B 865 Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 17,884, 24 ta’ Frar, 2006 Taqsima B –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– A.L. 50 ta’ l-2006 ATT DWAR IT-TAXXA FUQ L-INCOME (KAP. 123) Regolamenti ta’ l-2006 dwar Fond g[all-Venture Capital (Kreditu ta’ Taxxa) BIS-SA{{A tas-setg[at mog[tija bl-artikolu 14(2) u 96 ta’ l-Att dwar it-Taxxa fuq l-Income, il-Prim Ministru u Ministru tal-Finanzi g[amel dawn ir-regolamenti li ;ejjin>1. It-titolu ta’ dawn ir-regolamenti hu Regolamenti ta’ l-2006 dwar Fond g[all-Venture Capital (Kreditu ta’ Taxxa). 2. F’dawn ir-regolamenti, kemm-il darba r-rabta tal-kliem ma tkunx te[tie; xort’o[ra“l-Att” tfisser l-Att dwar it Taxxa fuq l-Income< “çertifikat ;did” tfisser çertifikat ma[ru; mill-Kummissarju skond ir-regolament 4< “çertifikat ta’ kreditu ta’ taxxa” tfisser çertifikat ma[ru; millKummissarju skond ir-regolament 3, jew çertifikat ;did skond ma jkun il-ka]< “designated venture capital fund” tfisser skema ta’ investiment kollettiv – (a) li tkun fond preskritt g[all-g[anijiet ta’ l-artikolu 41A(b) ta’ l-Att< u (b) meta t-titoli li skema b[al din tkun [ar;et ikunu titoli li jkunu elenkati fuq bor]a rikonoxxuta ta[t l-Att dwar is-Swieq Finanzjarji< u (ç) li jkun ;ie msemmi b[ala tali mill-Korporazzjoni permezz ta’ tismija li ma tkunx ;iet im[assra< u (d) li fiha l-Korporazzjoni jkollha titoli< u (e) li tkun ;iet imwaqqfa bil-g[an li ji]died l-ammont ta’ kapital f’investiment privat li jkun disponibbli g[allTitolu.
Tifsiriet.
B 866 kumpanniji ibba]ati f’Malta fl-istadju inizjali jew fi stadju bikri ta’ ]vilupp ta’ negozju kif ukoll biex tipprovdi finanzjament g[al proçessi, idejat u teknikalijiet innovattivi< u (f) li dwaru l-Korporazzjoni tkun infurmat lillKummissarju bid-dettalji rilevanti msemmija fil-paragrafi (a),(b), (c), (d) u (e) ta’ din it-tifsira< “il-Korporazzjoni” tfisser il-Korporazzjoni Maltija g[allIntrapri]a.
Kif jintbag[at çertifikat dwar kreditu ta’ taxxa.
3. (1) Minkejja kull obligazzjoni dwar segretezza jew kunfidenzjalità, jew kull restrizzjoni o[ra dwar ]velar ta’ informazzjoni imposta b’xi li;i(a) meta designated venture capital fund jo[ro; titoli lillinvestituri, dan g[andu jinforma lill-Kummissarju b’dan il-[ru;< u (b) designated venture capital fund g[andu, fuq talba li ssir, jag[ti lill-Kummissarju l-informazzjoni kollha neçessarja g[alliskop ta’ kull [tie;a ta’ dawn ir-regolamenti. (2) Meta l-Kummissarju jirçievi avvi] minn designated venture capital fund dwar xiri ta’ titoli minn investituri, u jkun sodisfatt li dawn it-titoli jkunu attwalment t[allsu, huwa g[andu jo[ro; u jibg[at çertifikat ta’ kreditu ta’ taxxa lil kull persuna li tkun qed takkwista ittitoli. (3) Kull çertifikat ta’ kreditu ta’ taxxa g[andu jkun fih iddata u numru konsekuttiv u g[andu juri> (a) l-isem tad-designated venture capital fund<
(b) id-dettalji li jkunu jidentifikaw it-titoli li jkunu nxtraw< (ç) il-valur nominali totali tat-titoli li jkunu nxtraw<
(d) dikjarazzjoni li ç-çertifikat ikun jag[ti dritt g[al kreditu ta taxxa kif provdut f’dawn ir-regolamenti< (e) l-isem tal-persuna lil min ikun in[are; iç-çertifikat ta’ kreditu ta’ taxxa u, jekk jkun individwu, in-numru tal-karta ta’ lidentità jew tal-passaport tieg[u jew, jekk tkun kumpannija inkorporata f’Malta, in-numru tar-re;istrazzjoni b[ala kumpannija li jkollha jew, f’kull ka] ie[or, dawk id-dettalji li l-Kummissarju
