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

The put up EU offers EUR 698 million to spice up Covid-hit Italian tourism corporations seemed first on TD (Travel Daily Media) Travel Daily.

The European Commission has introduced that it has licensed an Italian scheme value €698 million with a view to beef up corporations energetic within the tourism sector which were suffering from the COVID-19 pandemic. Through a remark issued on May 11 via the EU Commission, Executive Vice President answerable for festival coverage, Margrethe Vestager stressed out that businesses energetic within the tourism sector have noticed a vital decline in purchasers and income because of the Coronavirus outbreak and restrictive measures in power.

“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 probably be made to be had during the Recovery and Resilience Facility. According to the EU Commission, in keeping with the scheme, the help will take the type of direct grants and tax credit for commute corporations and loans to commute businesses and excursion 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 remark reads. As a long way as commute businesses are involved, this measure goals to hide a part of the prices associated with renovations and virtual building actions. Beneficiaries who qualify will be capable of obtain help within the type of a tax credit score overlaying as much as 50 according to cent of eligible prices, inside of a most restrict of EUR 25,000 according to beneficiary.

The scheme goals to handle the liquidity wishes of the beneficiaries and assist them proceed their actions right through and after the pandemic. The Commission additionally concluded that the scheme is underneath the stipulations set out within the Temporary Framework. In specific, the help is not going to exceed EUR 2.3 million according to beneficiary and will probably be supplied no later than June 30, 2022.

(Source: SchengenVisaNews information)

The put up EU offers EUR 698 million to spice up Covid-hit Italian tourism corporations seemed first on Travel Daily.

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