S.L. 123.86 Art. 7Examination of records. S.L. 325.06

(1) Where, in terms of rule 3, the Corporation issues a letter of approval to an applicant, it may, from time to time, make such reviews of books and documents, hold on-site inspections on premises of that applicant and make such other monitoring as it may consider necessary for the purposes of these rules and for any matter relevant to an approved application.

(2) In addition to the database kept under the provisions of the Business Promotion Regulations, the Corporation shall also keep a database of all assistance provided to, or claimed by, applicant companies under these rules for ten years from the date on which the last individual aid was granted under the aforementioned rules, in order to enable it to -

(a) provide the State Aid Monitoring Board with such information as it may require; and

(b) inform the Commissioner whether the credits claimed in terms of these rules have been properly calculated.

(3) Applicant persons that have received a letter of approval in terms of rule 3 shall submit to the Corporation, by not later than two months after the relative tax return date a copy of the tax return for each year of assessment starting from the base year and all subsequent consecutive years of assessment during which a deduction and tax credit is available under these rules, irrespective of whether it is utilised or not.

(4) Where the Corporation is not satisfied that an eligible person is employing the benefit for the purpose it is intended for or has failed to fulfil any condition under these rules, such person shall immediately forfeit the right for the benefit.