S.L. 463.10 Art. 9Investment tax credits calculated for jobs directly created for an initial investment or an initial investment in favour of new economic activity.

(1) The amount of investment tax credits based on job creation which an undertaking may claim in a year of assessment in terms of regulation 6(1)(b) shall be based on the wage cost incurred by the undertaking in the accounting period ending in the year preceding that year of assessment.

(2) An undertaking shall, subject to the terms and conditions of the Guidelines, be considered to have created a job as a result of an investment project for those individuals who are employed by the undertaking, if the job is directly connected with the activity to which the investment project relates and is created within three years from completion of the investment project and as long as the employment of any such individual is not in replacement of another individual and provided that such employment is not terminated before the lapse of five years from the date of employment in the case of large undertakings and not before the lapse of three years from the date of employment in the case of micro, small and medium-sized undertakings: Provided that for the purpose of determining whether jobs have been created, individuals who are employed by the undertaking on a part-time basis shall be deemed to be a number of full-time employees as is produced by dividing the number of hours worked by such part-time employees by one thousand and seven hundred and sixty: Provided further that where the accounting period ending in the year preceding a year of assessment is more or less than twelve months, the number of hours worked by part-time employees shall be divided by an amount which shall be arrived at by dividing the amount of one thousand and seven hundred and sixty, by three hundred and sixty five, and then multiplying the result by the number of days comprised in that accounting period.