Two new schemes launched by Ministry for Gozo

On 1st June 2020, the Ministry for Gozo launched the following two new schemes with the aim of incentivizing jobs in Gozo.  Gozo Back Office Employment Refund Scheme The main aim of this scheme is to incentives privately owned businesses to invest in back office operations in Gozo. Under this scheme every company may benefit from […]

Written By Elaine Camilleri

On June 1, 2020
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On 1st June 2020, the Ministry for Gozo launched the following two new schemes with the aim of incentivizing jobs in Gozo. 

  1. Gozo Back Office Employment Refund Scheme

The main aim of this scheme is to incentives privately owned businesses to invest in back office operations in Gozo. Under this scheme every company may benefit from up to Eur35,000 annually in reimbursement of salaries. The partial reimbursement of salaries will be capped at Eur8,700 for every employee, spread over a 3 year period;

Annual Net Salary Yearly Reimbursement Per Employee 
€ 9,143 – 12,500€ 2,200
€ 12,501- 16,000€ 2,700
€ 16,001 +€ 2,900

2. Gozo Business Relocation Scheme

The main aim of this scheme is to encourage private entities to establish their operations in Gozo and subsequently create job opportunities in Gozo. Under this scheme, the beneficiaries will receive a reimbursement of expenses incurred in the relocation of equipment and material to Gozo. The amount reimbursed  depends on the number of new jobs created, up to  a maximum of Eur3,750:

Number of EmployeesReimbursement of ExpensesUp to Maximum Grant
   
10-1525%€ 2,250
16-2535%€ 3,000
26+40%€ 3,750

In addition, entities benefitting under this scheme will receive a financial package of Eur1,000 for each employee, up to a maximum of Eur40,000 per entity.

How can we help?  

For further information, please contact one of the firm’s tax partners, Stephen Balzan on [email protected] or Elaine Camilleri [email protected]. ACT can help you understand the changes to the tax rules and how these can impact your business.  

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 [email protected]. 

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.