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COVID–19 Measures aimed at Regenerating the Maltese Economy (09/06/2020)

The Prime Minister, The Minister for Finance and Financial Service and the Minister for the Economy, Investment and Small Businesses, yesterday jointly announced a series of measures aimed at regenerating the Maltese Economy

At a glance the measures are:

Subsidies, Refunds and Grants – Applicable to Annex A and B Businesses

● Rent Subsidy:  limited to €2,500, payable in cash.

● Electricity Subsidy: limited to €1,500, payable in cash, and equivalent to 50% of consumption during July, August and September 2020.

● Refunds of Trade Licences and permits paid during 2020.

● Refunds of Port charges and Container discharge fees.

● Grants up to €5,000 as a subsidy for consultancy fees incurred in business restructuring.

● Grants up to €10,000, covering 80% of expenses incurred in participating in fairs abroad.

● Grants up to €200,000 in the Construction Industry for modernisation of machinery.

A new Skills Development Scheme for businesses employing less than 50 employees was also announced.

COVID-19 Wage Supplement

The COVID-19 Wage Supplement will be extended / amended in different ways in the following industries and business sectors.

● Tourism Industry and businesses that are directly dependent on the tourism industry

● Personal and Professional service providers under Annex A

● Annex B Businesses

● Pensioners and students

Other measures

Micro Invest Tax Credit:  30% of tax Credits available for 2020 will be converted into a cash grant up to a Maximum of €2,000 for Malta based businesses and €2,500 for Gozo based businesses.

Grant of €100 voucher for every person aged 16 and over

Reduction in the Price of Fuel

Extension of Deferral Tax payments

Tax measures related to property

How can we help?

Our office is well versed on the above supported measure and we can assist you should you feel the necessity to avail yourself of any of the above.

Kindly contact us for assistance on [email protected]