Cap. 159 ст. 7AExemption from article 43 of Income TaxAct.

(1) Where it appears to the President after consultation with the Corporation, that the accumulated reserves of profits or part thereof of particular years, which an industrialist being a company as defined in the Income Tax Act, has utilised for the exclusive purpose of financing any project of the company as shall have been approved by the Corporation, and notice of such investment was given to the Commissioner, the President may by order direct that, subject to such conditions as he may consider proper to impose and to the condition that such reserves of profits or part thereof have in fact been utilised for the purposes for which they were invested and in compliance with all the conditions of the order, such reserves of profits or part thereof of particular years be exempted from the provisions of article 43 of the Income Tax Act.

(2) No order shall be made under subarticle (1) in respect of any profits chargeable in the company’s hands in respect of any year of assessment prior to that beginning on the lst January, 1984.

(3) For the purposes of this article where the Commissioner has permitted the gains or profits of an industrialist to be computed for the purposes of the Income Tax Act, upon the income of the year terminating on a date in the year immediately preceding the year of assessment other than the 31st December, such year shall be deemed to be the year immediately preceding the year of assessment.

Corporation, by order allow an industrialist to import into Malta, during a period to be determined by the President of Malta commencing from the construction 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 thinks fit, any of the articles specified in the First Schedule hereto free of customs duty if the industrialist satisfies the Comptroller that such articles are imported exclusively for the construction, alteration, reconstruction or extension of an industrial building or for equipping an industrial building or any extension thereof, in either case for the purposes of the trade carried on or intended to be carried on by his undertaking, as also articles shall be imported free of customs duty under this article if the Comptroller is of opinion that such articles are intended for the purpose of effecting repairs to an industrial building or extension thereof, or to any apparatus, machinery, appliances or equipment contained in any such industrial building or extension thereof, or for replacing any apparatus, machinery, appliances or equipment in any industrial building or extension thereof.

(2) The President of Malta may, in his absolute discretion, by order allow an industrialist to import into Malta free of customs duty or at a reduced rate of customs duty during such period 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 thinks fit, any materials or components which are necessary for and used in the production, manufacture or improvement by the industrialist’s undertaking of any article or commodity and any materials which are necessary for and used in the provision or improvement by the industrialist’s undertaking of any service.