COVID-19 Financial Incentives for your Business
March 15th, 2020
In light of recent events and the global crisis all nations are currently facing, on the 14th of March, the Government of Malta announced the issuing of two incentives handled by Malta Enterprise which will help alleviate some of the burden and instability that businesses are currently facing.
1. Fiscal Assistance Incentive
This incentive is aimed at the postponement of the payment of certain taxes by businesses during this uncertain period. Although primarily aimed to mitigate pressure from the transport, manufacturing, entertainment, and the tourism and hospitality industries, it is also applicable to other sectors currently being affected by COVID-19.
Via the Fiscal Assistance incentive, SMEs, including the self-employed and smaller-scale enterprises, will be given a two-month extension on taxes owed until the end of April, and includes VAT and National Insurance Contribution on Salaries as well as Provisional Tax. Despite this being in place and open to applicants, all tax forms should still be submitted according to normal deadlines as per usual.
2. Incentive for the Facilitation of Teleworking Activities
Due to the drastic increase in the need for many companies to provide remote working possibilities to their employees, through the Business Development and Continuity scheme, this incentive is aimed at providing financial assistance to support employers and the self-employed with the facilitation of teleworking solutions.
This would entail financial aid to partially cover investments in technology that would enable and ease remote working. With an overall budget of €2M dedicated to this incentive, the grant is to be awarded against 45% of the applicable costs and support will be limited up to €500 per teleworking agreement and €4,000 per enterprise, and will be applicable on costs incurred from 1st March until the 30th March of this year. The deadline to apply for this scheme is on the 8th May 2020.
We will keep you updated once we have more information regarding the additional measures that were announced on Wednesday 18th March 2020.
At Business Doctors we can help you with understanding whether you and your business are eligible as well as help you with the application procedure. Get in touch with your local Business Doctor on +35679903685 or by email on email@example.com!