The COVID-19 Temporary Support Measures Regulations were published on 25 August 2020 in virtue of LN 345 of 2020, with retrospective effect from 1 April 2020.
The Regulations authorise the Malta Enterprise Corporation to provide assistance to eligible undertakings that require support to sustain, preserve, and regenerate their economic activity.
Such assistance shall be established in Guidelines published by Malta Enterprise and shall be in any form allowed by the Malta Enterprise Act and in accordance with the Temporary Framework for State Aid measures to support the economy in the current COVID-19 outbreak published by the European Commission.
The application deadline for assistance under these Regulations is 31 December 2020.
The Regulations clarify that where assistance is granted in the form of a tax credit:
- an amount equivalent to the tax credit awarded shall be deducted from the amount of income tax which is due on chargeable income derived from trade or business in the years of assessment following the award of the benefit;
- unutilised tax credits can be carried forward;
- tax credits do not give rise to a right to a tax refund.
How can we assist
We set up a dedicated section on our website, Covid-19 Newsroom which provides details of the main measures issued by the Government. It also provides specific useful business support advice on how to manage one’s business under these “new” circumstances.
We also set up a dedicated Covid-19 Business Support Team within Mazars in Malta. Our scope is to assist clients in getting through this crisis and providing assistance in terms of the various measures put in place by the Government. Should you require assistance for any of the above-mentioned measures, please email us on email@example.com. We will respond to your questions within the shortest timeframes possible.
Publication date: 31/08/2020