TAX DEFERRAL SCHEME
- The Tax Deferral Scheme is administered by the Commissioner for Revenue.Please find all details and updates at this link:https://cfr.gov.mt/en/News/Pages/2020/Fiscal-Assistance-Postponement-of-Payment-of-Certain-Taxes.aspx
FURTHER LIQUIDITY MEASURES
- Malta Development Bank ‘COVID-19 Guarantee Scheme’
The MDB COVID-19 Guarantee Scheme (CGS) provides guarantees to commercial banks in order to enhance access to bank financing for the working capital requirements of businesses in Malta facing a sudden acute liquidity shortage as a result of the COVID-19 outbreak.
The CGS has been approved by the European Commission under the Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak.
Further details on this scheme can be accessed through the website of The Malta Development Bank: https://mdb.org.mt/en/Schemes-and-Projects/Pages/MDB-Working-Capital-Guarantee-Scheme.aspx
- Three-month moratorium from banks for business or personal loans. This will alleviate the burden of bank loans for ALL persons and businesses in this challenging period. Please contact your local bank for assistance.
- Parents who both work in the private sector requiring one of the parents to stay at home to take care of school-aged children will receive a direct payment of €166.15 per week if working fulltime or €103.85 per week if working part-time provided that they cannot carry out their functions through teleworking arrangements. This measure also applies for single parent families who have school-aged children.
- Employees who had their full-time employment terminated as of 9th March 2020, including those who were self-employed, as a result of the COVID-19 pandemic will be eligible for the Contributory Unemployment Benefit and will receive a direct payment of €166.15 if work was in full-time before you became unemployed or €103.85 per week if work was part-time before becoming unemployed.
- Government will increase rent subsidies for individuals who have their job terminated.