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COVID-19 Updates

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  • 22 Jul 2020 08:27 | Anonymous
    Malta Enterprise Notice
    Malta Enterprise has issued a revised list of NACE code categories – ANNEX A, ANNEX B, ANNEX C.
     
    As from July 2020 the wage supplement parameters are being adjusted to continue supporting the hardest hit sectors and provide a tapering of aid to all other activities during this regeneration period.
     
    Click here, for more information.

  • 13 Jul 2020 10:00 | Anonymous
    The Companies Act (Public Companies – Annual General Meetings Regulations), 2020 is applicable to those public companies (hereinafter referred to as “company/companies”) whose annual general meeting was due during the global COVID-19 pandemic. Such regulations apply to those companies who have more than six (6) shareholders and due to the closing of certain venues and restrictions on gatherings imposed by the Superintendent of Public Health, such annual general meetings could not be held. Click here for notice.
  • 1 Jul 2020 09:00 | Anonymous
    The Malta Financial Services Authority (MFSA) has issued a circular that highlights that the authority ‘may accept a delay from the reporting deadline for some of the submissions/publications falling due by June 2020 albeit, on a case-by-case and very exceptional basis’ and ‘subject to sufficient justifications to demonstrate that delay in the regulatory submission is due to COVID-19 related circumstances’.
  • 9 Jun 2020 12:59 | Anonymous
    Mini-Budget – 8th June 2020
    1.  COVID Wage Supplement extended until September 2020
    • Tourism industry (Accommodation, travel agents, language schools, events organisation and airlines) - €800 for full time and €500 for part time
    • Those who were in Annex A, but have now re opened their operations (example personal services) will now move to Annex B
    • The rest of the enterprises who are in Annex A will be entitled to a reduced supplement - €600 for full time and €375 for part time
    • Students and pensioners will now be entitled from now to September 2020
    2.  Rental Expenses
    Enterprises who are part of Annex A and B will be entitled to an incentive to cover for their rental expenses of up to €2,500 for the period between July – September 2020.
    3.  Water and Electricity expenses
    Enterprises who are part of Annex A and B will be entitled to an incentive to cover up to 50% of their utilities with a maximum of €1,500 for the period between July – September 2020.
    4. Fuel prices
    Fuel prices will fall by 7c on both petrol and diesel; petrol from €1.41 to €1.34 per litre and diesel from €1.28 to €1.21 per litre.
    5. Property transfers (Sale of property)
    For those buying property, they will benefit from a decrease in stamp duty from 5% to 1.5% on property for the first €400,000, for contracts signed between 9th June 2020 – 31st March 2021.
    For those selling property, they will benefit from a decrease in property transfer tax from 8% to 5% on property for the first €400,000, for contracts signed between 1st June 2020 – 31st March 2021.
    6.   Vouchers of €100 will be distributed to each individual aged 16 and over to be spent in Malta on accommodation, restaurants and bars. €20 of these vouchers can be spent on other shops that had to close down during the pandemic.
    7. Tax Deferral Scheme extended until August 2020
    This scheme will be extended until the end of August 2020 and the repayment plan will be distributed over the course of 12 months. However, as from 1st July 2020 those employers who have withheld tax and SSC from employees need to pay this to the commissioner. Hence, the eligible taxes for this scheme will change.
    8. Tax Refunds on 2018 taxes paid
    This was part of 2020 budget and will be implemented in the coming weeks.
    9.   Couples who had to postpone their wedding due to the pandemic
    Will be entitled to a maximum of €2,000 for deposits that had to be repaid when postponing to another date.
    10., In-work benefitThis will keep on being distributed to single parents, couples that both work and couples where only one parent works. Additionally, a supplement of €250 will be given to families that benefit from the in-work benefit.
    11.  Malta Development Bank (MDB)The MDB will provide a new facility to underwrite any bonds which could not be sold due to mature this year.
    12.  Trade and Malta Tourism Authority licences
    These licences are being waived for this year and those who already paid these licences will be refunded. Entitled enterprises include vendors, shop owners, bars, restaurants, hotels and tourist guides. 
    13.  Malta Enterprise – MicroInvest tax credits
    Businesses that apply for tax credits will get 30% in cash grants at a maximum of €2,000 or €2,500 if business is based in Gozo or run by women.
    14.  Malta Enterprise – Restructuring business models and re-engineering
    Those businesses who require consultancy services to restructure and re-engineer their business will be granted €5,000. This is particularly targeted to small enterprises.
    15.  Skills Development Scheme
    This scheme will be allocated an increased budget. Small enterprises employing less than 50 employees are eligible for such scheme.
    16.  Port charges and container discharge fees
    A revision of 33% of port charges for vessels importing goods to Malta. A further revision of 10% will also be applicable on container discharge fees for both imports and exports. Trans-shipments not eligible.
    17.   Trade Malta
    Those businesses that sought to promote their products and services internationally will be entitled to a refund of expenses of up to €10,000. Moreover, those individuals and businesses who were attending international trade fairs which got cancelled due to the pandemic will be entitled to an 80% refund of the eligible costs.
    18. Export grant
    Those enterprises that seek new markets will benefit from the export credit guarantee scheme.
    19.   Construction industry
    Enterprises within the construction industry seeking to modernise equipment will benefit from a maximum of €200,000.
    20.   Advertising of local businesses
    Small businesses in Malta and Gozo will benefit from an incentive to promote their products and services.
    21.  Low Carbon Development Strategy
    Small and medium enterprises will need to report non-financial information so that it will help investors which are particularly interested in environmental, social and governance.
  • 4 Jun 2020 14:48 | Anonymous
    More than eight in ten Professional Accountants in Business (PAIBs) and self-employed professionals have felt a direct impact by the coronavirus pandemic. A survey conducted by the Institute among members indicates that the consequences of COVID-19 on the businesses of more than a third of PAIBs and self-employed has been high to critical; 49 percent of professionals answered that the effects were moderate while 16 percent of respondents said that they experienced a low impact or none at all.Read more...


