S.L. 325.6 Art. 31Tax credit for large company.

(1) Where a qualifying company -

(a) does not qualify as a small or medium-sized enterprise; and

(b) (i) is entitled to any of the benefits provided by articles 4, 5 or 5A of the Act subsequent to year of assessment 2003 and waives, in terms of article 34(2) of the Act its right of entitlement to benefit from the provisions of these articles with effect from year of assessment 2004; or

(ii) is entitled to any of the benefits provided by articles 18 or 20 of the Malta Freeports Act in any year of assessment subsequent to year of assessment 2004 and waives, in terms of article 27(5) of the said Act its right of entitlement to benefit from the said provisions of article 18 of that Act with effect from year of assessment 2004 and its right of entitlement to benefit from the provisions of article 20 of that Act with effect from 1st January 2003; or

(c) (i) had waived its entitlement to the benefits provided by articles 4, 5 and 5A of the Act and as a result of such waiver became entitled to the benefits provided by regulations 4 and 5; or

(ii) pursuant to a change in legislation is no longer entitled to benefit from the provisions of articles 4, 5 or 5A of the Act or of articles 18 or 20 of the Malta Freeports Act, such company shall, subject to the approval of the Corporation, be entitled to the benefits provided by regulations 4 and 5 and to utilize the tax credits provided by regulations 32 to 35, as reduced by regulation 36, in accordance with the provisions of regulation 37; and for the purpose of regulation 4, such company shall, for the years of assessment in respect of which it can utilize the aforementioned tax credits in accordance with regulation 37, be deemed to be a company to which regulation 4(2)(b) refers.

(2) A company shall be eligible to qualify for the benefits provided by any of the regulations referred to in sub-regulation (1) if it has been determined that it is so eligible by the Corporation.

(3) On being satisfied that a company is eligible to any of the said regulations, the Corporation shall provide the said company with a certificate setting out therein the tax credits and their respective amounts to which the company is so entitled.

(4) A certificate issued by the Corporation in terms of sub-regulation (3) shall, without prejudice to any other proof available to the company, be conclusive evidence of the matters stated therein.

(5) A company wishing to avail itself of the said regulations shall apply for a determination referred to in sub-regulation (2) by submitting an application to the Corporation.

(6) The provisions of article 25 of the Act shall, as far as is applicable, apply to the incentives provided by this regulation and to regulations 32 to 37.