

in the Income Tax Acts;";

(f)

the definition "Corporation" shall be substituted by

the following new definition

" "Corporation" means Malta Enterprise, a

corporation established under article 7 and where any other

authority or person is designated by regulations prescribed

by the Minister to be the competent authority to exercise

any of the functions of the Corporation under this Act,

includes such other authority or person to the exclusion of

the Corporation;";

(g) in the definition "the Minister", for the words

"economic policy" there shall be substituted the words "Malta

Enterprise";

(h) immediately after the definition "the Minister" there

shall be added the following new definition

" "undertaking" means any individual or body of

persons, whether having a distinct legal personality or not,

who or which carries on any form of enterprise including

the exercise of any trade or business, profession or

vocation and includes any association or other body of

persons which promotes or supports the goals and

objectives of such undertakings.".

Part II and articles 3, 4 and 5 of the principal Act shall be Renumbering of

Part II and

renumbered as Part III and articles 7, 8 and 9 respectively.

articles 3, 4 and

5 of the

principal Act.

Immediately after article 2 of the principal Act there shall Addition of new

Part and new

be added the following new Part and the following new articles

articles in the

principal Act.

"Part II

Guiding Principles underlying the Act

3. The Government shall co-operate with

Co-operation

in the

the private sector to promote private enterprise

promotion of

enterprise.

in Malta.

4. (1) The Government shall from time

Establishment

of key

to time determine Malta’s principal economic

economic

objectives.

policies and objectives and shall appropriate

such funds and provide such incentives as it

considers necessary to achieve such aims.

(2) The Government shall endeavour to

achieve such economic objectives and policies

through

(a) increased investment;

(b) increased employment;

(c) increased entrepreneurship;

(d) improved

international

competitiveness;

(e) diversification of the local

industry base;

(f) the development of enterprise

networking and inter sector linkages;

(g) the development of human

resources; and

(h) the promotion of industrial

research, technology development and

innovation,

and such other strategies as may from time to

time be conducive to the achievement of such

objectives and policies.

(3) In order to better achieve the goals set

out above, the Government shall establish all

such support measures as may be necessary

and, without prejudice to the generality of the

foregoing, shall in particular establish support

measures in one or more of the following

areas

(a) access to all forms of finance;

(b) employment generation;

(c) environment protection and

renewable energy initiatives;

(d) regional development;

(e) research and development and

innovation;

(f) information

technology,

e-

business and e-commerce;

(g) the development of small and

medium sized undertakings ("SMEs");

(h) the promotion of clustering,

networking and internationalisation;

(i) the optimal use of property to

cater for the physical and infrastructural

requirements for the development of

enterprise;

(j) the regeneration of the island of

Gozo

and

addressing

handicaps

associated with its double insularity; and

(k) generally, the introduction of

such other enterprise development

measures, methodologies, schemes,

policies and goals which are conducive

to the above and related and similar

objectives.

(4) Where

the

Minister,

on

the

recommendation of the Corporation, is

satisfied that a project to be undertaken by an

undertaking may make a substantial

contribution to the development of the

economy as is consistent with the aims and

objectives of the Government and this Act, the

Minister may, after consultation with the

Corporation as may be necessary, approve that

support, in any form as may be approved, be

given by the Corporation to such an enterprise

subject to such conditions as the Minister or

the Corporation may impose; provided that no

assistance shall be granted to the extent that it

is inconsistent with applicable law on state aid.

5. (1) In order to achieve the purposes of

Power to make

regulations.

this Act, the Minister may make regulations to

give effect to the provisions of this Act and,

without prejudice to the generality of the

foregoing, such regulations may include

provision with respect to

(a) the establishment of policies for

implementation by the Corporation as to

the undertakings eligible to receive the

benefit of incentives and other

arrangements, the types of incentives,

the range of support and other related

matters;

(b) the introduction of measures of a

fiscal nature whereby the tax payable by

any undertaking may be absorbed by tax

credits or otherwise reduced;

(c) the introduction of such other

support measures as are considered

appropriate and subject to such

conditions as the Minister may deem fit,

which measures may include, but shall

not be limited to, the measures provided

for in article 4(3);

