COVID-19 Temporary Support Measures Regulations, 2020

L.N. 345 of 2020

MALTA ENTERPRISE ACT

(CAP. 463)

COVID-19 Temporary Support Measures Regulations, 2020

IN EXERCISE of the powers conferred by article 5 of the Malta

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

Businesses, after consultation with the Malta Enterprise Corporation

and with the concurrence of the Minister for Finance and Financial

Services, has made the following regulations:-

(1)

The title of these regulations is COVID-19 Citation and

commencement.

Temporary Support Measures Regulations, 2020.

(2) These regulations shall be deemed to have come into force

on the 1 st April, 2020.

In these regulations, unless the context otherwise requires

Interpretation.

"the Act" means the Malta Enterprise Act;

"the Corporation" means Malta Enterprise established under the

Act;

"eligible undertakings" means an undertaking as defined in the

Act that meets the parameters established in the Guidelines;

"Guidelines" means such guidelines as may be published by the

Corporation from time to time under the Act;

"Temporary Framework" means the Temporary Framework for

State aid measures to support the economy in the current COVID-19

outbreak, as amended and as may be subsequently amended as

published by the European Commission.

Where the Corporation is satisfied that eligible Assistance to

undertakings require support to sustain, preserve and regenerate their support

undertakings.

economic activity, the Corporation may provide assistance as shall be

further established in the Guidelines in any form allowed by the Act

and in accordance with the Temporary Framework.

(1) An undertaking benefiting from tax credits in terms Utilisation of

of these regulations and the respective Guidelines shall be entitled to tax credits.

deduct from the amount of income tax which is due on its chargeable

income derived from its trade or business in the years of assessment

following the award of the benefit an amount equivalent to the tax

credit awarded.

(2) An undertaking that in any year of assessment does not

utilise any tax credit awarded or deducts a value from the amount of

income tax which is due on its chargeable income derived from its

trade or business that is less than the tax credit awarded shall carry

forward the unutilised tax credit for the following years of assessment

and so on for subsequent years.

(3) Tax credits awarded in terms of these regulations and the

respective Guidelines shall not give rise to a right to a refund of tax.

Applications for assistance to support eligible undertakings

under these regulations shall reach the Corporation by not later than

31 st December, 2020.

€0.18