Tax Credits for Micro Enterprises and the Self-Employed

L.N. 121 of 2018

MALTA ENTERPRISE ACT

(CAP. 463)

Tax Credits for Micro Enterprises and the Self-Employed

(Amendment) Regulations, 2018

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, and with the concurrence of the Minister of Finance, has

made the following regulations:-

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

Enterprises and the Self-Employed (Amendment) Regulations, 2018,

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".

Regulation 3 of the principal regulations shall be amended Amends

regulation 3 of

as follows

the principal

regulations.

(a)

in the last proviso of sub-regulation (1) thereof, the

words " shall not exceed fifty thousand euro (€50,000) over any

period of three consecutive years, under the terms and

conditions specified in the Guidelines." shall be substituted by

the words "shall not exceed fifty thousand euro (€50,000) over

any period of three consecutive years, under the terms and

conditions specified in the Guidelines:" and immediately

thereafter there shall be added the following new provisos

"Provided further that from year of assessment

2018, the total amount of tax credits that may be granted in

terms of regulation 3(1) thereof shall not exceed fifty

thousand euro (€50,000) over any period of three

consecutive years under the terms and conditions specified

in the Guidelines

Provided further that undertakings established in

Gozo, female owned undertakings and family businesses

as may be defined in the Guidelines, may be granted a total

amount of tax credits in terms of this regulation that shall

not exceed seventy thousand euro (€70,000) over any

period of three consecutive years, under the terms and

conditions specified in the Guidelines."; and

(b) in paragraph (b) of sub-regulation (2) thereof, the

words "does not exceed ten million euro (€10,000,000)." shall

be substituted by the words "does not exceed ten million euro

(€10,000,000):" and immediately thereafter there shall be added

the following new proviso

"Provided that as from 1 st January 2018, in order to qualify

for the benefit under sub-regulation (1), the undertaking shall

not employ more than fifty full-time employees, in its trade or

business.".

€0.18