(d) the designation of any authority

or person to exercise any of the functions

of the Corporation under this Act;

(e) the definition and interpretation

of terms and concepts to be used in

regulations and guidelines;

(f) the deletion or the transposition

of any provisions in the relevant

legislation into regulations with such

modifications as the Minister may

consider appropriate or necessary

Provided that in so far as existing

projects are concerned, nothing in any

regulations made pursuant to this power

shall affect any right, benefit or incentive

currently in force in favour of any

undertaking or beneficiary nor impose

any more onerous conditions or

obligations than currently in force and in

case of conflict between the regulations

and the relevant legislation, the

provisions of the relevant legislation

shall prevail.

(2) Where the Minister proposes to make

or modify regulations in accordance with the

provisions of this Act and those regulations

provide that an undertaking may be wholly or

partly exempted from being liable to any tax

which, but for the provisions of such

regulations, would have been payable, the

power of the Minister to make such

regulations shall only be exercised with the

concurrence of the Minister of Finance.

(3) Where the Minister proposes to make

or modify regulations which provide for the

granting of any assistance, a copy of such

proposed regulations shall be forwarded to the

State Aid Monitoring Board which shall

communicate its opinions on the proposed

assistance in accordance with applicable law.

(1) Notwithstanding any provisions of

Rules on tax

treatment of

the Income Tax Act or of any other applicable

benefits and

certain

fiscal law, incentives, benefits and grants in

undertakings.

terms of schemes that may be developed by

the Corporation to give effect to this Act, shall

be exempt from tax in the hands of the relevant

beneficiary, provided that such grants do not

take the form of income substitution.

(2) The Minister may make regulations to

lay down the conditions relating to accounting,

record keeping and reporting to the

Corporation for the enjoyment of the

exemption stated in the preceding subarticle.

(3) Where any benefit provided by these

regulations or by the Act is due to a

partnership or other undertaking and, in

accordance with the Income Tax Acts, the

partners or members thereof and not the

partnership or undertaking itself are assessable

to tax on any income of such partnership or

undertaking, any benefit provided in terms of

this Act to a partnership or undertaking shall

be due to the partners or members of any such

partnership or undertaking.".

6. Article 8, as re-numbered, of the principal Act shall be Amendment of

article 8 of the

amended as follows

principal Act.

(a)

subarticle (1) thereof shall be amended as follows

(i) paragraph (a) thereof shall be substituted by

the following new paragraph

"(a) to originate, lead and further initiatives

relating to the economic and social development of

Malta in line with the objectives, policies and goals set

out by Government in terms of article 4;";

(ii) paragraph (b) thereof shall be substituted by

the following new paragraph

"(b) to lead Malta’s strategy as relates to all

forms of enterprise, ensuring the implementation of

such activity through a co-ordinated and coherent

approach developed and implemented with other

Government bodies, national constituted bodies and

the private sector;";

(iii) in paragraph (c) thereof, for the words "to

industry and enterprise" there shall be substituted the

words "to enterprise";

(iv) in paragraphs (d) and (e) thereof for the

words "businesses" and "business", wherever they occur,

there shall be substituted the word "enterprise";

(v) in paragraph (f) thereof for the words

"business enterprises" there shall be substituted the word

"undertakings";

(b) in subarticle (2)(a) thereof for the words "business

enterprises" and "enterprises", wherever they occur, there shall

be substituted the word "undertakings"; and

(c)

the following new subarticles shall be added after

subarticle (2) thereof

"(3) For the better carrying out of the provisions

of this Act, the Corporation may, in furtherance of any of

its functions and powers, from time to time

(a)

issue and publish guidelines to establish

inter alia

(i) the terms and conditions of any

arrangements, incentives or schemes including the

determination of rules for the eligibility of

undertakings to any benefits and incentives under

any such schemes and all matters related and

ancillary thereto;

(ii) the applicability of such schemes to

particular projects or undertakings; and

(iii) any additional requirements and

conditions in relation to activities of undertakings,

the conduct of their business, their responsibilities

to the Corporation, reporting requirements to the

Corporation, financial resources and related

requirements, and any other matters as the

Corporation may consider appropriate;

