If you are thinking of re-engineering your business and re-align your operating model to the new normal, we at EMCS can assist you draw up a detailed business plan to be able to tap the financial assistance required.
Our team of qualified people can prepare a tailor-made training programme to address your business needs.
We are happy to offer our assistance when applying for any scheme, as announced by the Prime Minster of Malta, to overcome Covid-19.
Business Incentives and Grants
Wage supplement
The €800 grant has been extended until September for the the following sectors: Touristic accommodation, travel agencies, language schools, events organisers and air transport.
Other sectors currently with a €800 supplement will be brought down to €600.
Other sectors where the markets have now reopened will move from Annex A to Annex B (such as Hairdressers).
Ad hoc agreement with the media extended till September.
Commercial utilities
For the summer months of July, August and September, government will be paying 50% of commercial utility bills, capped at €1,500 per applicant. This will place a cost of €30 million on the exchequer.
Rent
A €2,500 grant will be given to those falling under the respective annexes for the months of July, August and September. This will place a cost of €50 million on the exchequer.
Fuel
Fuel prices will decrease by 7c as from Monday: Petrol @ €1.34 and diesel @€1.21. The decrease is being affected through a decrease in the fuel tax.
Personal Vouchers
All persons over the age of 16 will be given €100 in 5 vouchers of €20 . of these, €80 are
redeemable in bars and restaurants and €20 in retail excluding supermarkets.
Tax
Measures already announce for taxes and other contributions paid by businesses will be extended till the end of August.
Payment of these taxes will be deferred till the end of May 2021 and payment can be made by installment.
Licenses
Payment for licenses to the Trade Department and the MTA will be waived. This includes hawkers, ironmongers, tourist guides, restaurants and hotels. This will cost €5 million.
Conversion of tax credits into grants
The Malta Enterprise scheme for microinvest will see 30% of credits being given to companies, transmuted to cash grants. They will receive about €2,000 for Maltese businesses and €2,500 for Gozitan businesses.
Re-engineering of business models
€2.5 million will be allocated to help businesses adapt their business model. Each company will get a maximum of €5,000 through Malta Enterprise.
Skills Devlopement Scheme
€5 million is being earmarked for this scheme to be operated by Malta Enterprise, aimed at helping companies provide in-house training.
Trade Fairs Refunds
Through the Development Bank and Malta Enterprise, businesses which had been set to participate in international trade fairs will be given an 80% refund.
Construction Industry
A €4 million kitty has been allocated to the construction industry with the aim of modernizing equipment. The assistance will be capped at €200,000 per application.
Advertising
A €5 million budget is being afforded to those businesses who want to advertise Maltese products both locally and abroad.
Green Recovery
Government is finalizing a plan so that by next budget, it can unveil a low-carbon development strategy.
Family Incentives and Grants
Fuel
Fuel prices will decrease by 7c as from Monday: Petrol @ €1.34 and diesel @€1.21. The decrease is being affected through a decrease in the fuel tax.
Tax Deferarals
The taxes include Provisional Tax, VAT and National Insurance Contribution on salaries. The period was extended to cover another two months, up to the end of June.
National Insurance, income tax and maternity contributions will now start to be paid from 1 July.
Other taxes due by companies have been deferred to the end of August. Companies can pay the deferred tax by May next year, with no interest charged.
Tax Refunds
A cheque with tax refunds will be sent in the coming days to 210,000 employees. A total of €11.5 million will be received.
Tax refund cheques to all workers who worked during 2018 – an average family where both parents work will receive up to €328.
Property
Taxation on buying or selling of property will be reduced even for those who have already signed a promise of sale. This will be extended till March 2021.
For property costing less than €400,000 - Stamp duty will be reduced from 5% to 1.5%on contracts to be signed between June 9 and March 31 of next year.
Tax for those selling property under development or those contracts made after June 1 up to March 31, 2021 will be reduced from 8% to 5%.
First time buyers - The measure will be adjusted to include also those who already own a property.The scheme will be modified for all contracts taking place from 9 June, unless a person has benefited from the scheme since 2013.
Weddings
Couples who had to postpone their wedding will be given a refund of €2,000 out of an allocated €2 million budget.
In-work benefit
Families will receive a down payment of €250 each. The families who are eligible for the benefit will be expanded. The sum received per child will be increased.
Homes for the Elderly
A €2 million fund has been set aside for homes for the elderly.
A €3 million fund has been set aside for homes and voluntary orgainsations whose bills increased during COVID-19 since employees were residing in situ.
Follow the link to view the full details of these schemes which will be managed by Malta Enterprise - https://covid19.maltaenterprise.com/regeneration-initiatives/
Contact us today for assistance!
covid@emcs.com.mt
