Malta Enterprise has recently published guidelines of a new scheme. A short summary of salient updates below:
A recent scheme launched by the Malta Enterprise Corporation (MEC) aims to support businesses (limited liability companies, partnerships and self-employed persons) engaged in construction activities to make investments that reduce the negative impact of their activities by:
facilitating the reduction in volume of construction waste;
controlling dust emission; and
facilitating the replacement of equipment.
The Support for Reducing the Environmental Impact of Construction Activities Scheme is a de minimis Aid Scheme which may provide support, in the form of tax credits to be utilised over a period of 5 years, amounting to up to 50% of the eligible expenditure, capped at €100,000 per project.
Eligible costs to be considered for the purpose of this scheme include:
Applications to Malta Enterprise should be submitted online through the client portal by no later than 30 November 2023.
Costs incurred before the approval of the project by Malta Enterprise are not considered as eligible. Upon approval, the MEC will issue a letter of approval to the eligible undertaking specifying the amount of aid awarded, together with the terms and conditions of the tax credit.
Supported investments must be implemented within 12 months from the date when funding is approved, unless a later date is agreed with the manufacturer.
22 March 2023: Primary MicroInvest application for self-employed individuals
Self-employed persons wishing to apply for this scheme in relation to eligible capital expenditure and wage costs incurred in 2022 should submit the online application by 22 March 2023. In the case of companies, the online application should be submitted by 24th May 2023. For such applications, the tax credits awarded in the Incentive Entitlement Certificate (up to €50,000 / €70,000 over a period of three years) may then be utilised as from the year of assessment 2023.
30 September 2023: Application deadline for the Invest Scheme
The Invest Scheme issued in 2022 provides aid in various forms, including cash grants and tax credits, to certain undertakings in respect of qualifying expenditure incurred on an initial investment project (as defined) having a start of works date commencing after 1 May 2022.
Although this Scheme is applicable until 31 December 2023, initial investment projects commencing up to 31 December 2026 may still qualify for aid under this scheme, provided that the relevant application form is submitted to Malta Enterprise by no later than 30 September 2023.
Further information on the said schemes may be found here.
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