Fiscal measures announced: addressing the economic impact of COVID-19

In a press conference held earlier today, the Prime Minister announced that a package of measures will be introduced to address the impact of COVID-19 on the economy.

The first set of measures are intended to assist with managing cash-flow and will apply to the sectors most impacted by COVID-19, including, the tourism, hospitality and transport sectors and certain areas of manufacturing.

The March and April tax payment deadlines relating to: Provisional Tax, VAT, Social Security Contributions and payments under the FSS will be extended for businesses in the designated sectors. This measure will apply to Employers and self-employed alike.

The revised payment deadlines will not be announced until such time as the magnitude and the outcome of the COVID-19 situation, and its impact on the affected areas, is better understood. It is understood that businesses will be given sufficient time before any measures are clawed back.

In order to further assist with cash-flow management, the Government will be expediting certain refund repayments due to the relevant taxpayers, such as VAT refunds.

The Prime Minister also announced the introduction of a refund scheme for those businesses that invested in tele-working, who would be entitled to claim a refund of expenses incurred in this regard.

The incentives and the application process shall be handled by Malta Enterprise.

Sources: https://covid19malta.info and http://covid19.maltaenterprise.com

 

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