Government Incentives in light of COVID-19

The Government of Malta has issued 2 incentives for business, to minimize the effect of the current instability in relation to the COVID-19. The incentives as mentioned below together with the application shall be handled by Malta Enterprise.


Fiscal Assistance – Postponement of payment of certain taxes

This incentive gives a two-month extension to enterprises, including self-employed, to pay Provisional Tax, VAT and National Insurance Contributions on  Salaries. This will apply for taxes owed till end of April.

All tax forms should be submitted according to normal deadlines. The incentive is primarily aimed, but not limited to, the tourism and hospitality, entertainment, transport and manufacturing sectors that are affected.


Facilitation of Teleworking activities

This supports employers and/or self-employed to invest in technology that enables teleworking and to partially cover the costs of teleworking solutions. The Government implemented support shall be limited up to €500 per teleworking agreement and €4,000 per undertaking.

The grant shall be awarded against 45% of the eligible cost.

This call is eligible for costs incurred between 01.03.20 to 31.03.20. The total support under this scheme shall be capped at €2M.

 

This call closes on 30th March 2020.

Once the application is approved, Malta Enterprise will issue a letter of approval indicating the value of aid awarded. The undertaking will have to provide and install the equipment at the teleworker’s residence within 2 months from the approval letter. The beneficiary shall submit monthly report on the teleworking activity of the employee for the 3 month following approval.

The claim must be submitted within a month and such shall be accompanied by a copy of the invoice or eligible cost and a document signed by the employee as a confirmation that the employee has sole responsibility of the hardware and software in their care.

 

E&S has the experience with applications submitted to Malta Enterprise, following up along the way and keeping you abreast new incoming incentives.

Contact our CBDO Deborah Vella or CFO Antonella Lia on LinkedIn or email us on info@ellulschranz.com for further information.

https://www.ellulschranz.com/business-advisory/

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