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Business assistance during the Coronavirus Outbreak

Business assistance during the Coronavirus Outbreak

Business assistance during the Coronavirus Outbreak

In order to help reduce the effect of the current instability brought about by COVID-19, the Maltese Government has announced measures to assist companies who are the most at risk during these challenging times.

Promoting teleworking activities

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 30th March 2020. The relevant guidelines and applications have been issued by Malta Enterprise through the Business Development and Continuity Scheme.

Fiscal Assistance

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.

Extension of Micro Invest submission deadline (self-employed)

Furthermore, Malta Enterprise is extending the deadline for self-employed persons to submit micro invest applications in respect of calendar year 2019, from 24th March to 30th April.

Should you have any queries or wish to discuss further, please send an email to covid@kpmg.com.mt.

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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