(b) pursuant to the delegation by the Minister

by means of a relevant regulation, transpose any

provisions in the relevant legislation into guidelines

with such modifications as the Minister or the

Corporation, as the case may be, may consider

appropriate or necessary

Provided that in so far as existing projects

are concerned, nothing in any guidelines issued

pursuant to this power shall affect any right, benefit or

incentive currently in force in favour of any

undertaking or beneficiary, nor impose any more

onerous conditions or obligations than currently in

force, and in case of conflict between the guidelines

and the relevant legislation, the provisions of the

relevant legislation shall prevail;

(c) pursuant to the delegation by the Minister

by means of a relevant regulation, reflect directives of

the European Union which may be relevant or

necessary in relation to the functions and areas of

responsibility of the Corporation and pursuant to

article 4(2) of the European Union Act, to designate

the Minister as the relevant Minister and the

Corporation as the relevant authority for the purposes

as may be prescribed.

(4) Guidelines shall be binding on all

undertakings in possession of an Incentive Entitlement

Certificate and on other persons as may be specified

therein in accordance with their terms.

(5) Guidelines shall be issued by the Board only

after having obtained the written opinion of the Minister

Provided that where the guidelines deal with

measures of a fiscal nature, the concurrence of the Minister

of Finance shall also be required.

(6) Except for amendments to the guidelines

which are purely administrative in nature, and are

expressly declared to be so by the Corporation, which

come into force immediately upon the posting thereof on

the official website of the Corporation, any new guidelines

or amendments to guidelines shall come into force on the

lapse of fifteen days after they are posted on the official

website or on such later date as may be stated therein

Provided that an amendment to the guidelines

may not reduce, withdraw or cancel any benefit previously

granted except in accordance with the terms of this Act or

a regulation in terms of which it is issued.

(7) Where, after the coming into force of the

provisions of subarticles (3), (4), (5) and (6), the

Corporation proposes to issue guidelines which provide for

the granting of any new or increased assistance, a copy of

such proposed guidelines shall be forwarded to the State

Aid Monitoring Board which shall communicate its

opinions on the proposed assistance in accordance with

applicable law.".

Part III and articles 6 to 17 of the principal Act shall be

renumbered as Part IV and articles 10 to 21 respectively.

Article 18 of the principal Act shall be amended as

follows

(a)

in subarticle (1) thereof, the words "One such staff

member shall be designated by the Board to act as Secretary"

shall be deleted; and

(b) in subarticle (2) thereof, for the words "with the

concurrence of the Minister" there shall be substituted the words

"with the concurrence of the Minister who shall consult the

Minister responsible for finance".

Immediately after subarticle (3) of article 21, as

renumbered, of the principal Act, there shall be added the following

new subarticles

"(4) Save as may be otherwise required or permitted for

the purposes of this Act, or in the course of a prosecution of an

offence committed in relation to this Act, in carrying out its

functions, the Corporation and its staff shall be bound by the

provisions of the Professional Secrecy Act and shall not divulge

any information about any applicant or any benefits granted to

any applicant without the prior written consent of such applicant

or as otherwise permitted by law.

(5) Every person having an official duty or being

employed in the administration of this Act shall regard and deal

with all documents and information relating to matters

contemplated by or pursuant to the provisions of this Act as

secret and confidential and shall make and subscribe before a

Commissioner for Oaths a declaration to this effect in the form

prescribed which shall be deposited with the Attorney General.

Such persons shall not, unless the Prime Minister otherwise

directs in writing, be required to produce to or before any court,

tribunal, board, committee of enquiry or other authority, or to

divulge to any such court, tribunal, board, committee of enquiry

or other authority any matter or thing coming to their notice or

being in their possession in the performance of their duties

under this Act.

