S.L. 463.56 Art. 5Form of tax credit.

(1) An undertaking benefiting from tax credits in accordance with these regulations and the respective guidelines shall be entitled to deduct from the amount of income tax, which is due on its chargeable income derived from its trade or business in the year of assessment immediately following the granting of the tax credit, an amount equivalent to the tax credit granted.

(2) An undertaking that, in any year of assessment, does not utilise any tax credit granted to it or deducts a value from the amount of income tax which is due on its chargeable income derived from its trade or business that is less than the tax credit granted to it, it shall carry forward the unutilised tax credit to the subsequent years of assessment.

(3) Tax credits awarded in accordance with these regulations and the respective guidelines shall not give rise to a right to a refund of tax.