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Covid19

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Antitrust, Competition and TradeCOVID19 MeasuresLegal Updates

Commission Announces Extension of State Aid Temporary Framework

Following the adoption of the State Aid Temporary Framework (the "Framework") on 19 March 2020, the Commission announced that a draft proposal to extend the Framework has been sent to the Member States for consultation. This draft proposal follows the number of State aid decisions that the Commission has taken in the light of the Framework and the current economic situation. The proposed extension will see additional support possibilities for the five types of aid measures outlined in the Framework, in that it will provide for: i. more support for COVID-19 related research and development; ii. more support for the…
MamoTCV Advocates
6th April 2020
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COVID19 MeasuresLitigation & Dispute Resolution

Covid-19 and Contractual relief

It is undeniable that the Covid-19 virus has had, and will continue to have, a material economic impact throughout the world. In Malta specifically the Superintendent of Public Health has taken a number of measures deemed expedient for the prevention and mitigation of disease such as the suspension of organised events, the self-isolation of persons, the closure of the Courts of Justice, the closure of schools as well as the closure of outlets providing a non-essential service.Considering the aforementioned, it is clear that all legal and natural persons are in some way, whether that be directly or indirectly, impacted by…
Kirk Brincau
30th March 2020
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COVID19 MeasuresEmployment and Industrial RelationsLegal Updates

COVID-19 Wage Supplement and Medical Benefit

The Maltese Government is providing businesses operating in certain sectors with a wage supplement for their employees. Applications for businesses to apply for the COVID wage supplement are now online. There are two lists of businesses with a corresponding benefit. Those listed in Annex A on the Malta Enterprise website (businesses operating in sectors which suffered drastically due to the pandemic and businesses which had to temporarily suspend their operations on the order of the Superintendent of Public Health) are entitled to up to 5 days' salary based on €800 per month. This applies also for self-employed workers. Part-time employees…
MamoTCV Advocates
30th March 2020
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Antitrust, Competition and TradeCOVID19 Measures

Maltese Government Issues Financial Incentives Amid COVID-19 Outbreak

This article was written by Dr Michael Psaila, Dr Annalies Muscat, and Dr Laura SpiteriAmid the COVID-19 pandemic, the Maltese Government has issued three financial packages that businesses can avail themselves of. Each financial package builds upon the previous package. First Financial Package:The First Financial Package consists of two incentives. One measure is dedicated to the postponement of the payment of certain taxes, while the other provides aid in the form of a grant to help employers invest in teleworking technology. 1. Postponement of payment of certain taxes: This incentive provides enterprises, including those who are self-employed, with a two-month moratorium…
Michael Psaila
30th March 2020
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COVID19 MeasuresEmployment and Industrial RelationsLegal Updates

COVID-19 Government Employment-Related Grants

The Maltese government has announced a number of employment related measures and grants in response to COVID-19.Applications are now available online for:1. Parent Benefit: A parent who is employed in the private sector, with children under the age of 16 years, who cannot go to work after the 8th March 2020 in order to take care of their children and cannot telework, are eligible for this benefit. The benefit is of €166.15 per week if the parent works full-time and €103.85 if the parent works part-time. The application can be downloaded here: https://socialsecurity.gov.mt/onlineforms/Pages/COVID19ParentBenefitEN.aspx2. Person with Disability Benefit: A person with…
MamoTCV Advocates
30th March 2020
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Banking & FinanceCOVID19 MeasuresLegal Updates

MFSA Update: Circular on the Clarification of the Application of the EBA’s COVID-19 Measures

Following up from the statement made by the European Banking Authority (EBA) relating to the temporary capital and operation relief provided to credit institutions, the EBA has issued a further statement to clarify the application of this framework. This statement addresses specifically the classification of loans in default, the identification of forborne exposures and their accounting treatment.In relation to the provision of general moratoria by national governments and EU bodies, the EBA emphasised that it is vital for the classification of exposures to reflect any deterioration of asset quality in a timely and acccurate manner. The EBA also states that…
MamoTCV Advocates
27th March 2020