Brexit Support Scheme Regulations has been saved
Brexit Support Scheme Regulations
Deloitte Malta Tax Alert
31 October 2019
On the 25 October 2019 the Brexit Support Scheme Regulations, 2019 (Legal Notice 273 of 2019) were published (hereinafter the ‘Regulations’). The Regulations shall be deemed to have come into force on 1 September 2019.
The Regulations provide for the granting of aid in the form of a cash grant provided by Malta Enterprise to qualifying undertakings. Applications to receive support shall be submitted to Malta Enterprise by 31 December 2020.
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In order to obtain the aid granted under the Regulations, the following criteria must be satisfied:
- The undertaking operates in Malta; and
- The undertaking justifies a significant dependency on the British market in terms of import and/or export (the said significant dependency shall be defined in the guidelines as may be published by Malta Enterprise and shall take into consideration the undertaking's turnover dependency on transactions related to the British market in the last two fiscal years).
A cash grant covering 50% of eligible costs (capped at €5,000) shall be granted by Malta Enterprise. The eligible costs shall be those relating to advisory services provided by external consultants. The consultancy services shall not relate to a continuous or periodic activity nor to the undertaking's usual operating costs, such as routine tax consultancy services, regular legal services or advertising.