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

The European Commission has introduced that it has authorized 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 a press release issued on May 11 by the EU Commission, Executive Vice President accountable for competitors coverage, Margrethe Vestager harassed that companies energetic within the tourism sector have seen a big decline in shoppers and income due to the Coronavirus outbreak and restrictive measures in pressure.

“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 price range might be made obtainable via 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 companies 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 companies are involved, this measure goals to cowl a part of the prices associated to renovations and digital improvement actions. Beneficiaries who qualify might be ready to obtain help within the type of a tax credit score masking 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 underneath the situations set out within the Temporary Framework. In explicit, the help won't exceed EUR 2.3 million per beneficiary and might be supplied no later than June 30, 2022.

(Source: SchengenVisaNews data)