  • 3 Jun 2020 09:00 | Anonymous
    The office of the Deputy Prime Minister – Ministry for Health issued the business continuity guidance for offices and workspaces.
  • 2 Jun 2020 10:00 | Anonymous
    The Commissioner for Revenue has issued a notice stating that the deadline for submitting the Income Tax return, Year of assessment 2020, is being extended to 31 July 2020 due to Covid-19.
    Refer to the following link.


  • 29 May 2020 16:26 | Anonymous
    The Commissioner for Revenue would like to notify that the front office that processes share transfer documents for income tax and duty purposes housed within the premises of the Malta Business Registry (MBR) will re-open to the public on the 1st of June.
    Clients are being advised to wear medical face masks or face shields to visit our premises. Furthermore, clients will be asked to follow the precautionary instructions such as hand sanitizing and abiding by social distancing markings.
    A very limited number of customers will be allowed in the premises at any one time and therefore, clients are being encouraged to leave their documents in the MBR document deposit box which will be situated at the MBR ground floor.
    For more information, click here.


  • 28 May 2020 15:32 | Anonymous
    IFAC have issued a Small Business Continuity Checklist on How to Survive and Thrive post COVID-19.
    Refer to link.



  • 22 May 2020 17:00 | Anonymous
    Circular by Malta Financial Service Authority (MFSA) - The Implications of COVID-19 on the half-yearly financial reports
     
    The MFSA has issued a circular with reference to the European Securities and Markets Authority (ESMA) Public Statement dated 20th May, which highlights the Implications of COVID-19 on the half-yearly financial reports. The circular clarifies further areas such as:
    • Timing of publication of 2020 half-yearly financial reports,
    • Application of IAS 34,
    • Disclosures on significant uncertainties, going concern and risks linked to COVID-19,
    • Impairment on non-financial assets,
    • Presentation of COVID-19 related items in the statement of profit or loss and
    • Other disclosure requirements applicable to half-yearly financial statements.
    For further details, refer to the circular attached.
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