S.L. 463.58 Art. 3Assistance to eligible undertakings.

(1) Where the Corporation is satisfied that an applicant undertaking which is carrying out a trade or business requires assistance to expand, innovate or invest in its business in Malta, the Corporation may provide such an applicant undertaking with a tax credit.

(2) For an applicant undertaking operating from Malta, the tax credit shall not exceed sixty five percent (65%) of the eligible expenditure and for an applicant undertaking operating from Gozo, the tax credit shall not exceed eighty five percent (85%) of the eligible expenditure.

(3) The maximum eligible tax credits for each applicant undertaking shall be capped at sixty five thousand euro (€65,000) over any three (3) year period. This capping shall be increased by:

(a) twenty thousand euro (€20,000) for applicant undertakings operating from Gozo;

(b) twenty thousand euro (€20,000) for applicant undertakings registered as a family business;

(c) twenty thousand euro (€20,000) for applicant undertakings that are female-owned businesses; or

(d) twenty thousand euro (€20,000) for applicant undertakings registered as a social enterprise.

(4) In the case of partnerships, the eligible amount shall be split according to the ownership and legal persons forming part of multiple partnerships or carrying out other activities through self-employment, which may receive support through the different undertakings, but the cumulative tax credit awarded shall be capped at the relevant maximum capping as established in sub-regulation (3).

(5) Without prejudice to any other further restrictions that may be imposed by the Corporation in the guidelines subject to the provisions of article 8(3)(a) of the Act, in order to qualify for the benefit under sub-regulation (3), at the application stage the applicant undertaking shall:

(a) employ at least one (1) person on full-time or part-time basis;

(b) not employ more than fifty (50) full time employees in its trade or business; and

(c) be duly registered with the Value Added Tax Department, unless exempted.