[ S.L. 463.28 SKILLS DEVELOPMENT 1 SUBSIDIARY LEGISLATION 463.28 SKILLS DEVELOPMENT REGULATIONS 1st September, 2018 LEGAL NOTICE 15 of 2019, as amended by Legal Notice 152 of
- The title of these regulations is Skills Development Regulations. Citation.
- requires: In these regulations, unless the context otherwise Interpretation. "the Act" means the Malta Enterprise Act; Cap.
- "the Corporation" means Malta Enterprise established under the Act; "eligible costs" means that expenditure that may qualify for assistance in terms of these regulations and as shall be further established in the Guidelines; "the Guidelines" means such guidelines as may be published by the Corporation from time to time in terms of the Act; "large undertaking" means any enterprise that does not qualify as a "small undertaking" or a "medium-sized undertaking"; "medium-sized undertaking" shall have the meaning attributed to it by Annex I of Commission Regulation (EU) No 651/2014 of 17 June 2014; "small undertaking" shall have the meaning attributed to it by Annex I of Commission Regulation (EU) No 651/2014 of 17 June 2014; "undertaking" means an undertaking as defined in the Act.
- Where the Corporation is satisfied that an undertaking carrying out or intending to carry out an activity that may contribute to the economic development of Malta, requires assistance to support to provide training to employees in relation to their employment, the Corporation may provide such an undertaking with a tax credit or a cash grant, in accordance with the terms and conditions set out in the Guidelines. Assistance for the development of training programs.
- An undertaking shall only qualify for the assistance provided by these regulations if such undertaking employ at least five
(5)persons on a full time basis and meets any additional criteria that Assistance to eligible undertakings. 2 [ S.L. 463.28 SKILLS DEVELOPMENT shall be established in the Guidelines. Form of Aid. Amended by: L.N. 152 of 2020. 5.
(1)Any assistance provided in terms of these regulations shall not exceed: (
- a)seventy per cent (70%) of the eligible costs in the case of an undertaking which qualifies as a small undertaking; (
- b)sixty per cent (60%) of the eligible costs in the case of an undertaking which qualifies as a medium-sized undertaking; (
- c)fifty per cent (50%) of the eligible costs in the case of an undertaking which qualifies as a large undertaking.
(2)The maximum support per skills development project shall be of two million euro (€2,000,000). Form of tax credit.
- The tax credit referred to in these regulations shall be due as a deduction from tax payable by an undertaking on its chargeable income derived from its trade or business for that year of assessment established in accordance with the terms and conditions set out in the Guidelines, and, where the tax credit, for that year of assessment, exceeds the income tax payable on chargeable income derived from trade or business for that year of assessment, by such an undertaking for that year, the excess in the tax credit shall be allowed to be carried forward to the subsequent year of assessment and deemed to be a tax credit for that year: Provided that a tax credit shall not give rise to a right to a refund of tax. Deadline for submission of applications for assistance. Substituted by: L.N. 152 of
- No assistance under these regulations shall be awarded by the Corporation after 31st December 2022.