During the course of this year, the Maltese Government launched several support measures aimed at softening the impact of the Covid-19 pandemic.
These measures are aimed at supporting struggling local businesses, while stimulating domestic consumption.
Below are just some of these measures:
- Covid-19 Business Support Measures (Wage Supplement Scheme)
The salary surcharge planned for 2020 has been extended until March 2021 and details of this measure will be released shortly.
- Increase in the VAT exemption threshold
The threshold for VAT-exempt businesses will rise from €20,000 to €30,000.
- Extension of operation of certain incentives for enterprises
It is planned to continue some programs such as Micro Invest, Business Development and Continuity, and those programs to support new initiatives, growth and training, as well as research and development activities.
- New innovation projects to be started
A programme will soon be launched to support innovation projects of companies employing fewer than 50 employees, under which they can apply for a contribution of up to 50% of their expenditure with a maximum of 200,000 euros.
- Assistance for start-ups also in the tourism sector
The government will introduce programs to help business start-ups, encourage online business, and help businesses attract new investment from other countries. There will be new measures to support marketing in the tourism sector.
- Implementation measures will have to be awaited in order to have a detailed picture of all the new initiatives provided for in the 2021 Budget.
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