B 867 jista’ jikkunsidra li jkunu suffiçjenti biex jidentifika sew lil dik ilpersuna jew lil dik il-kumpannija. 4. (1) Meta persuna tiddikjara bil-miktub li tkun is-sid legali ta’ çertifikat ta’ kreditu ta’ taxxa u tav]a lill-Kummissarju bil-miktub li dan ç-çertifikat ikun intilef, jew ;ie misruq, jew ;ie meqrud jew li dan ma jintg[arafx i]jed, hija tista’ tapplika g[and il-Kummissarju biex jo[ro;ilha çertifikat ;did. (2) Meta l-applikazzjoni g[al çertifikat ;did tkun mag[mula biex jinbidel çertifikat li ma jintg[arafx i]jed, ic-çertifikat ori;inali g[andu ji;i çedut lill-Kummissarju fl-istess waqt li ssir l-applikazzjoni. (3) Il-Kummissarju jista’ jo[ro; u jibg[at lil min ikun applika çertifikat ;did jekk dan ikun sodisfatt li l-applikazzjoni tkun saret bona fide i]da l-Kummissarju jista’ ma jilqax l-applikazzjoni ming[ajr ma jag[ti ebda ra;uni g[al dan. (4) Qabel ma jilqa’ applikazzjoni ta[t dan ir-regolament ilKummissarju jista’ jitlob lil min ikun applika biex jag[ti dik il-garanzija, sigurtà u indennizz kif ikun jidhirlu li jkun adatt. (5) ?ertifikat ;did g[andu jkun konformi marsubregolament (3) tar-regolament 3 u g[andu wkoll juri çar li jkun çertifikat ;did. (6) Il-Kummissarju g[andu jinnota u jirre;istra kull çertifikat originali jew çertifikat ;did. 5. (1) Bla [sara g[ad-disposizzjonijiet tar-regolament 6, ilpersuna identifikata fuq çertifikat ta’ kreditu ta’ taxxa tista’ titlob kreditu ta’ taxxa ekwivalenti g[al tletin fil-mija (30%) tal-valur nominali totali li jkun jidher fuq dak ic-çertifikat wara li dan ic-çertifikat jkun ;ie çedut lill-Kummissarju> I]da dak iç-çertifikat jista’ ji;i çedut biss wara li tg[addi t-tielet sena mid-data meta l-persuna li jkollha ç-çertifikat tkun akkwistat ittitoli li jkunu tawha d-dritt li tapplika g[aç-çertifikat> I]da wkoll, il-persuna li ççedi ç-çertifikat trid tkun ilha detentriçi tat-titoli msemmija fil-proviso ta’ qabel matul it-tlett snin msemmija> I]da anki illi l-ammont massimu ta’ kreditu ta’ taxxa li jintalab minn persuna g[as-snin ta’ stima kollha rilevanti me[udin flimkien m’g[andux ikun aktar minn Lm 150,000. (2) Bla [sara g[ad-disposizzjonijiet tas-subregolament (3), il-kreditu ta’ taxxa g[andu jing[ata b[ala tnaqqis mit-taxxa imposta
Talba g[all-kreditu ta’ taxxa. Bdil ta’ çertifikat ta’ kreditu ta’ taxxa.
B 868 fuq l-income tal-persuna identifikata fuq iç-çertifikat g[as-sena ta’ stima li tibda fl-1 ta’ Jannar tas-sena li ti;i immedjatament wara s-sena li fiha jkun ;ie çedut iç-çertifikat kif hawn qabel imsemmi, u kull ammont li ma setax jing[ata g[al dik is-sena ta’ stima g[andu ji;i avvanzat u meqjus b[ala kreditu ta’ taxxa, li g[andu ji;i mnaqqas mit-taxxa imposta fuq il-qlig[ jew il-profitti miksuba minn dik il-persuna fis-snin ta’ wara> i]da l-ammont massimu ta’ kreditu ta’ taxxa li jista’ jintalab u li hu msemmi fit-tielet proviso mas-subregolament (1) ma g[andux jinqabe]. (3) Kreditu ta’ taxxa li jing[ata skond dan ir-regolament jista’ biss jag[ti lok g[al talba valida g[ar-rifu]joni ta’ taxxa meta jirri]ulta li, wara li jitqies dak il-kreditu ta’ taxxa, dik it-taxxa tkun t[allset i]jed milli suppost tit[allas g[al xi sena ta’ stima partikolari, kemm jekk dik it-taxxa tkun t[allset permezz ta’ tnaqqis kemm jekk xort’o[ra. (4) Meta çertifikat ta’ kreditu ta’ taxxa jkun ;ie çedut kif hawn qabel imsemmi, dan ma jkunx jista’ jintbag[at lura lill-persuna li tkun çeditu jew jing[ata jew ji;i trasferit lil xi persuna o[ra.
