Get Qualified
- Name of the instrument - Local language
- Get Qualified
- Name of the instrument - English translation
- Get Qualified
- Scheme ID
- 157
- Country
- Malta
- Reporting year
- 2015
- Type of instrument
- Tax incentive for individuals
- Type of entry
- Single instrument
- Short description
Upon successful completion of a course of studies leading to a certification, diploma, degree or post-graduate degree course, the student will benefit from a tax deduction hence recovering part of the costs incurred (fees). The maximum value of tax deduction is 70% of the eligible costs (up to the certain ceilings, defined for particular types of qualifications). The eligible qualifications include those approved as level 5 or higher by the Malta Qualification Framework and directly relevant to careers in one of the defined areas.
- Short description of the related instruments
nap
- Level of operation
- National
- Name of a part of the country
- nap
- Name of the region (for regional instruments)
- nap
- Name of the sector (for sectoral instruments)
- nap
- Relevance
- Key scheme
- Legal basis
Legal Notice entitled Deductions and Tax Credits (Relevant Qualifications for Industry) Rules, 2009
(LN243 of 2009 under the Income Tax Act) enables Malta Enterprise to approve Tax Credits for
students aiming to attain qualifications required by industry.- Objective(s) and target(s)
To support the personal development of individuals who aim to achieve qualifications and certifications required by/relevant to Maltese Industry.
- Year of implementation
- 2013
- Year of latest amendment
- 2014
- Year of termination
- 2018
- Operation/management
Malta Enterprise
- Eligible group(s)
Individuals following a course of studies leading to a certification, diploma, degree or post-graduate degree courses who finance their own studies.
- Education and training eligible
Qualification shall be considered eligible if approved as level 5 or higher by the Malta Qualification Framework (MQF) and directly relevant to careers in one of the following areas (based on ISCED 2011): arts; graphic design; economics; life sciences; physical; mathematics and statistics; computing; egineering and engineering trades; manufacturing and processing; veterinary; law; finance, banking, insurance, investment analysis; accounting, auditing, book keeping; project management; logistics management; health; personal services.
Business related studies focussing on restoration or entrepreneurship are also eligible.In case of specialised training specific to a technology or industry, a qualification may also be considered eligible but shall be limited to: courses in ICT and digital media; courses in aviation and maritime technologies and services; courses in finance; and language studies focussed on business.
Courses classified as level 5 or higher under the MQF but not directly relevant to any of the subject areas outlined above, shall still be considered as eligible if as part of his studies the student submits a dissertation or thesis addressing one of these areas.
- Source of financing and collection mechanism
State (loss of tax revenue)
individual- Financing formula and allocation mechanisms
The maximum value of tax credits will be of 70% of the eligible costs and capped as follows: MQF level 5 - capped at EUR 3 500; level 6 - EUR 12 500; level 7 - EUR 15 000; level 8 - EUR 25 000; other courses - EUR 2 000.
The eligible costs will be calculated as follows: eligible costs incurred directly from the Awarding Body awarding the qualification - as indicated in the official documentation published by the awarding body; eligible costs paid to a third party organisations recognised by the awarding body - the eligible value shall be the actual costs paid by the student.
Allocation: Students are required to apply for the tax credit within 1 year of commencement of their course. Malta Enterprise will then issue an Incentive Entitlement Certificate stipulating the value tax credit applicable. The holder of the Incentive Entitlement Certificate may start claiming tax credit as a deduction from the tax payable for the year of assessment for the relevant qualification obtained. Any amount of tax credit not utilised by the beneficiary in that year of assessment may be carried forward and be set against his/her respective tax liability within the subsequent 10 years of assessment.
- Eligible costs
Fees (registration fees paid to the body awarding the qualification; fees paid to the university, institution or other entity recognised by Malta Enterprise; fees payable in connection with examination; bench fees paid to universty awarding qualification)
- Frequency of the use
Each year
- Volumes of funding
na
- Beneficiaries/take up
na
- Organisation responsible for monitoring/evaluation
Malta Enterprise.
- Monitoring/evaluation reports available
na
- Most relevant webpage - in English
- Most relevant webpage - local language
- Recent changes
The original scheme running from August to December 2013 was updated in September 2014 and will run until 31st December 2018.
The tax credit granted to successful students has been reduced from 80% to 70% of the eligible costs. Individuals doing an MQC Level 8 qualification now have a higher tax credit cap, at EUR 25 000, compared to EUR 20 000 previously.
A relaunch of the Get Qualified Scheme follows the development of revised versions of the Micro Guarantee and Micro Invest schemes to assist micro and small enterprises, which were likewise recently relaunched.
- Sources
http://www.maltaenterprise.com/sites/default/files/support_measures/get…
http://www.maltaenterprise.com/sites/default/files/support_measures/get…
http://www.maltaenterprise.com/en/media/news/2014/revised-get-qualified…
http://www.maltaenterprise.com/sites/default/files/support_measures/get…
- Short description
- Short description of the related instruments
- Level of operation
- Name of a part of the country
- Name of the region (for regional instruments)
- Name of the sector (for sectoral instruments)
- Relevance
- Legal basis
- Objective(s) and target(s)
- Year of implementation
- Year of latest amendment
- Year of termination
- Operation/management
- Eligible group(s)
- Education and training eligible
- Source of financing and collection mechanism
- Financing formula and allocation mechanisms
- Eligible costs
- Frequency of the use
- Volumes of funding
- Beneficiaries/take up
- Organisation responsible for monitoring/evaluation
- Monitoring/evaluation reports available
- Most relevant webpage - in English
- Most relevant webpage - local language
- Recent changes
- Sources