S.L. 463.4 ст. 15Tax credits for undertakings and the self-employed for capital investment and job creation.

(1) Where the Corporation is satisfied that an undertaking carrying out a trade or business requires assistance to expand, innovate or invest in its business in Malta, the Corporation may provide such an undertaking with a tax credit. The intensity of the tax credit shall be in accordance with the terms and conditions set out in the Guidelines:

Provided that this benefit shall be calculated on the eligible costs incurred as from 1st January 2013 till the 31st December 2013: Provided further that the total amount of tax credits that may be granted in terms of this regulation and any amount of tax credit granted to an undertaking in terms of regulation 13 shall not exceed twenty-five thousand euro (€25,000).

(2) In order to qualify for the benefit under sub-regulation (1), the undertaking:

(a) shall not have in its employ more than thirty full-time employees, or equivalent, in its trade or business as on the 30th November 2012: Provided that apprentices and students shall not be treated as employees for the purpose of this paragraph; and

(b) shall have a turnover or annual balance sheet total that does not exceed ten million euro (€10,000,000).

(3) The tax credit referred into this regulation shall be due as a deduction from tax payable by an undertaking on its chargeable income derived from its trade or business for that year of assessment commencing on the 1st January of the year immediately following the year in which the eligible costs are undertaken, and, where the tax credit, for that year of assessment, exceeds the income tax payable by such an undertaking for that year, the excess in the tax credit shall be allowed to be carried forward to the subsequent year of assessment and deemed to be a tax credit for that year:

Provided that a tax credit shall not give rise to a right to a refund of tax:

Provided further that unutilised tax credits can only be availed of until year of assessment 2017.

(4) Sub-regulations (4), (5) and (6) of regulation 13 shall apply mutatis mutandis to tax credits under this regulation.

(5) Applications for assistance under this regulation shall reach the Corporation by not later than the 31st March 2014.