RENEWAL – Tax Deferral Scheme and COVID Wage Supplements
A Press Release was issued by the Ministry for Finance and Financial Services on 29th April 2020, whereby the Minister for Finance, Professor Edward Scicluna, announced several new measures that the Government is taking to support businesses in dealing with the financial difficulties being faced due to the COVID pandemic.
Following such a Press Release, the Commissioner for Revenue has on the 30th April issued a notification of an extension to the tax deferral scheme which was earlier announced. Details may be found below:
Extension of the Tax Deferral Scheme
The tax deferral scheme is now being extended to also cover eligible taxes falling due between March and June both months inclusive. This previously covered only those eligible taxes falling due in March and April.
As to the repayment period, this is yet to be announced. For more details on the scheme conditions, please visit our dedicated news alert on https://www.nexiabt.com/news/tax-deferral-application.
Extension of COVID Wage Supplements
The COVID Wage Supplement is also going to be extended to May and June. It was also announced that those who will be applying for the COVID Wage Supplement in May would be paid for May onwards, provided that the application for these two months was submitted already by the 30th April.
Those who already applied for the COVID Wage Supplement in March and April do not need to apply again as they will automatically continue to benefit from the COVID Wage Supplement until further notice. Further details on this supplement can be found on our dedicated news alert on https://www.nexiabt.com/news/covid-19-wage-supplement-benefit.
Minister Scicluna also announced that a decision had been taken at Cabinet-level so that insolvency legislation is to be updated to safeguard companies that are in risk of bankruptcy. Furthermore, discussions are underway to address the difficulties that might be faced by companies offering bonds and shares to small investors registered on the Malta Stock Exchange.