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€213 million for new industry incentives
By MaltaMedia News
Feb 19, 2008 - 5:19:59 PM
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New incentives for Industry were launched on Tuesday afternoon for which €213 million have been allocated.
The incentives are divided in six categories: Access to finance, Investment aid, SME development, R&D and innovation programmes, Enterprise support, Employment and training.
These new incentives were developed on the framework of the Malta Enterprise Act which was approved by Parliament in October. This act supplants the previous Business Promotion Act and and allows greater flexibility in the incentives offered.
Investments and IT minister Dr Austin Gatt said the government would be allocating €213 million over a period of five years for the incentives with a chunk of that to come from European Union.
The incentives include tax credits computed as a percentage of either the value of capital investment or the value of wages for 24 months covering new jobs created as a result of an investment project. Innovative start-ups and promising SMEs will also be given assistance in the forms of grants and advisory services.
Additional information can be found on http://incentives.maltaenterprise.com
© Copyright 2008 by MaltaMedia.com
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Latest update:
Feb 20, 2008 - 8:54:20 PM CET
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