S.L. 372.33 Art. 3Audit report waiver. Cap. 123.

Without prejudice to the fulfilment of any other conditions as prescribed by these rules, the auditor’s report referred to in article 19(4)(a) of the Act shall not be required for the first two (2) accounting periods of a newly registered company whose sole shareholders are individuals in possession of educational qualifications and who have set up the new company within three (3) years of obtaining the said qualifications:

Provided that for the purposes of this rule as well as rules 4 and 5:

"company" refers to a company as defined in the Income

Tax Act whose annual turnover does not exceed eighty thousand euro (€80,000) or a amount if the relevant pro rata accounting period is other than twelve (12) months;

"educational qualifications" refers to the successful completion of a course of study at MQF level 3, or higher, as recognised by the Malta Qualifications Recognition Information Centre.