The Maltese Government has announced a number of financial packages in order to assist businesses in staying afloat during the COVID-19 pandemic. Businesses and self-employed persons may benefit from the following under the Business Assistance package:
- A two-month extension is given to enterprises, including self-employed for the payment of Provisional Tax, VAT and National Insurance Contributions on Salaries. This will apply for taxes owed till end of April.
- A self-employed person who also employs others will get 3 days per week of assistance for himself and 2 days per week for every employee.
- From the €1.8 billion rescue package, €1.6 billion in liquidity are held for companies.
- A company registering 25% less sales will benefit from 1 day per week per employee. This amounts to around €37 per day, equivalent to around €147 per month per employee. Measure is capped at €800 per month.
- Malta Enterprise is extending the deadline for self-employed persons to submit micro invest applications in respect of calendar year 2019, from 24th March to 30th April.
- Bank guarantees for companies requesting operational loans with low interest rates and longer repayment periods.
Get in touch with us to see whether your business can benefit from any of these incentives.