Talbiet li ma jistg[ux jintlaqg[u.
6. L-ebda talba g[al-kreditu ta’ taxxa ma tista’ tintlaqa’ jekk talba tkun di;a’ saret dwar iç-çessjoni ta’ çertifikat ori;inali jew ta’ çertifikat ;did ma[ru; minflok l-imsemmi çertifikat ori;inali. 7. Il-Kummissarju u kull persuna li ta;ixxi f’ismu huma indennizzati kontra kull talba, tkun xi tkun, li tori;ina mill-[ru;, kunsinna jew bdil ta xi çertifikat jew l-g[oti ta’ xi kreditu ta’ taxxa ta[t dawn irregolamenti. 8. (1) Il-Kummissarju g[andu jqis li t-tismija dwar designated venture capital fund tkun ;iet im[assra f’dik id-data meta lKorporazzjoni t[assar dik it-tismija jew f’dik id-data li fiha l-entità rilevanti ma tibqax tikkonforma ru[ha mat-tifsira ta’ designated venture capital fund kif provdut fir-regolament 2, skond liema data ti;i l-ewwel. (2) Meta l-Kummissarju jqis li din it-tismija tkun ;iet m[asssra kif hawn qabel imsemmi, huwa g[andu jqis li ç-çertifkati ta’ kreditu ta’ taxxa rilevanti li ma jkunux ;ew çeduti sad-data ta’ dak itt[asssir b[ala li ;ew çeduti fid-data ta’ dak it-t[assir> I]da dawk iç-çertifikati jistg[u ji;u çeduti skond iddisposizzjonijiet tas-subregolament (1) tar-regolament 5> I]da wkoll id-detentur taç-çertifikat g[andu jçedi l-imsemmi çertifikat mhux aktar tard min sitt xhur mid-data ta’ dak it-t[assir.
Indennizz.
T[assir ta’ designated venture capital fund.
B 869 L.N. 50 of 2006 INCOME TAX ACT (CAP. 123) Venture Capital Fund (Tax Credit) Regulations, 2006 IN exercise of the powers conferred by articles 14(2) and 96 of the Income Tax Act, the Prime Minister and Minister of Finance has made the following regulations>1. The title of these regulations is the Venture Capital Fund (Tax Credit) Regulations, 2006. 2. In these regulations, unless the context otherwise requires – “the Act” means the Income tax Act< “the Corporation” means the Malta Enterprise Corporation< “designated venture capital fund” means a collective investment scheme – (a) which is a prescribed fund in terms of article 41A(b) of the Act< and (b) where the securities issued by such scheme are securities listed on a stock exchange recognised under the Financial Markets Act< and (c) which is named as such by the Corporation by means of a designation that has not been revoked< and (d) in which the Corporation holds securities< and
Title.
Definitions.
(e) which was set up with the purpose of increasing the amount of private investment capital available for Maltabased companies in the seed or early stage of business development as well as to provide finance for innovative processes, ideas and techniques< and (f) concerning which the Corporation has informed the Commissioner of the relevant details referred to in paragraphs (a), (b), (c), (d) and (e) hereof< “replacement certificate” means a certificate issued by the Commissioner in accordance with regulation 4<
B 870 “tax credit certificate” means a certificate issued by the Commissioner in accordance with regulation 3, or a replacement certificate as the case may be.
Delivery of tax credit certificate.
