Want to develop, acquire or maybe invest in web and eCommerce systems? If your answer to this question is yes, and if you are the owner of a small or medium sized enterprise, than this news might be useful to you.
Malta Enterprise recently announced the launch of an eCommerce Tax Credits Scheme. Eligible projects must enable business transactions over the internet. By this means, small or medium sized enterprises can promote their business in a modern and dynamic business environment.
Eligible enterprises must be undertaking an economic activity, while eligible costs must be directly related to the creation, development or acquisition of new improved electronic commerce systems and may consist of:-
Investment in computer hardware and software
Expenses for upgrading or updating the website
It is very important that these costs must be incurred within two years from commissioning the new electronic commerce system and should also be specified in a maintenance contract, agreed to at the time of the development of the system.
As approved by Malta Enterprise, the tax credit is equivalent to 100% of the eligible costs and is capped at 12,000 Euros per project. The incentive will be awarded under the de minimis aid rules in terms of Commission Regulation (EC) No 1998/2006 on the Application of Article 87 and 8 of the EC Treaty to de minimis aid. The maximum aid received by an enterprise from all schemes under the de minimis aid rules shall not exceed an aggregate of 200,000 euros over a rolling three fiscal year period.
All interested applicants are required to complete the appropriate Tax Credit Application and finally submit it to Malta Enterprise (Incentives Administration Unit) by not later than three months from the beneficiary’s tax return date.
Through a letter of approval, Malta Enterprise will notify the maximum eligible value of investment project and the corresponding tax credit. All eligible costs must be incurred after the application for assistance is approved by Malta Enterprise and within the timeframe specified in the letter of approval.
As an acceptance of the terms and conditions, applicants will be required to countersign the letter of approval. Beneficiaries are expected to furnish Malta Enterprise with evidence of the completion of the investment project.
