MT
COVID-19 TEMPORARY SUPPORT MEASURES REGULATIONS
Table of Provisions (6)
Statutory Text (6 Articles)
COVID-19 TEMPORARY
SUPPORT MEASURES
SUBSIDIARY LEGISLATION 463.34
COVID-19 TEMPORARY SUPPORT
MEASURES REGULATIONS
1st April, 2020
LEGAL NOTICE 345 of 2020, as amended by Legal Notices 132,
283 of 2021 and 70 of 2022.
The title of these regulations is COVID-19 Temporary
Support Measures Regulations.
In these regulations, unless the context otherwise
requires
"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
undertakings require support to sustain, preserve and regenerate their
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 of these regulations and the respective Guidelines shall be
entitled to 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.
COVID-19 TEMPORARY
SUPPORT MEASURES
(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.
Aid will be awarded to eligible undertakings under these
Deadline for
submission of
regulations by not later than 30 th June, 2022.
applications for
assistance.
Substituted by
L.N. 132 of 2021;
L.N. 283 of 2021;
L.N. 70 of 2022.