Cap. 325 Art. 20Management services grants.

(1) Where a qualifying company which is a Maltese company with an actual or foreseen total sales revenue not exceeding €1,397,624.04 in its latest or actual financial year satisfies the Corporation that it may enhance its potential for development by employing qualified personnel to perform administrative, technical, marketing or financial functions, or by engaging consultants to carry out such functions, in accordance with a three-year plan submitted for the Corporation’s approval, the Corporation may reimburse twenty-five per cent of the emoluments or fees disbursed by the company in any year for such personnel or consultants for a period of three years, so however that the reimbursement shall not exceed €11,646.87 in any year.

(2) No reimbursement under the provisions of this article shall be made in respect of emoluments or fees paid or payable to any person who is in any way, whether directly or indirectly, closely connected or related to any member of the qualifying company.

(3) The reimbursement received by the company under this article shall not constitute a taxable receipt under the Income Tax

Act.

(4) As from such date as may be determined by the Minister by * order in the Gazette , the provisions of this article shall only be applicable with respect to grants approved by the Corporation prior to that date.