The objective of this scheme is to encourage undertakings to invest in their business, innovate, expand, and implement compliance directives or to develop their operations. Such undertakings which may include self-employed persons and will be supported through a tax credit representing a percentage of the eligible expenditure including wages of newly recruited employees.
Due to significant distortions in the economy caused by unforeseen events, for those applications received in 2020, the Corporation may disburse part of the tax credit awarded as a cash grant.
Applicants are required to hold all the documentation related to their application in a separate file. This file shall be made available to the Corporation or its appointed auditor on request. The beneficiary will keep the records for ten (10) years from the issuing of the IEC.
|De Minimis Declaration (2020)|