Boost for creativity
Businesses in the creative industry will be entitled to a 60 per cent tax credit, up to €25,000, under a new scheme launched by the Finance Minister. On top of that, enterprises setting up shop in identified zones like Strait Street in Valletta will...
Businesses in the creative industry will be entitled to a 60 per cent tax credit, up to €25,000, under a new scheme launched by the Finance Minister. On top of that, enterprises setting up shop in identified zones like Strait Street in Valletta will also be entitled to a recovery of rental costs on premises, facilities and equipment.
The scheme is open to those working in arts and craft, the performing arts, digital media, music, literary works, design, film and video. The entitlements apply for business development, intellectual property, development of artistic work and translation to and from Maltese.
Speaking at the launch of the Create Scheme at Galea Art Galleries yesterday, Finance Minister Tonio Fenech said the aim was to improve quality, increase added value and develop the economy.
“Many sectors of the economy now depend on creativity,” Mr Fenech said, pointing out that the scheme should also create more jobs that give employees higher satisfaction.
The government has also singled out zones which it would like to see flourish with artistic activity. These include the Collachio in Vittoriosa, Strait Street, Il-Biċċerija and Is-Suq, in Valletta, and Savina Square, Arch. S. Cassar Street and St Mary Street in Victoria. Businesses operating in these neighbourhoods will be entitled to added benefits to encourage the artistic industry to make use of these places. The Create Scheme closes on December 31. It will be administered by Malta Enterprise and applications can be downloaded from the website.