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Over €7 million tax credits approved through Get Qualified

More than 1,850 students have been approved assistance in the form of tax credits with a value exceeding €7 million through the Get Qualified scheme, which helps them further their qualifications.

Indeed, through the Get Qualified scheme administered by Malta Enterprise, students may get a tax credit amounting to 80 per cent of eligible expenses related to their studies, including registration fees, fees paid by the individual to the training or educational institution, as well as fees in relation to examinations.

The assistance is capped depending on the level of qualifications being attained, starting from €2,000 for courses which cannot attain an MQC level, to €3,500 for an undergraduate diploma, €12,500 for a bachelor degree, €15,000 for a post-graduate courses, and rising as much as €20,000 for doctorates.

Building on the previous myPotential scheme, which was however mainly addressed towards the ICT industry, the Get Qualified scheme has been widened to assist other economic sectors that have been flourishing in recent years and consequently need more trained workers.

Indeed, the Get Qualified scheme also assists students undertaking courses in sectors such as aviation; chemicals and pharmaceuticals; economics and statistics; financial services including banking and accountancy; crafts and creative industries; ICT; industrial electromechanical engineering; as well as courses related to the business process outsourcing, call centres and shared services industry.

Between the two schemes, over 3,300 students have already been granted more than €13 million in tax credits since the launch of the myPotential scheme in 2006 and its eventual replacement, the Get Qualified scheme.

While the tax credit will be granted upon successful completion of the course, the applications have to be submitted within 12 months from the commencement of the studies and in any case before the end of the course.

Further information and the application for the Get Qualified scheme may be viewed on www.maltaenterprise.com/en/support/get-qualified, or alternatively call Business First on telephone number 144 or via email on info@businessfirst.com.mt for further assistance.