COVID19 REGENERATION INITIATIVE MALTA
#COVID19 REGENERATION INITIATIVES MALTA: OTHER NEW INCENTIVES & MEASURES
ASSISTANCE TO HOUSEHOLDS
-A 7 cent reduction in the price of petrol and diesel.
-€100 voucher per person aged 16 and over that can be used in a licensed accommodation,
restaurant or business that had closed.
-Tax refund cheques to all workers who worked during 2018 – an average family where both parents work will receive up to €328.
-€2 million in refund for couples who had to postpone the wedding up to a maximum of € 2,000.
PROPERTY AND CONSTRUCTION
-Reduction of stamp duty on property purchases by the end of the year. The stamp duty rate on property purchases will be reduced from 5% to 1.5% on contracts to be signed between June 9 and March 31 of next year.
-Tax for those selling property under development or those contracts made after June 1 up to March 31, 2021 will be reduced from 8% to 5%.
-The 1st time buyers scheme will be modified for all contracts taking place from 9 June, unless a person has benefitted from the scheme since 2013.
IMPORT/EXPORT
-Refund of 33% in port charges for those ships that bring cargo to our country in order to support the supply chains of our economy.
-A 10% refund will also be given on container discharge fees for import and export but not transhipment.
-Support for export promotion. To reach new markets we need to invest more in supporting digital marketing. A budget of €400,000 has been allocated to Trade Malta to reimburse half of the costs involved, with a maximum of €10,000 for local businesses to invest in campaigns aimed at foreign markets.
INTERNATIONAL FAIRS
-Up to 80% refund of the costs incurred by businesses participating in international fairs which where cancelled.
GREEN GROWTH AND SUSTAINABILITY
-€5 million to help Maltese and Gozitan businesses promote themselves and help will be provided for the production of local produce.
-Government is finalising its plan to announce a Low Carbon Development Strategy in the next annual budget. Its implementation will allow for the creation of a new economic niche as large companies will publish non-financial information to help investors with environmental, social and good governance interests to invest better.
MAKING WORK PAY
-There will be an improvement in the in-work benefit while a special supplement of €250 will be given for each family that benefits from the same scheme. All this with an investment of €4 million.
NGOs
-An allocation of €3 million to ease the burden of non-governmental organisations.
NURSING HOMES
-Assistance to nursing homes with an allocation of €2 million.