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.