(6) Nothing in this article shall hinder the Corporation

or its staff

(a) from providing full access to the auditor of

the Corporation to all information which is required for

him to perform his duties;

(b) from providing full access to such other

persons or authorities as are entitled to receive such

information under provisions of applicable law for the

carrying out of their functions;

(c) from providing full information to the

Commissioner of Inland Revenue for the purposes of the

Income Tax Act;

(d) from preparing and publishing reports and

statistical reviews which include information about

benefits granted to applicants and beneficiaries of benefits

which do not divulge specific names or other specific

information which will permit the identification of

individual applicants.".

Part IV and articles 18 to 23 of the principal Act shall be Renumbering of

Part IV and

renumbered as Part V and articles 22 to 27 respectively.

articles 18 to 23

of the principal

Act.

Part V and articles 24 to 27 of the principal Act shall be Renumbering of

Part V and

renumbered as Part IX and articles 38 to 41 respectively.

articles 24 to 27

of the principal

Act.

Part VI and articles 28 to 30 of the principal Act shall be Renumbering of

Part VI and

renumbered as Part X and articles 42 to 44 respectively.

articles 28 to 30

of the principal

Act.

Immediately after article 27 of the principal Act there shall Addition of new

Parts and new

be added the following new Part and the following new articles

articles in the

principal Act.

"Part VI

Administration of Incentive Entitlements

(1) In the carrying out of its functions

Administration

of support to

in terms of this Act, any regulations or any

enterprise.

guidelines, the Corporation shall

(a) determine upon request in

writing the eligibility or otherwise of the

enterprise being carried out or intended

to be carried out by an undertaking;

(b) receive applications for support

of the enterprise and approve or

otherwise any form of support; and

(c) issue an Incentive Entitlement

Certificate to any beneficiary, as

stipulated in article 29, outlining the

support granted and its terms and

conditions. Such certificate shall be

conclusive evidence of such matters for

all purposes of law.

(2) The Corporation shall determine

applications in terms of this Act and any

regulations and guidelines made thereunder

and when imposing terms and conditions it

shall apply the principles of good practice and

accountability.

Rules on

(1) An

Incentive

Entitlement

Incentive

Certificate shall be issued by the Corporation

Entitlement

Certificates.

and shall be deemed to be a contract between

the Corporation, the Government of Malta and

the beneficiary, guaranteeing the grant and

enjoyment of the relative benefit in

accordance with the terms and conditions

stipulated therein and the provisions of this

Act, any regulations and any guidelines.

(2) No incentive or benefit contemplated

by this Act shall be enjoyed by any

beneficiary for any year or year of assessment

if the President of Malta by order in writing

declares that the grant or acquisition or

continued grant and acquisition of such

incentive or benefit is or would be against

public policy (ordre public), and where such

an order is made it shall have effect as from

the date therein specified but in no case shall

an order have retrospective effect.

(3) Subject to the powers of the

Corporation relating to revocation of benefits

in terms of Part VII of this Act and the powers

of the President in the preceding subarticle,

the guarantee given by subarticle (1) shall not

be nullified by any retrospective action,

whether by legislation or otherwise.

(4) Subject to any other provision of this

Act or of any regulations or guidelines issued

pursuant to this Act, in releasing a certificate

in accordance with the provisions of article

28(1)(c), the Corporation may impose any

conditions it may deem fit for the enjoyment

of any particular benefit.

(5) A certificate shall not imply any

exemption of such beneficiary from any

procedure, duty, obligation, liability, fees or

dues unless expressly stated in the certificate

or in an express provision of a law, regulation

or guideline which is expressly referred to in

the certificate.

(6) Any person dealing with an

undertaking in possession of an Incentive

Entitlement Certificate shall act upon an

Incentive Entitlement Certificate issued in

terms of this article without the need for any

further evidence of its eligibility, existence or

status or otherwise, and shall not require any

proof of the authenticity of the certificate

other than that which appears on the face of it.

Such certificates shall, until the contrary is

proved, be evidence of their contents

Provided that in so far as the Incentive

Entitlement Certificate refers to fiscal

incentives to which an undertaking may be

eligible, nothing in this subarticle shall limit

the powers of the Commissioner of Inland

Revenue under the relevant legislation to

monitor compliance with the relevant

conditions, and the said Commissioner may

make such enquiries and verification as he

may deem fit.

