Skills Development Regulations, 2019
The Skills Development Regulations Scheme aims to help employees develop new skills and support them with training.
This initiative is available to duly registered undertakings, including self-employed persons, that carry out in Malta at least one of a number of varied qualifying activities specifically set out in the respective Guidelines.
Before applying, the candidate should consider the following requirements:
• employment of at least 5 full-time personnel;
• the training must lead to the development of skills that is relevant to the undertaking’s activity.
The scheme has a budget of €10 million and in principle the benefit shall be granted in the form of tax credits. Hence, it may be carried forward to subsequent years of assessment for a period of up to 10 years. It should be noted that for certain activities, “the Corporation” or Malta Enterprise may consider awarding the aid in the form of a cash grant. The benefit/grant shall not exceed €1 million.
In addition, the benefit shall be structured according to the size of the undertaking and shall not exceed the following percentages of the eligible costs:
• Small: 70%
• Medium: 60%
• Large: 50%
This scheme is available until 31 December 2020.
For more information regarding further assistance, do not hesitate to contact us.