Yesterday, the Government announced more incentives for businesses to help them get back on their foot following the setbacks caused by the COVID-19 pandemic that has effected the Maltese islands since March.
Here’s a summary of what has been announced on 8th June during the COVID-19 economic package related to businesses to help re-boost the local economy.
- Tax Deferrals will remain in effect until September – applicable only to VAT and provisional tax. As from 1st July, businesses are to pay the FSS tax and social security contributions as usual.
- License fees, such as MTA and Commerce Department licenses will be waived.
- The Malta Development Bank will step in to under-write any bonds which are not sold when these mature.
- The Wage Supplement will remain in place, but with some amendments, until the end of September for five industries: Tourism accommodation, travel agents, language schools, event organisers and transport.
- Goverment will cover 50% of rent of Maltese businesses mostly hit by the pandemic.
- Tax credits received as part of the Malta Enterprise micro-invest scheme can also be transferred into cash grants.
- A scheme by Malta Enterprise will be set to help companies re-structure their business models. €5,000 budget per business will be reserved for consultancy services in this regard.
- Trade Malta will also have a €400,000 budget to refund expenses of up to €10,000 which companies undertook to promote their product or service digitally abroad.
Our partner company, Accounting Services Ltd continues providing its services to both individuals and businesses who need to apply for any incentive that has been announced so far. More details about this can be found here. You can also get directly in touch with one of the Directors, Mr Conrad Meli on firstname.lastname@example.org.