Malta Enterprise has announced a new scheme which is aimed at incentivising businesses to invest in the refurbishment of hotels and restaurants. The incentive consists of tax credits which are calculated on the investment in the refurbishment of hotels and restaurants.
The tax credits are calculated at the rate of 20% of the eligible investment which includes, design costs, replacement of finishes, furniture and fittings and expenses incurred for the redecoration of establishments.
Aid provided under this incentive falls within the deminimis regulations. Tax credits awarded under this scheme are capped at €200,000 for providers of accommodation and €50,000 for the provision of food services.
Businesses interested in this scheme are required to file an application with Malta Enterprise by not later than the 28th November 2019. Works on the refurbishment of the establishment should start only after Malta Enterprise has approved the project.