Miriam Dalli

Enterprise Minister Miriam Dalli has announced fresh details behind Malta’s 2021 wage supplement scheme, which will see COVID business aid no longer be calculated based on an entity’s NACE categorisation, but on loss of turnover.

This had been announced in the 2021 Budget however details are now being provided.

At a press conference jointly addressed with Malta Enterprise CEO Kurt Farrugia, Dr Dalli revealed that the updated support measures will see the Government fork out €40 million monthly but described the new system as a “fairer” one.

VAT Submissions

The support level will be calculated according to the difference in turnover declared by a business over six months between March and October 2019, against turnover declared over six months between March and October 2020.

The new system caters for three different types of VAT procedures: Monthly VAT returns, quarterly VAT returns and yearly VAT returns.

For VAT exempt and new VAT numbers, the level of support will be paid according to the current scheme (Annexes A, B & C), which are determined according to the NACE code categorisation.

Supplement according to the % drop in sales

Percentage drop in salesWage supplement monthly rate (gross) – full timersWage supplement monthly rate (gross) – part timers & casuals
55% or greater€ 800€ 500
45% up to 54%€ 640€ 400
35% up to 44%€ 480€ 300
25% up to 34%€ 320€ 200
10% up to 24%€ 160€ 100
Increase in revenue/ up to 9% drop in sales€ 0€ 0

Businesses which had to close down following the issuance of legal notices by the Superintendent of Public Health will continue to receive the wage supplement at the maximum rate.

Both Minister Dalli and Mr Farrugia, in their address, stressed that this is not the only assistance being given to businesses, and reminded the audience of utility bill subsidies and rent subsidies being provided to help businesses navigate through COVID.

Related

HV Hospitality

Court’s dismissal of NGOs’ objections to Comino project welcomed by HV Hospitality

June 14, 2024
by Fabrizio Tabone

The project will see the transformation of the Comino hotel and bungalows into a five-star resort

Experts to discuss how blockchain helps Maltese businesses

June 14, 2024
by Robert Fenech

Malta Business Network panel will discuss ‘real world’ applications of blockchain tech

Residential property sales remain level in May 2024

June 13, 2024
by BN Writer

St Paul's Bay, Mosta and Mellieħa accounted for over 15% of all transactions during the period