Tax credits for R&D and innovation

Introduction

Malta Enterprise (ME) has recently launched a new scheme, the scope of which is to assist undertakings that employ for a period of at least twelve (12) months a person holding or reading for a doctoral degree in science, information technology or engineering.  Beneficiaries shall be awarded a tax credit of €10,000 which shall be capped accordingly if the applicant exceeds the de minimis limited allocated to the single undertaking. 

The support may be claimed once after a person holding a doctoral degree (MQF Level 8) or reading a doctoral degree in science, information technology or engineering has been employed for a minimum of twelve (12) months.  Such employment must not have commenced prior to 1st January 2016.

The incentive shall remain available until 31 December 2020.  ME has a budget of Eur500,000 for this incentive.

Eligible undertakings

Eligible undertakings must apply after the person has been employed for twelve months but within twenty-four months from the commencement of employment of the person.  Applicants will need to provide:

  1. an employment history of the person issued from Jobsplus;

  2. Confirmation that the person held a doctoral degree on the date of employment or was reading for a doctoral degree in science, information technology or engineering and completed the degree or was still in the process of completing the degree in the said twelve month period.   

How can we help? 

For further information, please contact either Stephen Balzan on sbalzan@act.com.mt or Elaine Camilleri on ecamilleri@act.com.mt.  ACT can help you understand the various schemes managed by Malta Enterprise and assist you in benefitting from such schemes. 

Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria.  For an appointment in our Gozo office, please call on 00356 21378672 or send us an email on info@act.com.mt.

Disclaimer  

This article contains general information only and is not intended to address the circumstances of any particular individual or entity. ACT, by means of this article is not rendering any accounting, business, financial, investment, legal, tax, or other professional advice or service. This article is not a substitute for such professional advice, nor should it be used as a basis for any decision or action that may affect your finances or your business. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Before making any decisions or before taking any action that may affect your finances or your business, you should consult a qualified professional adviser. ACT shall not be responsible for any loss whatsoever sustained by any person who relies on this article.  

2nd September 2017

 

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