Cap. 325 Art. 35Records and certification.

(1) No incentive or benefit which may be granted or obtained under this Act shall be so granted or obtained, and no entitlement thereto shall exist notwithstanding anything contained in this Act unless -

(a) proper and sufficient records and accounts, including appropriate supporting documentation, have been maintained for the relative year, year of assessment or accounting period, as the case may be, by the qualifying company otherwise entitled to the incentive or benefit or in relation to which such entitlement arises;

(b) separate accounts have been kept as may be necessary to identify and quantify the incentive or benefit;

(c) such computations, returns, statements, particulars or documents as may be necessary to establish clearly the entitlement to the incentive or benefit are submitted to the appropriate authority.

(2) A qualifying company shall not be entitled to any incentive or benefit contemplated under the provisions of this Act unless its annual financial statements, and in the case of a company not incorporated under Maltese Law the annual financial statements of its operations in Malta, are audited by a certified public accountant and auditor in accordance with the provisions of the Commercial * Partnerships Ordinance or the Companies Act, as applicable, whether or not such audit is required under the said Ordinance or Act and unless all other statements, accounts or documents submitted for the purpose of acquiring any such incentive or benefit are also certified by a certified public accountant and auditor to the same effect that the company’s financial statements are to be certified under the provisions of the said Ordinance or Act as aforesaid.