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 reimbursement from other sources must
declare the amount
• Study leave will not be considered as reimbursement
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 reimbursement 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
Large
%
reimbursed
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
1. Number of workers is less than 50
2. The turnover and/or BS total does not exceed
€10m
80%
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