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Maltese Companies To Receive Energy Efficiency Investment Subsidies,
by Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, February 10, 2009
Maltese Finance Minister Tonio Fenech has this week announced the launch of a
EUR10m fund to subsidise enterprises in the purchase of energy efficient equipment.
The scheme is co-financed by the EU European Regional and Development Fund.
Fenech explained that these funds, available to all enterprises, including
retailers and the tourism industry, are meant primarily to improve energy efficiency,
an important element in ensuring environmental protection as well as a key component
in business sustainability.
Through this scheme, two types of investments will be supported: investment
in energy saving measures, such as the installation of intelligent lighting
systems, solar heating, thermal insulation, building management systems and
energy saving lighting; and investments in alternative energy sources, such
as the installation of energy generating solutions based on the use of solar
power and wind power. The subsidies will be allocated by Malta Enterprise.
Projects benefiting from this incentive should be completed within eighteen
months and have a minimum project value of EUR25,000.
Minister Fenech also mentioned the recently launched Energy Audits through
which enterprises can identify effective ways of reducing costs through reducing
energy consumption. Likewise this initiative can be accessed by contacting Malta
Enterprise.
This week’s subsidies correlate with Malta’s ethos and budget,
whereby companies who enforce eco-friendly policies shoulder less tax burden.
Prime Minister Lawrence Gonzi in his 2009 budget introduced several new tax
measures to encourage the launch of environmental projects and improve energy-efficiency,
all reinforcing Malta as an ‘eco-island’. Taxes contained within
his November budget included tax on traditional lightbulbs, a comprehensive
taxation system for cars, with more economical cars bearing less tax, and a significant
tax on plastic bags.
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