Malta Enterprise's budget has been raised to €5.6 million from €4.9 million to serve as a one-stop shop for businesses. Its wider remit will include the provision of integrated services to businesses; the promotion of local and foreign investment particularly in new markets and sectors of high added value; and helping Maltese firms internationalise.
The €20 million For Industry scheme launched this year and encompassing a range of assistance and incentive packages, will be extended by a further €7 million to cover industrial allowances for international competitiveness, innovation, research, and e-business.
An additional €10 million has been allocated to help spur investment for renewable energy and improving the efficient use of energy.
Meanwhile, the environment scheme, of which €1.5 million has still not been allocated, will be re-issued next year.
Three new initiatives to attract foreign investment will be introduced as Malta Enterprise's incentives' budget is increased to by €2.4 million to €9 million.
Foreign investors established in Malta will be encouraged to transfer additional activities connected to their existing operations here, such as legal, financial, back office, corporative, logistical, research and development, marketing and sales, and prototyping services. Overseas companies will also be invited to establish shared services centres in areas like software development, call centres, digital gaming, human resources and market research.
The list of organisations eligible for fiscal incentives under the Reinvestment Tax Credit (Income Tax) Rules of 2005 will be increased. A one-stop shop will be set up within Malta Enterprise by June to provide assistance on European programmes.
When in temporary difficulty, viable enterprises ready to invest in their future will receive assistance from a new €2.5 million reserve fund.
More than €16 million has been earmarked to upgrade the industrial estates in Kordin, Ħal Far, Bulebel, Mosta and Xewkija. Two microenterprise parks will be set up in Mellieħa and Xewkija under public-private partnerships.
A total of €1.7 million has been allocated towards achieving the objectives of Vision 2015, particularly research and development.
There will be a 15.2-per-cent refund on expenses on which tax has been paid on research projects approved by the Finance Ministry and Malta Council for Science and Technology. Tax exemptions or tax benefits will also be established for income derived from royalties from patents on inventions.
Some government laboratories will be integrated into a national laboratory which will eventually form part of the €20 million Biotechnology Park in San Ġwann.