Undertakings that qualify for investment aid under the Investment Aid (July 2014) Regulations (“the Investment Aid Scheme (2014-2020)”) may need to assess whether it is time to make fresh submissions to Malta Enterprise Corporation (“MEC”) in connection with their projects. This may include undertakings that are already availing themselves of aid under the said Regulations.
Who should apply under the Investment Aid Scheme (2014-2020)?
Eligible undertakings that are investing in an initial investment project having start of works after 1 July 2014 should apply for aid under this Scheme. In the case of large undertakings, investment aid will be permissible only in respect of ‘initial investments in favour of a new economic activity or activities’ and as long as such activity is not the same or a similar activity to the activity previously performed by the undertaking.
How to apply?
Those undertakings that qualify under this Scheme should submit the Project Approval Application Form to MEC outlining various details, including a description of the initial investment project and the estimated projected expenditure that the undertaking considers incurring on such project.
If the project is approved by MEC and qualifying expenditure starts being incurred by the undertaking, further annual submissions to MEC are required before the undertaking may claim the investment aid on the project.
By when to apply?
This Scheme does not enforce a particular deadline date by when such application form should reach MEC, but it is strongly encouraged that the form reaches MEC in good time before the undertaking’s income tax return submission deadline for the year in which the qualifying expenditure has been incurred. One should also note that approved initial investment projects commencing before 31 December 2017 may qualify for higher investment aid rates.
Speak to us
We have material experience in assisting our clients in preparing and completing applications connected to investment projects in order to benefit from Investment Aid.
Should you have any queries or require our assistance, please do not hesitate to contact us.
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