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Malta To Provide Tax Relief For Audiovisual Productions

by Ulrika Lomas, Lowtax.net, Brussels
29 April, 2019

Malta has published two regulations to create tax breaks for audiovisual productions.

The regulations are the Financial Incentives for the Audiovisual Industry Regulations, 2019, and the Support for the Development of Video Games with a Cultural Dimension Regulations, 2019.

The regulations for the audiovisual industry, effective from January 1, 2019, provide for cash grants of either 40 to 50 percent of eligible expenditure when they undertake a qualifying production, as defined by the regulations and guidelines. The regulations provide that such cash grants will be exempt under the Income Tax Act.

The games development regulations provide for either a cash grant or a tax credit to eligible businesses. The tax credit can be used to reduce tax liability on chargeable income generated from an eligible video game production. The credit may be carried forward for a maximum of three years. Eligibility conditions are set out in the regulations. The relief is equal to 30 percent of qualifying costs, capped at EUR200,000 (USD225,000).

These regulations are to be effective from December 1, 2018. Applications for assistance must be received by no later than October 1, 2020.

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