Business Promotion (Amendment) Regulations, 2006

L.N. 192 of 2006

BUSINESS PROMOTION ACT

(CAP. 325)

Business Promotion (Amendment) Regulations, 2006

IN exercise of the powers conferred upon him by article 59 of the

Business Promotion Act, hereinafter referred to as the “Act”, the Minister

for Investment, Industry and Information Technology has made the

following regulations>

The title of these regulations is the Business Promotion

(Amendment) Regulations, 2006 and shall be read and construed as

one with the Business Promotion Regulations, 2001, hereinafter referred

to as “the principal regulations”.

These regulations shall have effect as follows>

(a) regulations 3, 7 and 9 shall come into force on 1st

January, 2007< and

(b) regulations 4, 5, 6, 8 and 10 shall be deemed to have

come into force on 1st August, 2006.

Regulation 5 of the principal regulations, shall be amended as

follows>

(a) in subregulation (1) for the words “with respect to an

investment project, be calculated either -” there shall be

substituted the words “with respect to an investment project

approved in writing by the Corporation before its setting up, be

calculated either -”<

(b) in subregulation (2) for the words “as a small or medium

sized enterprise, not exceed 65%, and in the case of any other

company the said percentage shall not exceed 50%.” there shall be

substituted the words “as a small-sized enterprise, not exceed 50%,

in the case of a company which qualifies as a medium sized

enterprise the said percentage shall not exceed 40%, and in the

case of any other company the said percentage shall not exceed

30%.”<

(c) in subregulation (5) for the words “as a small or medium

sized enterprise, the percentage referred to in subregulation (4)

shall not exceed 65%, and in the case of any other company the

said percentage shall not exceed 50%” there shall be substituted

the words “as a small-sized enterprise, the percentage referred to

in subregulation (4) shall not exceed 50%, in the case of a company

which qualifies as a medium sized enterprise the said percentage

shall not exceed 40%, and in the case of any other company the

said percentage shall not exceed 30%.”.

In subregulation (7) of regulation 8 of the principal regulations, Amends regulation

8 of the principal

for the words “referred to in regulation 4 (3) (f) or (j),” there shall be regulations.

substituted the words “referred to in regulation 4 (3) (e), (f) or (j)”.

In subregulation (5) of regulation 9 of the principal regulations, Amends regulation

for the words “referred to in regulation 4 (3) (f) or (j),” there shall be 9 regulations.

substituted the words “referred to in regulation 4(3)(e), (f) or (j),”.

In sub-regulation (6) of regulation 10 of the principal Amends regulation

10 of the principal

regulations, for the words “referred to in regulation 4 (3) (f) or (j),” regulations.

there shall be substituted the words “referred to in regulation 4 (3) (e),

(f) or (j)”.

Regulation 12 of the principal regulations, shall be substituted Amends

regulation 12

by the following>

of the principal

regulations.

“Maximum

The aggregate amount that a company may benefit

aid for

from in respect of an investment project in terms of regulations

investment

projects for

5, 8 and 9 and articles 6, 7, 24B and 24C of the Act shall not,

SMEs.

(i) where the company qualifies as a small-sized

enterprise, exceed the higher of -

(a) 50% of the qualifying expenditure pertaining

to that investment project< or

(b) 50% of the wage cost for the twenty-four

month period pertaining to individuals in respect of

whom jobs were created as determined by regulation 5

(7) to (11)<

(ii) where the company qualifies as a medium-sized

enterprise, exceed the higher of -

(a) 40% of the qualifying expenditure pertaining

to that investment project< or

(b) 40% of the wage cost for the twenty-four

month period pertaining to individuals in respect of

whom jobs were created as determined by regulation 5

(7) to (11).”.

8. In sub-regulation (5) of regulation 14 of the principal

regulations, for the words “referred to in regulation 4 (3) (f) or (j),”

there shall be substituted the words “referred to in regulation 4 (3) (e),

(f) or (j)”.

9. Regulation 18 of the principal regulations, shall be amended

as follows>

(a) in subregulation (1) (a), for the words “50%” there shall

be substituted the words “30%”<

(b) in subregulation (1) (b) for the words “50%” there shall

be substituted the words “30%”.

10. In subregulation (1) of regulation 22 of the principal

regulations, for the words “regulations 8, 9, 11, 13 and 14 or by the

Institute for the Promotion of Small Enterprises Limited”, they shall be

substituted the words “these regulations or the Act or in terms of the

Malta Enterprise Corporation Act”.

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