Incentives have always played a vital role in the operational aspect of a business as they aid in the financial burdens that are encountered daily.
The past months presented businesses all over the world with constant challenges to adapt to new scenarios that weren’t experienced before, and thus schemes to support businesses have increased both popularity and demand.
For instance, a scheme that targets small and medium-sized enterprises is MicroInvest. This will be the last year during which micro enterprises and self-employed can apply for 45% of eligible expenditure, up to a maximum of €30,000 in tax credits against costs incurred during the previous year. Self-employed individuals submitting their tax return in June can apply by 24th March, while companies submitting their tax return in September, can submit their application by 26th May. Due to COVID-19, tax credits can also be redeemed as cash grants.
Family Business Office Incentives is a fiscal and governance incentive addressed at local family businesses and that are recognized as such under the Family Business Act of the Laws of Malta. Amongst others, this entitles family business to apply for Micro loan guarantees, Micro Investment, yearly education and training for owners and employees, and investment aids.
Business Enhance ERDF Grant Scheme is available for SMEs until end of June 2021. This scheme is beneficial to them as they will be able to support investment projects that secure their sustainable business growth. Eligible enterprises can apply for grant schemes related to e-Commerce, Start-Up Investment, SME Growth, SME Internationalisation, SME Diversification and Innovation, and SME Consultancy Services.
Further detailed information about these funding schemes can be accessed here.