S.L. 478.2 Art. 5Application for the approval of a project.

(1) When a qualifying company carries out or intends to carry out a qualifying project it may apply to the Commissioner for the approval of that project.

(2) An application under this regulation shall be made in such form as may be acceptable to the Commissioner and shall:

(a) provide such particulars of the applicant as are necessary to determine whether it qualifies or not as a small or medium sized enterprise;

(b) describe the project and its purpose and state the expected date of its commencement and its expected duration;

(c) provide details of the investment that the company plans to make for the realisation of the project, including a description of each item of qualifying expenditure that the applicant intends to incur, distinguishing between expenditure on plant and machinery, expenditure on industrial buildings and structures and expenditure on intellectual property rights;

(d) state the number of additional employees that it plans to employ during the project period;

(e) grant the authorisation referred to in sub-regulation (3);

(f) contain such other information, breakdowns and details, and be accompanied by such documents and certifications as the Commissioner may require;

(g) be made by not later than three months prior to the company’s tax return date for the year of assessment that immediately follows the first year in which the company incurs the expenditure to which the application refers.

(3) The authorisation referred to in sub-regulation (2)(e) shall -

(a) grant to the Commissioner and his officers access to any premises or works as the Commissioner may consider necessary in order to ascertain any matter relevant to the approval of the application;

(b) authorise the Commissioner to disclose to the Commissioner of Inland Revenue any information and to pass on to him originals or copies of any documents and records that may have been obtained in connection with the application.

(2) In his recommendation the Commissioner shall state the extent to which, in his opinion, the investment that the applicant plans to make towards the project represents qualifying expenditure and is necessary and reasonable in the light of the purpose for which it is planned to be incurred.

(3) The Commissioner shall not recommend the approval of a project -

(a) that requires for its realisation a period of more than five years;

(b) if the application for its approval is made after the 31st December, 2008.