WAGE SUPPLEMENT (CURRENT SCHEME)
As from July 2020, the wage supplement parameters are being adjusted to continue supporting the hardest hit sectors and provide a tapering of aid to all other activities during this regeneration period.
ANNEX A Businesses
As of July 2020 the benefit of €800 for full-timers and up to €500 for part-timers will be maintained in areas involved with tourist accommodation, travel agencies, language schools, event organization and air transport.
Please see ANNEX A to determine whether your business qualifies for this incentive
ANNEX B Businesses
Employers and self-employed who were being assisted under the partial Supplement (Annex B) will retain this aid until September.
Personal services and other related activities will from July 2020 benefit from the partial supplement (Annex B).
Full-time employees under this category will be entitled to €160 per month. Part-time employees will be eligible to €100 per month.
Please see ANNEX B to determine whether your business qualifies for this incentive
ANNEX C Businesses
Other activities previously supported by the Wage Supplement not included in the updated Annex A or Annex B will from July 2020 be assisted with a wage supplement of €600 for Full-timers and up to €375 for Part Timers.
Please see ANNEX C to determine whether your business qualifies for this incentive
ELECTRICITY BILL REFUND
Businesses eligible for the Wage Supplement will be awarded additional support in the first months after resuming operations. Such businesses will be assisted on 50% of a commercial rate account for the months of July, August, and September up to an amount of €1,500 per applicant.
The amount will not include the payment for the meter, such that the assistance would focus on operating costs. In addition to serving as an incentive for these businesses to open, this measure will particularly impact small businesses that have a limit on the number of customers they can serve due to social distancing measures.
BUSINESS RE-ENGINEERING CONSULTANCY
Businesses will have to make key changes in the way they operate in order to address the challenges brought by the pandemic. Government has already assisted businesses to set up teleworking systems; however a number of businesses, particularly small enterprises, might need professional assistance to put together new business plans and to explore new technological solutions.
Therefore, Malta Enterprise will be providing up to €5,000 for every business, allowing them to embark on a reengineering exercise with approved companies. The allocated budget will reach €2.5 million and will support the further use of technology by our businesses. This will continue to drive our country towards a digital economy.
As from July, previously ineligible pensioners and students duly registered as employed with JobsPlus since the 9th of March, may now also be considered for the Wage supplement. These individuals may be added via a specific link in the update email that Malta Enterprise will send to current beneficiaries for July.
MICROINVEST CASH CONVERSION
As a direct injection to those who invested in 2019 and who benefited from Malta Enterprise’s tax credit scheme, Microinvest, there will be a conversion of 30% of these credits into grants. Costs covered include refurbishment and upgrading of offices & factories, investment in machinery and other assets.
This will support those at a particular disadvantage due to having made an investment around a year ago, soon before the pandemic hit — with a grant of up to € 2,000 for any business.
Businesses in Gozo, family-run businesses, and those run by female entrepreneurs will receive a grant of €2,500.
EXPORT CREDIT GUARANTEE
As Malta’s traditional markets may be weaker at the moment, diversification to new markets such as the African continent, Middle East, and Latin America can further build our economic resiliency. Despite the clear prospects that these markets offer however, there is an element of risk that hinders local businesses from accessing such markets.
The commitment towards a €10M for an export credit guarantee scheme administered by Malta Enterprise, shall address this situation.
MODERNISATION OF EQUIPMENT — CONSTRUCTION
At a time when construction, like other industries, is going through a less active period, it is important to provide incentives for businesses to shift towards modern, more efficient and environment-friendly machinery. This is a necessary step towards lessening the negative impact of the industry on the environment, as well as improving efficiency and reducing costs.
Malta Enterprise will be allocating €4 million for this purpose, where any business can receive support of up to a maximum of €200,000
Please contact us for more information.
Franco Falzon C.P.A. LL.M
Tel: +356 2010 7771
Mob: +356 9989 5679
While FF International Limited (hereinafter referred to as “FFI”) endeavours to ensure that any information published in articles / publications / memos / updates (including any information published on our website) is accurate as at the time of publication, FFI nor any of their respective directors, partners, officers, employees, or agents make any representation or warranty (express or implied) or accept or will accept any responsibility or liability in relation to the accuracy or completeness of the information contained published in our articles / publications / memos / updates (including any information published on our website) or any other written or oral information made available or published on our articles / publications / memos and updates. Any responsibility or liability in respect of any such information or any inaccuracy or omission arising from any article / publication / memo is expressly disclaimed. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given as to the achievement or reasonableness of any future projections, estimates, prospects or returns published on our articles / publications / memos / updates (including any information published on our website) . The content of the above article / publication / memo / update and any information published on our website is intended to serve solely as general information only and its purpose is not to provide any specific professional advice whether of a financial, legal, tax or other nature. Since it is recommended that business decisions be based only on qualified professional advice, neither FFI nor any related company belonging to FFI nor any of the respective directors, partners, officers, employees, or agents of FFI will be held liable for any damages which might result as a consequence of relying on the information contained within. FFI including any directors, partners, officers, employees, or agents of FFI and / or any entity related to FFI accept no liability whatsoever for the content of this article / publication / memo / update for the consequences of any actions taken on the basis of the information provided. If you have any questions relating to the accuracy and correctness of the above article / publication / memo / updates or any information published on our website you are kindly requested inform us by sending us an email on email@example.com