Tax Credits for Micro Enterprises and the Self-Employed

L.N. 36 of 2016

MALTA ENTERPRISE ACT

(CAP. 463)

Tax Credits for Micro Enterprises and the Self-Employed

(Amendment) Regulations, 2016

IN exercise of the powers conferred upon him by article 5 of the

Malta Enterprise Act, the Minister for the Economy, Investment and

Small Business, in consultation with the Malta Enterprise

Corporation, has made the following regulations:-

The title of these regulations is the Tax Credits for Micro Citation.

Enterprises and the Self-Employed (Amendment) Regulations, 2016,

and these regulations shall be read and construed as one with the Tax

Credits for Micro Enterprises and the Self-Employed Regulations, S.L. 463.09

hereinafter referred to as "the principal regulations".

In regulation 2 of the principal regulations immediately Amends

after the definition "eligible costs" there shall be added the following regulation

the principal

new definition

regulations.

" "female owned undertaking" means a female owned

undertaking as defined in the Guidelines;".

Regulation 3 of the principal regulations shall be amended Amends

regulation 3 of

as follows

the principal

regulations.

(a) in the third proviso to sub-regulation (1) thereof, for

the words "under the terms and conditions specified in the

Guidelines." there shall be substituted the words "under the

terms and conditions specified in the Guidelines:" and

immediately thereafter there shall be added the following new

proviso

"Provided further that from year of assessment

2016, female owned undertakings may be granted a total

amount of tax credits in terms of this regulation that shall

not exceed fifty thousand euro (€50,000) over any period

of three consecutive years, under the terms and conditions

specified in the Guidelines.";

(b) in sub-regulation (3) thereof, for the words

"commencing on the 1st January of the year immediately

following the year in which the eligible costs are

undertaken" there shall be substituted the words

"established in accordance with the terms and conditions

set out in the Guidelines";

(c) in the proviso to sub-regulation (3) thereof,

for the words "shall not give rise to a right to a refund of

tax." there shall be substituted the words "shall not give

rise to a right to a refund of tax:" and immediately

thereafter there shall be added the following new proviso

"Provided further that any tax credits shall be

utilized by the year of assessment established in

accordance with the terms and conditions set out in the

Guidelines.";

(d) in sub-regulation (4) thereof, the words "on the

investment" shall be deleted;

(e)

in paragraph (a) of sub-regulation (5) thereof, for the

words "the Final Taxed Account of the company in question"

there shall be substituted the words "the respective tax accounts

of the company in question in accordance with the Tax

Accounts (Income Tax) Rules"; and

(f)

sub-regulation (7) thereof shall be substituted by thr

following

"(7) Applications for assistance under this

regulation shall reach the Corporation by not later than the

30th November 2021.".

€0.18