(7) The application for support shall

identify the undertaking involved in the

relevant

enterprise

(the

"relevant

undertaking") and it shall be deemed to be the

main beneficiary, all other possible

beneficiaries being considered to be ancillary

to it, and consequently

(a) an application may only be made

by the relevant undertaking which shall

be deemed to be authorised to act on

behalf of all other beneficiaries relative

to the application;

(b) all

notices

and

other

communications of whatsoever nature

by or to the Corporation, shall be made

to and by the relevant undertaking and a

notice to the relevant undertaking shall

be deemed proper notice to all other

beneficiaries;

(c) the relevant undertaking shall be

solely responsible for possession and

surrender of any certificate issued by the

Corporation;

(d) the revocation of a benefit from

a relevant undertaking shall imply the

revocation of all related or connected

benefits for other beneficiaries; and

(e) notwithstanding the provisions

of any other law, the refund of the

benefits granted which may be due in

terms of article 32(4) shall be the

primary liability of the relevant

undertaking, any other beneficiary being

liable to account only in case of failure

by the relevant undertaking to do so

within one year and in any case only for

the actual benefit received by it

Provided that when a relevant

undertaking meets such liability, it shall

have a right to demand a contribution

from another beneficiary equal to the

amount of benefit actually received by

such beneficiary.

(8) Reference

to

an

"Incentive

Entitlement Certificate" in this Act shall

include all terms and conditions which may be

applicable in virtue of this Act or any

regulation or guideline made thereunder as

well as those of other documents which may

be attached to the certificate or which may be

expressly referred to in the certificate.

(9) Insofar as an Incentive Entitlement

Certificate refers to any incentive relating to

any tax, a copy shall be sent to the

Commissioner of Inland Revenue.

(1) Incentive Entitlement Certificates

Nature of

Incentive

issued by the Corporation shall be deemed to

Entitlement

Certificates.

be public instruments, shall only be used for

the purposes authorised hereby and shall be

surrendered to the Corporation on its simple

demand in writing.

(2) In the event of a request in terms of

subarticle (1), the beneficiary shall surrender,

to the Corporation, the relevant Certificate

within seven days of the demand being

communicated to him and any person failing

to surrender such Certificate within such time

shall be guilty of an offence against this Act

and shall be liable, on conviction, to a fine

(multa) of one hundred liri and a fine (multa)

of five liri for every day the default continues.

Any person who, in any manner,

Forgery,

alteration or

forges or alters an Incentive Entitlement

misuse of

certificates.

Certificate or purports to use it for a purpose

not authorised by this Act or seeks to use it

after its revocation in terms of this Act, shall

be guilty of an offence and shall be liable to

the same punishment as provided for in article

183 of the Criminal Code.

Part VII

Revocation and Modification of Benefits

Revocation of

(1) Where any beneficiary fails to

incentives or

comply with any of the terms or conditions of

benefits.

an Incentive Entitlement Certificate, the

Corporation may by notice in writing require

such beneficiary within thirty days of the

receipt of such notice -

(a) to comply with such conditions;

or

(b) to establish to the satisfaction of

the Corporation that failure to comply

with such conditions was due to some

cause beyond its control and that there

are prospects of complying with such

condition within such time as the

Corporation may consider reasonable.

(2) Where a beneficiary complies with the

condition in subarticle (1)(b), the Corporation

may authorise reasonable postponement for

the purpose of compliance with such

conditions, as it thinks fit.

(3) Where a beneficiary fails to comply

with the condition in subarticle (1)(b) or,

having been allowed a postponement under

subarticle (2), fails within the period of such

postponement to comply with such terms or

conditions, the Corporation may revoke any

incentive or benefit granted to the beneficiary

and that revocation shall be operative from

such date as may be determined by the

Corporation.

