COVID-19: Emergency Measures | Update 17

COVID-19: Emergency Measures in Malta | Update 17

Contents

1. International News

  1. European Commission launches data sharing platform for researchers

2. Legal Notices

  1.  Legal Notice 147 of 2020 (Deferment of Excise Duty payable during the Months of April and May 2020 Regulations, 2020)

3. Administrative Notices

  1. Extension of SME Grant schemes in view of COVID-19
  2. Amendment to Commissioner for Revenue Guidance regarding the Postponement of Payment of Certain Taxes
  3. Notice issued by the FIAU

1. International News

1. European Commission launches data sharing platform for researchers

On 20th April 2020, the European Commission and several partners launched a European COVID-19 Data Platform to enable the rapid collection and sharing of available research data. This platform is part of the effort to support researchers in Europe and around the world in the fight against the coronavirus outbreak.  

Source: https://ec.europa.eu/commission/presscorner/detail/en/ip_20_680

2. Legal Notices

1. Legal Notice 147 of 2020 (Deferment of Excise Duty payable during the Months of April and May 2020 Regulations, 2020)

The publishing of this Legal Notice follows the proposal made by the Customs Department to defer certain excise duty payments. By virtue of this Legal Notice:

  • Duty on all excise goods and services payable on various dates during the month of April 2020 will become due 60 days later, but not later than 28th June 2020.
  • Duty on all excise goods and services payable on various dates during the month of May 2020 will become due 60 days later, but not later than 26th July 2020.

3. Administrative Notices

1.      Extension of SME Grant Schemes in view of COVID-19

In view of the present situation where businesses are having to re-think their business strategy or implement actions especially by offering their products or services through an e-commerce facility to mitigate against the repercussions due to COVID-19, the Measures and Support Division within the Ministry for Foreign and European Affairs has set three new cut-off dates (15th May, 17th June and 30th June 2020) for both the SME Consultancy Services Grant Scheme and e-Commerce Grant Scheme.

The SME Consultancy Services Grant Scheme aims to promote entrepreneurship, in particular by facilitating the economic exploitation of new ideas and fostering the creation of new firms, including through business incubators. Grant Value for this grant scheme has been set at a lump sum of €4,000 representing an aid intensity of 80% of the eligible costs.

The aim of the e-Commerce Grant Scheme is to encourage and support SMEs to increase their competitiveness through the increased adoption of e-Commerce particularly online sales in their daily operations. The maximum grant value under this scheme is set at €5,000 part-financing eligible costs up to 50%.

More information on these schemes (which form part of the Business Enhance Grant Schemes and part-financed by the European Regional Development Fund) can be found here.

2.      Amendment to Commissioner for Revenue Guidance regarding the Postponement of Payment of Certain Taxes

The Guidelines issued by the Commissioner for Revenue on the COVID-19 Tax Deferral Scheme have been amended to clarify that, with respect to VAT payments, beneficiaries of the scheme not having quarterly periods, should settle the deferred VAT in two equal instalments as follows:

(i)               for VAT due in March 2020, by 15th June 2020 and 15th September 2020;

(ii)              for VAT due in April 2020, by 15th July 2020 and 15th October 2020.

A previous amendment has also clarified that those who opted to pay VAT under the Mini One Stop Ship (MOSS) are specifically excluded from benefitting from the COVID-19 Tax Deferral Scheme.

Source: https://cfr.gov.mt/en/News/Pages/2020/Fiscal-Assistance-Postponement-of-Payment-of-Certain-Taxes.aspx

3.      Notice issued by the FIAU

On 20th April 2020, the FIAU issued a Notice to remind all Subject Persons to submit the Risk Evaluation Questionnaire (REQ) without undue delay an by not later than 4th May 2020 at 17:00.

The FIAU Notice provides that as from 5th May 2020, the REQ will only be available to be completed for information purposes. Subject Persons who fail to submit the REQ by 4th May 2020 are still encouraged to complete the REQ but may still be subject to an imposition of an administrative penalty in terms of Regulation 19 of the Prevention of Money Laundering and Funding of Terrorism Regulations (S.L. 373.01).

Source: https://fiumalta.org/library/PDF/misc/20200420%20Notice%20-REQ%20Deadline%20Reminder.pdf

Previous Emergency Measure Updates