Cap. 463 Art. 5Power to make regulations.

(1) In order to achieve the purposes of this Act, the Minister may make regulations to give effect to the provisions of this Act and, without prejudice to the generality of the foregoing, such regulations may include provision with respect to:

(a) the establishment of policies for implementation by the Corporation as to the undertakings eligible to receive the benefit of incentives and other arrangements, the types of incentives, the range of support and other related matters;

(b) the introduction of measures of a fiscal nature whereby the tax payable by any undertaking may be absorbed by tax credits or otherwise reduced;

(c) the introduction of such other support measures as are considered appropriate and subject to such conditions as the Minister may deem fit, which measures may include, but shall not be limited to, the measures provided for in article 4(3);

(d) the designation of any authority or person to exercise any of the functions of the Corporation under this Act;

(e) the definition and interpretation of terms and concepts to be used in regulations and guidelines;

(f) the deletion or the transposition of any provisions in the relevant legislation into regulations with such modifications as the Minister may consider appropriate or necessary: Provided that in so far as existing projects are concerned, nothing in any regulations made pursuant to this power shall affect any right, benefit or incentive currently in force in favour of any undertaking or beneficiary nor impose any more onerous conditions or obligations than currently in force and in case of conflict between the regulations and the relevant legislation, the provisions of the relevant legislation shall prevail; and.

(g) the activities taking place within the continental shelf as defined in the Continental Shelf Act and within any exclusive economic zone area or environment protection area as defined in the Exclusive Economic Zone Act.

(2) Where the Minister proposes to make or modify regulations in accordance with the provisions of this Act and those regulations provide that an undertaking may be wholly or partly exempted from being liable to any tax which, but for the provisions of such regulations, would have been payable, the power of the Minister to make such regulations shall only be exercised with the concurrence of the Minister of Finance.

(3) Where the Minister proposes to make or modify regulations which provide for the granting of any assistance, a copy of such proposed regulations shall be forwarded to the State Aid Monitoring Board which shall communicate its opinions on the proposed assistance in accordance with applicable law.