Cap. 159 Art. 6Special allowance for Maltese companies.

Where the President of Malta, after consultation with the Corporation, is satisfied that the industrial undertaking, being a company as defined in the Income Tax Act, in respect of which an order has been or is to be made under article 4 or 5, is controlled by citizens of Malta, or by other companies controlled by citizens of

Malta, he may increase by ten per centum the allowances and deductions that may be allowed under articles 4 and 5: Provided that such increase shall operate only in respect of such years of assessment during the whole of which the industrial undertaking is controlled as aforesaid. citizens should be exempted from the payment of income tax in whole or in part, the President of Malta may by order allow such exemption during a period, hereinafter referred to as "the tax holiday period", of not more than seven years from the production day or from such other day as may be determined by the President of Malta and subject to such conditions and the giving of such security as the President of Malta may think fit:

Provided that if the end of the tax holiday period does not coincide with the end of an accounting period of an industrial undertaking, the income for the accounting period in which the last day of the tax holiday period falls shall be apportioned between the parts of the said accounting period which respectively precede and follow the end of the tax holiday period, and the income thus attributed to the part which precedes the end of the tax holiday period shall be exempted from income tax.

(2) The provisions of subarticles (2) to (7) both inclusive of article 3 shall mutatis mutandis apply in the case of an order made under subarticle (1) as they apply in the case of an order under the said article 3(1).