MT
SKILLS DEVELOPMENT REGULATIONS
Table of Provisions (7)
Statutory Text (7 Articles)
SKILLS DEVELOPMENT
SUBSIDIARY LEGISLATION 463.48
SKILLS DEVELOPMENT REGULATIONS
18th July, 2023
LEGAL NOTICE 167 of 2023.
The title of these regulations is the Skills Development
Regulations.
In these regulations, unless the context otherwise
requires
"Act" means the Malta Enterprise Act;
"Corporation" shall have the same meaning as assigned
to it in the Act;
"Guidelines" means the Guidelines as may be published
by the Corporation from time to time in accordance with the
Act, establishing the parameters of implementing the aid
granted by virtue of these regulations;
"large undertaking" means any enterprise that does not
qualify as a small undertaking or a medium-sized undertaking;
"medium-sized undertaking" shall have the same
meaning as assigned to it in Annex I of the Commission
Regulation (EU) No 651/2014 of 17 June 2014 declaring
certain categories of aid compatible with the internal market in
application of Articles 107 and 108 of the Treaty, as amended;
"small undertaking" shall have the same meaning as
assigned to it in Annex I of the Commission Regulation (EU)
No 651/2014 of 17 June 2014 declaring certain categories of aid
compatible with the internal market in application of Articles
107 and 108 of the Treaty, as amended;
"undertaking" shall have the same meaning as assigned
to it in the Act.
(1)
When the Corporation is satisfied that an
undertaking carrying out or intending to carry out an activity that may
contribute to the economic development of Malta, requires assistance
to increase the skills and knowledge of its employees in relation to the
requirements of their employment through training, the Corporation
may provide such an undertaking with a tax credit or a cash grant or a
combination of both, in accordance with the terms and conditions set
out in the Guidelines;
(2)
No cash grants shall be due in respect to training that
SKILLS DEVELOPMENT
commences prior to the formal approval from the Corporation.
(1)
Any assistance provided in accordance with these
regulations shall not exceed
(a)
seventy per cent (70%) of the eligible costs in the
case of an undertaking which qualifies as a small undertaking;
(b)
sixty per cent (60%) of the eligible costs in the
case of an undertaking which qualifies as a medium-sized
undertaking;
(c)
fifty per cent (50%) of the eligible costs in the
case of an undertaking which qualifies as a large undertaking.
(2)
The maximum aid for each skills development project
shall not exceed two million euro (€2,000,000).
(1)
An undertaking benefitting from tax credits in
accordance with 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 immediately following the award of the benefit, an amount
equivalent to the tax credit awarded to it.
(2)
An undertaking that, in any year of assessment, does not
utilise any tax credit awarded to it 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 to it, shall
carry forward the unutilised tax credit for the subsequent years of
assessment.
(3)
Tax credits awarded in accordance with the regulations
and the respective Guidelines shall not give rise to a right to a refund
of tax.
(1)
The Corporation shall establish a deadline for the
submission of applications in the Guidelines.
(2)
No aid shall be granted in accordance with these
regulations by the Corporation after the 31st of December 2023.