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#COVID19 REGENERATION INITIATIVES MALTA: OTHER NEW INCENTIVES & MEASURES

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Other-new-incentives-and-measures-4FURTHER BUSINESS INCENTIVES

-€200 million in tax deferrals.

-Refund of €5 million in licenses to businesses.

-A new underwriting facility for private enterprise bonds will be set up through the Malta Development Bank, which will close this year.

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.

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