Get Qualified Tax Credits for Individuals

1. Get Qualified Tax Credits for Individuals Incentives - Malta Enterprise

2. Agenda • History • Scope • Eligibility • Incentive Description • Eligible Costs • Application Process Malta Enterprise – R&D Incentives Training

3. Get Qualified - History • The Get Qualified scheme replaces LN 335 The Deductions and Tax Credits (General and Specific Qualifications) Rules, 2005 – Income Tax Act • In the previous legislation expired in December 2008. • The previous scheme provided tax credits for courses in: • Science • Technology • Information and Communications Technologies (promoted as myPotential) Malta Enterprise – R&D Incentives Training

4. Get Qualified - Scope • The Scope of this incentive is to support the personal development of individuals who aim to achieve qualifications and certifications required by industry. • Applicable for courses leading to a certificate, diploma, degree or post-graduation degree. • Aimed at supporting persons who have completed formal education and seek to further their education. Malta Enterprise – R&D Incentives Training

5. Get Qualified - Eligibility • The qualifications that are considered as eligible should be directly relevant to careers in the following industries: • Aviation Industry; • Chemical and Pharmaceutical Industries; • Economics and Statistics; • Financial Services (incl. banking & accountancy); • Crafts and Creative Industries (such as film production & direction industrial and spatial design; media and communications); • Information and Communication Technologies; • Business Process Outsourcing, Call Centres and Shared Services (only qualifications providing successful students with fluency in a foreign language other than English which is required by enterprises providing these services shall be considered); and • Industrial Electromechanical Engineering. Malta Enterprise – R&D Incentives Training

6. Eligibility (cont.) • Course of studies with a minimum of 200 contact (classroom) and/or study hours; • At least three separate assessments directly related to subject within the industry; • Qualifications recognised by the MQC equivalent to level 4 or higher; and • At least 50% of the course content to address topics directly relevant to the industry. Malta Enterprise – R&D Incentives Training

7. Get Qualified - Incentive Description • Tax credit granted to successful students will be of 80% of the eligible costs: Maximum value of tax credits capped as below: Malta Enterprise – R&D Incentives Training

8. Get Qualified – Eligible Costs • Eligible Costs for Tax Credits as long as they are incurred within 36 months from the start of the course: • Registration fees paid. • Fees paid to university, institution or other entity recognised by Malta Enterprise. • Fees payable in connection to examinations to achieve approved certification/qualification. Malta Enterprise – R&D Incentives Training

9. Get Qualified - Application Process • In case of courses represented by a Maltese Institution – the institution applies directly for recognition. • Institution receives confirmation of approval from Malta Enterprise. • Students apply directly through the institution. • On approval, students receive a certificate from Malta Enterprise. Malta Enterprise – R&D Incentives Training

10. Get Qualified - Application Process (cont.) • The value of the Tax Credit is set by Malta Enterprise and will never exceed a predefined percentage of the total costs. • Malta Enterprise issues a letter of approval to the student with the relevant tax credit details. • Student can claim the tax credit from the year of assessment following the year in which the qualification is successfully obtained. • Any amount not absorbed may be carried forward to be allowed as a tax credit for the subsequent ten years. Malta Enterprise – R&D Incentives Training

11. Get Qualified Tax Credits for Individuals http://support.maltaenterprise.com/myp Incentives - Malta Enterprise