The Malta Chamber of SMEs welcomes MCESD Chairperson David Xuereb to its offices
01 February 2024
Malta Chamber of SMEs President Mr Paul Abela and Deputy President Mr Philip Fenech welcomed...
With effect on 1st January of this year, a revised De Minimis Regulation has been adopted on the 13th of December 2023. The revised regulation will remain applicable until the 31st December 2030.
The revised regulation aims to increase the ceiling per undertaking, the introduction of an obligatory registry and the facilitation for financial intermediaries to further aid companies through guarantees.
Increase in Ceiling per single undertaking: The previous De Minimis Regulation, in place since 2008, has been adjusted to meet the evolving economic landscape. The ceiling per single undertaking company has been raised from €200,000 to €300,000 over a three-year period.
The three year period is calculated on a rolling basis For each new grant the amount of de minimis aid granted in the previous 3 years needs to be taken into account.
This increase in ceiling is intended to cater for inflation, ensuring that businesses can access a higher threshold of aid without triggering the need for extensive State aid control.
Introduction of Obligatory Registration: A notable addition to the amended regulations is the introduction of an obligation for Member States to register de minimis aid in a central register.
This register can be established at either the national or EU level and is set to take effect from January 1, 2026. This new requirement on member states is aimed to facilitate reporting obligations for companies and centralise information gathering.
Safe Harbors for Financial Intermediaries: Recognizing the role of financial intermediaries in facilitating aid through loans and guarantees, the revised regulations introduce safe harbors for these intermediaries. This means that financial intermediaries will no longer be required to pass on the complete advantages of aid to end beneficiaries. This adjustment aims to encourage financial institutions to play a more active role in supporting businesses without being overly encumbered by rigid pass-through requirements.
Although the Malta Chamber of SMEs had initially request an increased ceiling of Euro 800,000, the increased ceiling is good news for SMEs wanting to do more but have in the past been restrcied due to the De Minimis Regulation. Addtionally the revised regulation also aims to facilitate the application process for businesses.
These amendments mark a positive step towards simplifying regulatory procedures, encouraging financial intermediaries to actively participate, and ultimately promoting the growth of businesses across the European Union.
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