(4) Where an Incentive Entitlement

Certificate is revoked, in full or in part, in

accordance with the provisions of this article,

the beneficiary shall pay or repay to the

Government or to the Corporation, as the case

may be, any sums which it would have paid to

the Government or the Corporation but for the

provisions of this Act, any regulation or

guideline or which it had received thereunder,

and any sums which the beneficiary is so

liable to pay or repay may be set off against

any sums which may be due from the

Government or the Corporation to the

beneficiary for any reason whatsoever,

including in the event of insolvency of the

said beneficiary, without prejudice to any

right of the Government or the Corporation

for the recovery of any balance remaining

due.

(5) In the circumstances contemplated in

this article, the Corporation may, in its sole

discretion, in lieu of revoking a certificate, in

full or in part, agree to modify the terms and

conditions of an Incentive Entitlement

Certificate so as to reflect the conditions

which are more appropriate on the basis of the

circumstances then known to it. The

Corporation shall so proceed only if the

relevant undertaking has agreed in writing to

such modifications as may be proposed by the

Corporation and to any conditions under

which they are offered.

Part VIII

Offences and Penalties

Penalty for

Any person who without reasonable

making

excuse prepares any incorrect statement or

incorrect

statements, etc.

gives any incorrect information in relation to

any matter or thing falling under this Act,

shall be guilty of an offence and shall, on

conviction, be liable to a fine (multa) of not

less than three hundred liri and not exceeding

two thousand liri.

Provisions

(1) Any person who wilfully with

relating to

intent to obtain any incentive or benefit under

fraud, etc.

this Act or to assist any other person to do so -

(a) omits from a return or any other

document or statement made, prepared

or submitted for the purposes of or under

this Act, any matter which should be

included therein; or

(b) makes any false statement or

entry in any return or other document or

statement prepared or submitted for the

purposes of or under this Act; or

(c) gives any false answer, whether

verbally or in writing, to any question or

request for information asked or made in

accordance with the provisions of this

Act; or

(d) prepares or maintains or

authorises

the

preparation

or

maintenance of any false books of

account or other records or falsifies or

authorises the falsification of any books

of account or records; or

(e) makes use of any fraud, art or

contrivance whatever or authorises the

use of any such fraud, art or contrivance,

shall be guilty of an offence, and shall for

each such offence be liable on conviction to a

fine (multa) of not less than five hundred liri

and not exceeding five thousand liri or to

imprisonment for any term not exceeding six

months, or to both such fine and

imprisonment.

(2) Upon any person admitting to or being

found guilty of any of the above offences, the

Corporation may revoke any Incentive

Entitlement Certificate issued by it by notice

in writing without following the procedures

outlined in article 32.

If any person contravenes or fails to

General

penalty.

comply with any of the requirements of this

Act or of any regulations made thereunder, in

respect of which no special punishment is

provided, he shall be guilty of an offence and

shall for each offence be liable, on conviction,

to a fine (multa) of not less than one hundred

liri and not more than five hundred liri.

The provisions of this Act establishing

Provision with

respect to

offences and punishments in respect thereof

offences.

shall not affect the operation of any other law

establishing offences and punishments in

respect of the same acts or omissions and shall

not, in particular, affect the application of any

higher punishment under any other law.

Proceedings for an offence under this

Prescription of

proceedings for

Act may be commenced at any time within

offences.

five years from the date of commission of the

offence.".

14. Immediately after article 44, as renumbered, of the

Addition of new

article in the

principal Act.

principal Act, there shall be added the following new article

"Effect on other

Nothing contained in this Act shall

laws.

affect the provisions of any other law

whatsoever except to the extent solely that the

provisions of this Act replace or supersede the

provisions of that law, and no incentive,

exemption, reduction of taxation or other

benefit or privilege provided for under the

provisions of this Act shall modify any

obligation to furnish returns, statements,

particulars or documents as may be required

by any other law.".

15. The Business Promotion Act shall be amended as follows

Amendment of

the Business

Promotion Act.

(a)

article 21 thereof shall be deleted;

(b) Part VII thereof, consisting of articles 44 to 56, shall

be deleted; and

(c)

Part IX thereof shall be renumbered as Part VII.

Passed by the House of Representatives at Sitting No. 564 of the

16th October, 2007.

A NTON T ABONE

Speaker

R ICHARD J. C AUCHI

Clerk to the House of Representatives