Malta Enterprise is committed to support and re-energise businesses and the Maltese economy.
The specific support measures announced by Government are below.
The Business Development & Continuity Scheme is intended to facilitate projects that are expected to contribute to the regional development of Malta and to support existing undertakings sustain operations during restructuring. The Scheme may support various activities such as the initial development phase of undertakings establishing an operational base in Malta, expansion projects, consolidation of activities and the reorganisation of activities. Supported initiatives should lead to the development of new business or to ensuring the continuity of current operations. The support shall be primarily awarded in the form of tax credits yet the Corporation may approve that the support is provided in full or partially as a cash grant.
The scope of this measure is to support the development of Family Businesses in building internal capacities and supporting them in the transfer of their business activity. The support provides advisory during business transition and access to specific training deemed beneficial in facilitating the growth of Family Businesses. Beneficiaries must be registered as Family Business.
Businesses may need to consolidate, reorganise or in some cases even merge with other organisations in order to survive and be better prepared to face a post-Covid business environment. In that cane one can submit a request for ruling to the Office of the Commissioner for Revenue, so as to ensure that capital gains taxes and stamp duty are not paid in cases where such reorganisations are carried out for bona fide reasons.
Note that rulings need to be in conformity with LN 104 of 2013 (RULINGS (INCOME TAX AND DUTY TREATMENT OF MERGERS AND DIVISIONS) RULES), and have to be approved by the Commissioner for Revenue.