€12 million awarded in tax credits to Malta International Airport plc (MIA) following Covid-19’s attack on the aviation industry

Less than eight months since the Apron X project was given the green light by MIA’s board of directors, the European Commission has, approved a Maltese aid measure to compensate MIA for the losses suffered due to the Covid-19 pandemic. Established through Legal Notice 247 of 2022 (also referred to as Tax Credit (Malta International Airport plc) (COVID-19 Damage Compensation) Rules, 2022) in accordance with the Minister of Finance’s powers under the Income Tax Act (Chapter 123 of the Laws of Malta), MIA will be receiving the sum of twelve million euro (€12,000,000) in tax credits.

Undoubtedly, following the 76.1% drop in passenger traffic in the year 2020 when compared to pre-pandemic levels, MIA will look to more positive news in the near future as the company steadily dusts off a horrid 2020 and continues where it left off prior to pandemic. In a recent statement published by the MIA, it is evident that this compensation is deemed integral to the company’s implementation of its plans with respect to the airport infrastructure as well as strengthening its endeavour to restore air traffic significantly. To this effect, MIA expects to end this year with more than 5.4 million passenger movements, which would result in an impressive 74% recovery of 2019’s record traffic.

This news will be welcomed by MIA’s shareholders and board of directors alike as the company strives to ensure that the airport’s continuous evolution and vision of service excellence, gets the recognition it deserves through a repeat of its accolades as ‘Best Airport in Europe’ by Airports Council International in 2022 (MIA has previously been voted such in 2018, 2019 and 2020).