Cap. 325 Art. 59Power to make regulations.

(1) The Minister may make regulations to give effect to any of the provisions of this Act, other than the provisions under

Part VIII, and, without prejudice to the generality of the foregoing, such regulations may in particular include provision with respect to -

(a) the form of applications, returns, statements, reports and other documents for the purposes of this Act;

(b) the procedure to be followed in matters relating to the provisions of this Act, including the processing of applications made for the purposes of this Act;

(c) such other promotional measures as he may deem appropriate and subject to such conditions as he may deem fit, which measures may include, but shall not be limited to -

(i) measures of a fiscal nature whereby the tax payable by an enterprise may be reduced or absorbed by tax credits or by exempting or taxing at reduced rates of income tax the profits, or part thereof, derived by an enterprise from a trade, business, profession or vocation;

(ii) the provision of financial assistance in the form of grants, subsidies, loans and loan guarantees;

(iii) measures directed at encouraging employment and training;

(iv) measures directed at encouraging investment in research and development;

(v) measures directed at encouraging investment for the protection of the environment;

(vi) measures directed at assisting firms in difficulty and assisting them in restructuring;

(d) special provision with respect to such micro, small or medium sized enterprises as may from time to time be prescribed;

(e) the designation of any authority or person to exercise any of the functions of the Corporation under this Act.

(2) The power of the Minister under subarticle (1) shall be exercised with the concurrence of the Minister responsible for Tourism where the measures relate to operations in the tourism sector and with the concurrence of the Minister responsible for Agriculture and Fisheries where the measures relate to operations in the agricultural or fisheries sector.

(3) Where the Minister proposes to make regulations in accordance with the provisions of this Act and those regulations provide that an enterprise may be wholly or partly exempted from being liable to income tax which, but for the provisions of such regulations, would have been payable, the power of the Minister to make such regulations shall be exercised with the concurrence of the Minister responsible for Finance.

(4) Where the Minister proposes to make regulations in accordance with the provisions of this Act and those regulations provide for the granting of any assistance, a copy of such proposed regulations shall be forwarded to the State Aid Monitoring Board which shall communicate its comments to the Minister on the proposed assistance to be granted within thirty days of receiving a copy of the proposed regulations.