EU gives EUR 698 million to boost Covid-hit Italian tourism companies

The European Commission has introduced that it has accredited an Italian scheme value €698 million so as to assist companies energetic within the tourism sector which have been affected by the COVID-19 pandemic. Through an announcement issued on May 11 by the EU Commission, Executive Vice President in control of competitors coverage, Margrethe Vestager careworn that companies energetic within the tourism sector have seen a big decline in purchasers and income due to the Coronavirus outbreak and restrictive measures in drive.

“This EUR 698 million Italian scheme will enable Italy to support these companies by helping them meet their liquidity needs and ensuring the continuity of their activities. We continue to work in close cooperation with the Member States to find workable solutions to mitigate the economic impact of the coronavirus pandemic, in line with EU rules,” he additionally famous.

A portion of this finances will likely be made obtainable by the Recovery and Resilience Facility. According to the EU Commission, based mostly on the scheme, the help will take the type of direct grants and tax credit for journey companies and loans to journey businesses and tour operators.

“For tourism companies, the measure is aimed at covering part of the costs for the improvement of structures and facilities and energy efficiency. The eligible beneficiaries will be entitled to receive an aid amount covering up to 50 per cent of the eligible costs, within a maximum ceiling of EUR100,000 per company,” the assertion reads. As far as journey businesses are involved, this measure goals to cowl a part of the prices associated to renovations and digital growth actions. Beneficiaries who qualify will likely be in a position to obtain help within the type of a tax credit score overlaying up to 50 per cent of eligible prices, inside a most restrict of EUR 25,000 per beneficiary.

The scheme goals to tackle the liquidity wants of the beneficiaries and assist them proceed their actions throughout and after the pandemic. The Commission additionally concluded that the scheme is below the situations set out within the Temporary Framework. In specific, the help is not going to exceed EUR 2.3 million per beneficiary and will likely be offered no later than June 30, 2022.

(Source: SchengenVisaNews data)