3. (1) Notwithstanding any obligation to secrecy or confidentiality, or any other restriction relating to the disclosure of information imposed by any enactment – (a) when a designated venture capital fund issues securities to investors, it shall inform the Commissioner of such issue< and (b) a designated venture capital fund shall, upon any request, give the Commissioner all the information necessary for the purpose of the requirements of these regulations. (2) When the Commissioner receives a notice by a designated venture capital fund of purchase of securities by investors, and he is satisfied that such securities have been actually fully paid for, he shall issue and deliver a tax credit certificate to each person acquiring the securities. (3) Each tax credit certificate shall be dated and consecutively numbered and shall indicate> (a) the name of the designated venture capital fund<
(b) details identifying the securities purchased< (c) the total nominal value of the securities purchased<
(d) a declaration that the certificate gives the right to a tax credit as provided for in these regulations< (e) the name of the person to whom the tax credit certificated is issued and, if he is an individual, his identity card or passport number or, if it is a company incorporated in Malta, its company registration number or, in any other case, such details as the Commissioner may consider sufficient to properly identify that person or company.
Replacement of tax credit certificate.
4. (1) When a person declares in writing that he is the lawful owner of a tax credit certificate and notifies the Commissioner in writing that such certificate has been lost, stolen, destroyed or defaced, he may apply to the Commissioner for a replacement certificate. (2) When the application for a replacement certificate is made to replace a defaced certificate, the original certificate shall be
B 871 surrendered to the Commissioner at the same time that the application is made. (3) The Commissioner may issue and deliver to the applicant a replacement certificate if he is satisfied that the application is made bona fide> provided that the Commissioner may disallow the application without assigning any reason therefor. (4) Before allowing an application under this regulation the Commissioner may request the applicant to give such undertaking, security and indemnity as it considers appropriate. (5) A replacement certificate shall comply with subregulation (3) of regulation 3 and it shall also indicate that it is a replacement certificate. (6) The Commissioner shall note and keep record of every original and replacement certificate. 5. (1) Subject to the provisions of regulation 6, the person identified on a tax credit certificate may claim a tax credit equivalent to thirty percent (30%) of the total nominal value shown on the said certificate following the surrendering of the said certificate to the Commissioner> Provided that such certificate may only be surrendered after the lapse of the third year from the date when the person holding the certificate had acquired the securities which gave him the right to apply for the certificate> Provided further that the person surrendering the certificate has continuously held the securities referred to in the previous proviso during the said three years> Provided also that the maximum amount of tax credit claimed by any person for all the relevant years of assessment taken together may not be greater than Lm150,000. (2) Subject to the provisions of sub-regulation (3), the tax credit shall be allowable as a deduction from the tax chargeable on the income of the person identified on the certificate for the year of assessment commencing on the 1st January of the year immediately following that in which the certificate is surrendered as aforesaid, and any amount that remains unabsorbed for that year of assessment shall be carried forward and treated as a tax credit, to be deducted from the tax chargeable on gains or profits derived by that person in subsequent years> provided that the maximum amount of tax credit that may be
Claim for a tax credit.
B 872 claimed which is referred to in the third proviso to sub-regulation (1) is not exceeded. (3) A tax credit allowed in accordance with this regulation may only give rise to a valid claim for refund of tax where it results that, after taking into account the said tax credit, such tax had been paid in excess for any applicable year of assessment, whether such tax was paid by deduction or otherwise. (4) When a tax credit certificate has been surrendered as aforesaid it may not be delivered back to the surrendering person or delivered or transferred to any other person.
Disallowable claims.
6. No claim for a tax credit shall be allowable if a claim has already been made with respect to the surrender of an original certificate or of a replacement certificate issued to replace the said original certificate. 7. The Commissioner and any person acting on his behalf are indemnified against any claim whatsoever arising from the issue, delivery or replacement of any certificate or the granting of any tax credit under these regulations. 8. (1) The Commissioner shall deem that the designation of a designated venture capital fund has been revoked on the date when the Corporation expressly revokes such a designation or on the date that the relevant entity fails to conform to the definition of designated venture capital fund as provided in regulation 2, whichever date is the earlier. (2) Where the Commissioner deems that such a designation has been revoked as aforesaid, he shall consider the relevant tax credit certificates which had not been surrendered by the date of such revocation to be surrendered on the date of such revocation> Provided that such certificates could be surrendered in accordance with the provisions of sub-regulation (1) of regulation 5> Provided further that the holder of the certificate surrenders the said certificate not later than six months from the date of such revocation.
Indemnity.
Revocation of a designated venture capital fund.
_______________________________________________________________________________________________________________________ Ippubblikat mid-Dipartiment ta’ l-Informazzjoni (doi.gov.mt) — Valletta — Published by the Department of Information (doi.gov.mt) — Valletta Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press Prezz 16ç – Price 16c