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New Schemes announced in Budget 2016 Speech

New Schemes announced by Government in the budget speech and will be launched by Malta Enterprise in 2016:

1.  Knowledge Transfer within the Artisan Sector

Malta Enterprise in collaboration with the Malta Crafts Council will be launching a pilot project to support knowledge transfer within the artisan sector. The aim of this incentive is to preserve traditional crafts which are at risk of becoming extinct.

Ghajnuna ghal Artiġġjanat

Malta Enterprise u l-Kunsill Malti għal Artiġġjanat ħa jniedu proġett pilota bl-għan li jitrawmu artiġjana ġodda li jkunu jistgħu jizviluppaw setturi ta' artiġjanat tradizzjonali li llum huma fir-riskju li jintilfu.  Dan il-progett hu mistenni li jiswa miljun ewro u sa jipprovdi assistenza lil artiġjana li joffru li jgħaddu l-għarfien tagħhom biex tiġi żviluppata skema ta’ taħriġ minn istituzzjoni edukattivi. 

2.  Start-Up Finance

Malta Enterprise will be launching another scheme for start ups. Assistance will be given in the form of a repayable grant that will have to be repaid  over 10 years. This scheme will provide financial assistance of up to Euro 200,000.  This assistance will be granted pari passu with the private equity invested in the business.   Alternatively for innovative companies producing new products and/or processes which are new or substantially improved compared to the state of the art in the industry, the repayable grant can be increased to Euro 500,000 to cover the purchase of machinery.   This assistance can also be granted to companies that seek  to raise funds through Crowdfunding campaigns.

Assistenza għal start-ups

Malta Enterprise se tniedi skema ohra ta’ assistenza ghall-kumpaniji ‘start-ups’ ġodda. L-assistenza ħa tingħata f’forma ta’ għotja li tithallas lura lil korporazzjoni fuq perjodu ta’ 10 snin. Din l-skema ħa tipprovdi assistenza finanzjarja li tista tlahhaq sa €200,000, pari passu mal-ekwità privata(private equity). Fil-każ ta’ impriża innovattiva li qed tiżviluppa prodotti, proċessi jew servizzi ġodda u li huma ta’ livell ogħla minn dak li qed jiġi offrut mill-industrija, l-assistenza tista tlahhaq sa nofs miljun ewro u tingħata għax-xiri ta’ apparat. Tista’ tingħata wkoll assistenza lill-kumpaniji li jipprovaw jiġġeneraw fondi permezz ta’ ‘Crowdfunding’.

3.  Tax Credits for Energy efficiency projects

In collaboration with the Ministry for Energy, Malta Enterprise will be launching a scheme in the form of a tax credit to assist companies invest in more energy efficient equipment and to invest in cogeneration equipment.

Assistenza għall-użu aktar effiċjenti tal-enerġija

B’kollaborazzjoni mal-Ministeru għall-Enerġija il-Malta Enterprise, ħa tniedi inċentivi fiskali biex tgħin l-intrapriżi biex jagħmlu investimenti li jwasslu għall-użu aktar effiċjenti tal-enerġija. L-assistenza ħa tinghata fuq investimenti għal-progetti ta’ koġenerazzjoni tal-enerġija u fuq spejjeż addizzjonali biex l-investimenti meħtiega ikollhom livell ogħla ta’ effiċjenza.

4.  Tax Credits for R&D and Innovation

In order to facilitate research and development, companies employing persons holding a doctoral degree or employing students reading a doctoral degree in science, information technology or engineering will benefit from a tax credit up to a maximum of Euro 10,000 when retaining these employees for over 12 months.

Assistenza għar-riċerka u l-innovazzjoni

Biex niffaċilitaw aktar ir-ricerka u l-innovazzjoni , intraprizi li jimpjegaw persuni li għandhom dottorat jew qed jistudjaw għal dottorat fix-xjenza, teknologija informatika u inġinerija, jingħataw kreditu fiskali ta’ mhux aktar minn 10,000 ewro meta l-impjiegi ikunu miżmuma ghal aktar minn 12-il xahar.

5.  Rent Subsidies

Another incentive will assist small enterprises in the manufacturing sector which require additional space to rent from the private sector so as to expand their operation.  Malta Enterprise will grant up to a maximum of Euro 10,000 per annum for 24 months rent.

Assistenza għal intrapriżi zaghar fis-settur tal-manifattura

In-nuqqas ta spazju industrijali qed jagħmilha diffiċli għal intrapripizi zaghar fil-manifattura biex isibu spazju addattat bi prezz sostenibbli, speċjalment f’perjodu ta’ tkabbir meta l-intrapriża tkun trid iżżid l-ispiza fl-investiment. Għaldaqstant, il-Malta Enterprise, ħa tniedi inċentiv biex intrapriżi zaghar li jikru spazju addizzjonali mingħand il-privat għal skop ta’ manifattura, jingħataw kumpens ghar-rilokazzjoni taghhom. L-ghajnuna tista’ tingħata għal perjodu massimu ta’ sentejn u ma tistax taqbeż l-10,000 ewro fis-sena. Din il-miżura ħa tiswa nofs miljun ewro.

6.  Training Assistance – Knowledge Transfer

The aim of this incentive is to support to improve knowledge transfer in key industries (mainly manufacturing and engineering).  Assistance will be given in the form of a tax credit. Where the project is of significant importance to the company assistance may be given in cash. Financial assistance under this scheme will be of not more than Euro 1 million.

Assistenza għal- trasferiment tal-għarfien fl-intraprizi

Malta Enterprise ħa tkun qed tniedi skema ta’ assistenza biex tgħin fit-trasferiment tal-għarfien fl-intrapriżi. L-għajnuna ħa tkun intenzjonata biex il-ħiliet eżistenti tal-impjegati jkunu jistgħu jiġu trasferiti għall-impjegati ġodda, u biex ħaddiema Maltin jakkwistaw ħiliet ġodda neċessarji biex jingieb ix-xogħol ġdid lejn Malta. L-assistenza ħa tingħata  bħala kreditu ta’ taxxa, iżda tista’ tingħata ukoll bħala għotja finanzjarja fejn il-proġett ikun ta importanza sinifikanti ghal l-izvilupp tal-kumpanija . Għaldaqstant ħa jittiehed provediment ta’ miljun ewro biex ikopri l-assistenza finanzjarja li ħa tinghata permezz ta’ din l-iskema.

7.  Assistance to encourage female entrepreneurs

In order to encourage more women to start up  and run their own business, Malta Enterprise will be carrying out changes to the Micro Invest scheme . Self employed women and businesses owned in their majority by females will be granted a maximum tax credit of up to Euro 50,000 instead of Euro 30,000.

Assistenza biex inkabbru il-partiċipazzjoni tan-nisa fl-imprenditorjat 

Sabiex inkattru l-imprenditorjat fost in-nisa ha jsiru tibdiliet fl-iskema tal-Micro Invest sabiex self-employed nisa u negozji li fihom hemm maggoranza ta ekwita’ kontrollata minn nisa jingħataw massimu ta’ kreditu ta’ taxxa ta’ 50,000 ewro flok 30,000 ewro.       

Besides the above schemes, the Government is renewing its commitment to reduce bureaucracy. Entrepreneurs interested in setting up in Malta or expanding their operations should not be faced with red tape. However, Government will  still take the necessary precautions and will still be carrying  out the necessary due diligence required to regulate businesses . It is estimated the time necessary to set up a business in Malta will be reduced to one week from the three weeks which is currently required.  

Moreover, Government will also be launching a credit guarantee mechanism  for companies exporting to high risk countries.