Potential Incentives and Schemes

1. Potential Incentives and Schemes Krista Farrugia Director of Studies BPP Professional Education Malta

2. Incentives • Two available schemes: • Malta Enterprise Tax Credit • Training Aid Framework (TAF)

3. 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

4. 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

5. 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

6. 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

7. The total must include all relevant fees, including an estimate for future periods until 2013, if applicable. • Total cost must not exceed €10,000

8. 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

9. 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

10. Students who have registered before 2009 must submit their application form to BPP as soon as possible prior to 15 February 2010

11. Students who receive a percentage of re-imbursement from other sources must declare the amount • Study leave will not be considered as re-imbursement

12. 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

13. 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

14. Training Aid Framework (TAF) • Scheme partly funded through European Fund in collaboration with ETC • Eligible applicants will receive part re-imbursement of training costs on completion of course

15. 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)

16. 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

17. 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

18. 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

19. 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

20. 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

21. How much will be reimbursed?

22. 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

23. 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

24. Documentation available from BPP • Course timetable • Course prices • Course syllabus • Lecturer’s particulars (CV) • Student’s confirmation of course attendance

25. Any Questions kfarrugia@bpp.com sborg@bpp.com mtabone@bpp.com