Malta’s Prime Minister Robert Abela and Economic Services Minister Miriam Dalli have announced €20 million in new financial assistance to businesses hit by the pandemic. Tax credits for €78 million, will also be extended by three years.

 

Change to grow 2021

This business re-engineering and transformation scheme will be available to companies that re-model in a sustainable way, with a focus on digitization and environmentally friendly policies:

  • criteria widened to include self-employed and micro-enterprises;
  • double the aid intensity cap from €5,000 to €10,000 for implemented projects;
  • specific resources will be dedicated to support scheme take-up.

 

Top-up of the rent support scheme

  • this scheme will be extended by a further 50% over and above the rent assistance provided for 2020;
  • applicable to those undertakings closed as per LN90/2021;
  • new applications for those approved under Wage Supplement Scheme in 2021 will be accepted.

 

Top-up of the electricity support scheme

  • this scheme will be re-issued, covering June, July and August 2021;
  • it will be open to businesses as per LN90/2021;
  • the subsidy will cover 50% of the total electricity bill.

 

Restart incentive scheme

Malta Enterprise will fund a specialized programme intended for psychological support to entrepreneurs who suffered psychologically during the pandemic. The support will be delivered by a team of professional experts in the field.

 

Extension of the tax credit certificate issued through the Micro-Invest Scheme

  • extension of the period by which tax credits already awarded can be utilized;
  • tax certificates due for expiry in 2021,2022 and 2023 will be extended by 3 years respectively (i.e. 2024, 2025, 2026);
  • injection of €4m in 8,861 businesses.

 

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