Malta Enterprise has just announced the relaunch of the Micro Invest Scheme, offering enticing tax credits to both self-employed individuals and companies. Under this scheme, eligible entities can benefit from tax credits amounting to 45% of the eligible costs incurred in the fiscal year 2023, with a potential increase to 65% under certain conditions.
To qualify for the Micro Invest Scheme, businesses must meet the following criteria:
- Employment Size: Employ not more than 50 individuals during the fiscal year 2023.
- Minimum Employment: Have at least one employee at the time of application.
- Financial Limits: Do not exceed a total turnover or annual balance sheet amounting to €10 million in the fiscal year preceding the year of application.
- VAT Registration: Unless exempted, be duly registered with the VAT Department.
The scheme covers various eligible costs incurred by businesses, including but not limited to:
- Increase in Wage Costs: Any increase in total wage costs in 2023 exceeding 3% of the highest wage cost from the previous two fiscal years.
- Premises Expenses: Costs incurred for the furbishing, refurbishing, upgrading, extension, and modifications of Business Premises by third parties.
- Investment Costs: Includes expenditure on new machinery, equipment, apparatus, instruments, and sea vessels.
- Digitalization: Tangible and intangible assets for the digitization of business operations.
- Energy Efficiency: Investment in new systems aimed at producing alternative energy or improving energy efficiency.
- Technological Development: Development costs for new software systems, websites, and digital applications.
- Commercial Vehicles: Costs incurred for the purchase of a Commercial Vehicle procured as new or first-time registered in Malta (subject to certain conditions).
- Certifications: Costs for attaining relevant certifications for the business, including business advisory costs and actual certification costs.
Application Deadlines:
- For self-employed individuals, the deadline for submission of applications is 27th March 2024.
- For companies, the deadline is extended until 29th May 2024.
- Late submissions will be accepted until 27th November 2024.
If you believe your business meets the eligibility criteria outlined above and could benefit from the Micro Invest Scheme, reach out to CCPS Malta today for assistance in assessing your eligibility and navigating the application process.