Money Management and Economic Recovery
The Government on Monday 8th June announced a number of money management measures that you should be aware of. These are:
- If your business operates in the tourist accommodation, travel agencies, language schools, events organisation, and air transport you will continue to receive the monthly €800 wage supplement per employee till the end of September.
- If your business operates in other sectors you will receive a monthly wage supplement per employee of €600.
- As from Monday 15th June the price of fuel is reduced by 7c per litre: petrol will now be purchased at €1.34 and diesel at €1.21.
- For the months of July, August and September you water and electricity bills will be reduced to 50% to a maximum of €1,500.
- If your business is listed under Annex A or Annex B you will for each of the months of July, August and September you will receive a grant for your rental / lease costs of €2,500.
- The measures introduced earlier this on taxes are extended till the end of August, and payment thereof is deferred till the end of May 2021 where-in payment can be made by installment, with no interest charge.
- The payment of the Provision Tax, VAT, and Social Security Contribution is extended to the end of June – and social security contributions, income tax and maternity contributions to be paid as from 1st July 2020.
- The payment of licenses to the Trade Department and the Malta Tourism Authority, including those relating to hawkers, ironmongers, tourist guides, restaurants, and hotels are temporarily waived.
- 30% of the tax credits under the MicroInvest scheme managed by Malta Enterprise will be converted to cash grants – where-in if your business is in Malta you will receive €2,000 and if in Gozo €2,500.
- Malta Enterprise will provide you with an incentive of a maximum of €5,000 to allow you to re-engineer your business model.
- Malta Enterprise will invest €5m to support skill based in-house training.
- If your business participates in an international fair organised by either the Development Bank or Malta Enterprise you will receive a refund of 80%.
- A budget of €5m is introduced to assist businesses to market Maltese products both locally and overseas.
- The stamp duty on a property costing €400,000 and less is reduced from 5% to 1.5% on contracts that are signed between 9th June 2020 and 31st March 2021.
- The stamp duty for property sold between 1st June 2020 and 31st March 2021 is reduced from 5% to 8%.
- If your business is in the elderly home sector the Government has set up a €2m fund; and €3m fund if during the COVID-19 period your bills increased as a result of your employees residing in situ.