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Potential Incentives and Schemes
Krista Farrugia
Director of Studies
BPP Professional Education Malta
Incentives
• Two available schemes:– Malta Enterprise Tax Credit –Training Aid Framework (TAF)
Malta Enterprise Tax Credit• Being offered by the Malta Enterprise
• 80% Tax Credit calculated on individual’s chargeable income
• Tax credit granted over a maximum of 36 months
• Incentive will remain available until 31 December 2013
What do I need to do?
• The applicant must fill in the application form which can be downloaded for the Malta Enterprise website
http://support.maltaenterprise.com/myp/
• The application must be completed online and print a completed typed copy
What documentation do I have to attach to the application form?
• BPP will provide students with :
– an official letter confirming that ACCA is a recognised qualification by the Malta Qualification Recognition Information Centre (MQRIC) and
– A certificate from ACCA confirming that BPP is a Gold Approved Learning Partner
• All receipts to date are also to be attached
What costs do I have to include in the application form?
• All fees payable to the Training Provider including course fees, any additional material purchased and your annual MIA and ACCA Subscription fees for 3 years
• All examination fees for 3 years
• The total must include all relevant fees, including an estimate for future periods until 2013, if applicable.
• Total cost must not exceed €10,000
Points to note
• Students who are being reimbursed for study costs from any other sources are not eligible to apply for this scheme
• Students who have registered in 2008 and prior will not be eligible for the tax credit on payments during that period
• Students will only be able to claim tax credit on course fees paid in 2009 onwards
• Students commencing courses in 2010 onwards will only be able to claim credit for courses paid till 2013
• Students who have registered before 2009 must submit their application form to BPP as soon as possible prior to 15 February 2010
• Students who receive a percentage of re-imbursement from other sources must declare the amount
• Study leave will not be considered as re-imbursement
When will I get the tax credit ?
• Students will only be able to claim the tax credit in their income tax return once the course has been completed
• Any unutilised tax credits will be carried forward
What documentation do I have to attach to the income tax return?
• Students will have to attach a completion letter/ certificate from ACCA
• Copies of all receipts for study costs
Training Aid Framework (TAF)
• Scheme partly funded through European Fund in collaboration with ETC
• Eligible applicants will receive part re-imbursement of training costs on completion of course
Who is eligible to apply?• All employers with 1 or more employees
or self employed persons whose self employment is their primary employment
• Available to companies in private sector both full time and part time (more than 20 hours/week)
• Course can be in-house, out-sourced and can be given in Malta or abroad through distance learning
• Each company is eligible for a maximum of €250,000 up to maximum of €10,000 per employee per annum
• Public sectors are not eligible for this scheme but are eligible to apply under other schemes such as Malta Enterprise Incentives
• The employer must apply on behalf of the applicant
• A fully completed application is to be submitted to ETC at least 3 weeks before commencement of course
• For employees on a definite contract the contract must exceed 3 months
• The course must be successfully completed by June 2013
• To apply for re-imbursement of February 2010 courses, one has to apply immediately and the application should include an estimate of course costs till June 2013
How much will be reimbursed?
• This depends on the type of course, size of company and turnover and/or balance sheet total
• A self-employed person is considered as a company
How much will be reimbursed?
Enterprise Size % reimbursed
Large 60%
1. Number of workers is more than 250
Medium 70%
1. Number of workers is less than 250
2. Turnover does not exceed €50m
3. The Balance Sheet total does not exceed €43m
Small 80%
1. Number of workers is less than 50
2. The turnover and/or BS total does not exceed €10m
Study costs eligible for TAF
• 100% of course and material fees
• 100% of travel expenses if applicable (excluding accommodation)
• Costs related to the course such as subscription fees and examination fees may be included
Application form• Application form can be downloaded from
the ETC website:
http://www.etc.gov.mt/
• The following are to be submitted to ETC:– Completed application form– Grant Agreement– Copies of invoices and receipts– Attendance sheets of courses
Documentation available from BPP
• Course timetable• Course prices• Course syllabus • Lecturer’s particulars (CV)• Student’s confirmation of course
attendance
