Regeneration Schemes- New Set of Economic Measures Announced

Earlier today, the Prime Minister of Malta together with the Minister for Energy, Enterprise and Sustainable Development announced a new set of business support measures. The aim of such measures are: to provide direct support measures with the scope of injecting liquidity; and to stimulate economic activity The measures announced are the following: Rent Support […]

Written By Elaine Camilleri

On April 27, 2021
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Earlier today, the Prime Minister of Malta together with the Minister for Energy, Enterprise and Sustainable Development announced a new set of business support measures.

The aim of such measures are:

  1. to provide direct support measures with the scope of injecting liquidity; and
  2. to stimulate economic activity

The measures announced are the following:

  • Rent Support Scheme

The rent scheme will be extended by a further 50% over and above the rent assistance provided for 2020. This scheme applies also to those undertakings which had to close earlier this year.

  • Electricity Support Scheme

Such scheme will be re-issued to cover June, July and August 2021 and will cover 50% of the total electricity bill. It will also apply to those undertakings which had to close earlier this year.

  • One-Time Cash Grant

A one-time cash grant of Eur1,000 will be given to those businesses that have been asked to remain closed beyond 10th May 2021.

  • Business Re-engineering and Transformation Scheme

This scheme now applies also to self-employed and microenterprises. Furthermore, the aid intensity cap has been increased from Eur5,000 to Eur10,000.

  • Restart Incentive Scheme

This scheme is aimed at supporting entrepreneurs who faced serious challenges to their growing concern. It will finance professional business advisory costs up to Eur5,000 which could be extended to Eur10,000 in order to support the implementation phase of the new business initiative.

  • Smart and Sustainable Investment Scheme

This scheme will be provided in the form of a cash grant up to Eur50,000 to assist companies in kick-starting the investment cycle after the pandemic. The cash grant will be increased in the following cases: (i) investments made in Gozo, (ii) investments made by start-ups and (iii) investments which directly create new green jobs.

The smart and sustainable investment scheme also involves an additional 20% support in the form of tax credits. The scheme will also include a specialised programme to provide psychological support to these entrepreneurs.

  • Extension of Microinvest Tax Credit Certificate

The period by which such tax credits can be utilised has been extended. Tax certificates due for expiry in 2021,2022 and 2023 will be extended by 3 years to 2024, 2025 and 2026 respectively.

How can we help?  

 

For further information, please contact us on [email protected]. ACT can help you understand the changes to the income tax, accounting, corporate and VAT 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 +356 21378672 or send us an email on [email protected]. 

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