Who is eligible? How can one apply?
Companies and self-employed persons experiencing a significant downturn in turnover and facing substantial cash flow difficulties as a result of the coronavirus pandemic qualify for this benefit. Such economic difficulties will be declared in an online application form, which will be required to be completed and submitted to Malta Enterprise Corporation by 15 April 2020.
Who is not eligible?
Specifically excluded from this benefit are companies and self-employed persons that failed to comply with their Income Tax and VAT compliance obligations (i.e. submission of documents and returns, and payment of taxes) falling due by 31 December 2019.
Forfeiture of benefit
The benefit is forfeited if the applicant is found to be in breach of any of the scheme’s terms and conditions and making use thereof under false pretences. In particular, beneficiaries should be able to prove their substantial cash flow difficulties arising as a result of this pandemic.
In such case, all dues should be settled as demanded by the Commissioner for Revenue and interest / penalties will become due as stipulated by law.