New Tax Credits for Female Owned Undertakings
15 February, 2016
Through Legal Notice 36 of 2016, The Minister for the Economy, Investment and Small Business has recently released the Tax Credits for Micro Enterprises and the Self-Employed (Amendment) Regulations, 2016. These Regulations shall be read and interpreted as one with the Tax Credits for Micro Enterprises and the Self-Employed Regulations. Accordingly, before issuing these regulations the Minister consulted with Malta Enterprise.
The principal regulations state that Malta Enterprise may provide tax credits to undertakings that are running a business or a trade. However, an undertaking applying for such a tax credit must provide Malta Enterprise with the necessary proof that it is applying for such tax credit in order to develop, modernize or invest in its business in Malta.
Essentially, the amendment introduced a new proviso relating to female owned undertakings. The new proviso states that from the current year of assessment onwards, female owned undertakings may benefit from advantageous tax credits in terms of the aforementioned regulations. Notably, the tax credit shall not exceed 50,000 over any period of three consecutive years.
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