Together until your next take off!
The KPMG Aviation Malta Team is following closely the everchanging scenario and consequences that COVID-19 is having on the aviation industry.
Malta like any other jurisdiction across Europe has adopted measures to reduce the impact of COVID-19 on the main pillars of its economy (including Transport). We know that your operations go beyond Maltese borders with ramifications in those jurisdictions where the aircraft, crew members and clients are based. Our local and worldwide network of professionals will be able to assist you and explain measures adopted across Europe to reduce the impact of COVID-19 on your operations. By liaising with us you will also reach out the rest of the world.
Below is an outline of the measures recently introduced by the Maltese Government in the last few days. We don’t exclude these being supported by other initiatives.
This is not time for alarmism. This is the time to be level-headed and sensible. This is the time to focus on the present and plan the course of action for the coming weeks. We will be pleased to be your partner throughout this period, walk hand in hand with you, guide you through these challenging times until the next take-off!
Employers investing in a teleworking set-up may benefit from a refund of up to EUR4000. This cash grant would be capped at €500 per teleworking agreement and will be awarded against 45% of the eligible cost to all employers and self-employed persons irrespective of size and sector. This incentive is available for expenses incurred between 1st March and 30 March 2020. The relevant guidelines and applications have been issued by Malta Enterprise through the Business Development and Continuity Scheme.
Additionally, the Maltese Government is also offering a tax moratorium amid COVID-19 concerns in order to ease the current economic burden. Employers and self-employed persons are being granted a two-month extension on the payments of any Provisional Tax, Value Added Tax and National Insurance Contribution due till the end of April. Further information regarding guidelines and applications is still to be issued by Malta Enterprise. This initiative is primarily aimed, but not limited to, the tourism and hospitality, entertainment, transport and manufacturing industries that are being affected by COVID-19. Albeit this initiative, all tax forms should be submitted according to regular deadlines.
Furthermore, Malta Enterprise is extending the deadline for self-employed persons to submit micro invest applications in respect of calendar year 2019, from 24 March to 30 April.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
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KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.