FINANCIAL & FISCAL INCENTIVES IN MALTA
Official statements by the Malta
Film Commission
| Financial Incentives |
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Productions
filming in Malta before 31 December 2009 are eligible for the
financial incentives under Legal Notice 65/2006.
The incentives are in the form of a cash grant given to eligible
productions on the qualifying expenditure incurred in Malta. Up
to 22% of the eligible expenditure can be obtained as a cash
rebate by a qualifying production company once filming is
complete.
Feature film and television productions, mini-series, animation
and documentaries are all eligible for the incentives, provided
that they are at least partially produced in Malta.
Procedure
A qualifying production is required to present an application to
the Malta Film Commission, including a detailed projection of
the Malta budget for the production and completion of the
Cultural Test as included in the application form. Upon
assessment based on specific guidelines and performance in the
Cultural Test, the Commission would grant a provisional approval
no later than 3 weeks after receipt of the application.
The final approval would be granted upon review of a final
application, including audited accounts and a detailed analysis
of the production expenditure in Malta, after shooting is
completed. The cash rebate is forwarded to a qualifying
production no later than 5 months from the date of receipt of
the final application.
Qualifying Expenditure
Expenditure incurred during production in Malta on EU services
is eligible for a cash rebate, including the following items:
EU below-the-line labour, accommodation, transportation
equipment and hire, location fees, catering services, per diems,
leasing of offices, computer equipment, props, property,
animals, equipment, vehicles, and boats. Other qualifying
expenditure includes wardrobe rentals, courtesy payments,
telecommunications, craft service, laundry and cleaning services
and professional services.
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| Fiscal Incentives |
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The
BUSINESS PROMOTION ACT provides fiscal incentives for
companies engaged in certain target sector activities, including
the film industry.
Maltese and foreign registered companies involved in the
production of audio visual productions consisting of feature
films, television films, advertising programmes or
advertisements and documentaries can benefit from a highly
favourable tax structure.
Companies engaged directly in audiovisual productions as
aforesaid may avail themselves from a reduced rate of tax of
15.25%.
Investment tax credits are also available. Tax payable can be
reduced or eliminated by tax credits calculated as the higher
of:
- 50% of the amount invested; or
- 50% of the first 2 year wage cost of new jobs created
- For SMEs the percentage for both the above is increased to 65%
- Un-utilised investment tax credits may be carried forward to
the following year and increased by 7%.
The interaction of the above incentives would normally result in
minimal or no taxes being paid for a number of years. |
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