30th April 2020

In a press release issued by the Ministry for Finance and Financial Services on 29th April 2020, the Minister for Finance Edward Scicluna announced a number of new measures that the Government is taking to support businesses in dealing with the difficulties they are facing because of the COVID-19 virus, namely the following:

  • The tax deferral scheme will be extended by a few months and Government will continue to act as needed in this regard, as the situation evolves. No further details were provided;
  • The Cabinet has taken a decision to update local insolvency laws to better safeguard companies on the brink of bankruptcy;
  • Discussions are underway to address the difficulties that may be faced by companies offering bonds and shares to small investors on the Malta Stock Exchange.

Moreover, during the course of today, Economy Minister Silvio Schembri announced that the Government is renewing the COVID Wage Supplement scheme for businesses affected by the impact of Covid-19 for a further two months. At a press conference today, Minister Schembri advised that the COVID Wage Supplement scheme, which was originally intended to assist with wage bills of affected companies for the months of March and April, will now be extended to also cover May and June 2020.

How can we help?

We are monitoring developments on an ongoing basis and will provide further updates as more information becomes available. Meanwhile, should you require any assistance relative to how your business may benefit from the previously announced Teleworking Scheme, the COVID-19 Wage Supplement measure, Malta’s Financial Aid package and the various Malta Enterprise support measures generally, please do not hesitate to reach out to us personally.

For more information, please contact Dr. Rosanne Bonnici, Tax Partner, on rosanne.bonnici@fenlex.com.