Last Updated on Thursday, 7 October, 2021 at 8:35 pm by Andre Camilleri
To further encourage enterprises to invest in sustainable and digitalised operations, businesses may benefit from up to €70,000 to implement projects which lead to more sustainable and digital processes.
The Smart & Sustainable scheme, managed by Malta Enterprise, will incentivize more competitiveness and better use of resources which will enhance the economic activity of these businesses.
This was announced by the Minister for Energy, Enterprise and Sustainable Development Miriam Dalli together with Malta Enterprise CEO Kurt Farrugia.
Minister Miriam Dalli highlighted that the government will continue to incentivise business to keep on sustaining the transition towards sustainable economy, which reduces emissions and create high quality employment.
With the Smart & Sustainable scheme, businesses can benefit from up to €50,000 for every project, whereby those eligible can benefit from a 50% of the total eligible costs. Moreover, those eligible for this scheme may also benefit from a tax credit of up to €20,000 for each product which satisfies at least two from the three criteria, which are:
- New investment or an expansion in Gozo.
- A project which will be implemented by an enterprise which is in a start-up phase.
- Reduction of carbon which is determined through an independent auditor by the enterprise
If a project satisfies one criteria, the tax credit assistance will amount to €10,000.
Malta Enterprise will be assisting businesses who wishes to invest to facilitate further investments and modifications within the plant, machinery, equipment and specialized technical support and investment in digital technology.
“This scheme will encourage enterprises to invest further in sustainability, where through investments and projects, these will lead to reduction of waste, an increase use of sustainable materials, and more projects which includes energy and water efficiency, as well as sustainable digitalisation,” explained Minister Dalli.
Minister Miriam Dalli said that this scheme is part of the aid package presented earlier this year, which amounts to a total of €20million.
“As Government we are constantly supporting our businesses. Thanks to the various schemes made available through Malta Enterprise, which will see a more digital, sustainable, and competitive businesses in Malta. And to get these results, we are constantly incentivizing businesses to diversify their operations. With this scheme, we are ensuring that businesses are given the opportunity to enhance their operations and increase employability,” said Minister Dalli.
The Chief Executive of Malta Enterprise Kurt Farrugia stated that this scheme, which is part of the Economic Regeneration Plan announced earlier this year, not only assisted enterprises to adapt in a post Covid scenario but also assisted them in their transformation towards sustainable and digital processes.
“Malta Enterprise’s role is that apart from attracting new investment into Malta, our financial incentives focus on attracting sustainable investment, through which our enterprises are becoming more sensitive towards sustainability, as we create higher quality investment and careers. Our role is therefore to assist enterprises in a holistic manner and ensuring a positive impact on our economy and society at large,” remarked Mr Kurt Farrugia.
The guidelines and applications of this scheme will be available later www.maltaenterprise.com .
For more information, enterprises are being encouraged to contact Business First on their website www.businessfirst.com.mt .