Business Promotion Act

On the 30 January 2001, Act IV of 2001 entitled “An Act to amend the Industrial Development Act, Cap. 325” was published in the Government Gazette. Most of the provisions of this law have come into force on the 1 November 2000.

In addition to this law, the Minister for Economic Services has published a Legal Notice providing for new incentives for certain industries. The conditions for qualification for the new incentives are different from those formerly applicable under the Industrial Development Act. The date of entry into force of these new incentives is basis tax year 2001 (year of assessment 2002).

During the last eight months PricewaterhouseCoopers has been in contact with a wide range of clients to discuss the information available in respect of the said Act and the Legal Notice, to evaluate the effect of such measures on an individual, personalised basis and to assist them in making representations to the authorities where this was considered desirable.

A half day seminar was held on the 21 March 2001 at the Corinthia Palace Hotel, Attard in which the details and implications of the expected new measures were discussed.

What does the new law include and what are the main features of the new incentives? For which industries are they expected to be relevant? Why have they created so much interest in the industrial community? This Newsletter gives an overview of the Act and of the Legal Notice to enable you to answer some of these questions.

Any enterprises which may be interested in discussing these new measures in a personalised manner and the implications for them are kindly requested to contact any of the partners or senior consultants of the firm.