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

Any Questions

kfarrugia@bpp.com

sborg@bpp.com

mtabone@bpp.com