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Tax Relief and other measures announced for coronavirus-hit businesses

Luca Caruana  -  16/March/2020

Tax and social security payments due for March and April for businesses hit by the coronavirus pandemic have been postponed by two months.

This incentive gives a two-month extension to enterprises, including self-employed, to pay Provisional Tax, VAT and National Insurance Contribution on Salaries. This will apply for taxes owed till end of April.

All tax forms should be submitted according to normal deadlines. The incentive is primarily aimed, but not limited to, the tourism and hospitality, entertainment, transport and manufacturing sectors that are being affected by COVID-19.

More details regarding applications and guidelines to follow.

Furthermore, the Government of Malta has introduced a new scheme to support businesses (including partnerships and self-employed individuals) to invest in technology that enables teleworking.

The cash grant covers up to 45% of the eligible cost, and shall be limited to 500 per teleworking agreement and €4,000 per undertaking.

Deadline for applications is by 30th March 2020.

At KSi Malta we can help you with your application. Contact our Head of Business Development, Reece Delia, on rdelia@ksimalta.com for further details.

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