The Micro Invest Scheme (the “Scheme”) is designed to help businesses invest in their operations and grow their business. The Scheme has been relaunched by Malta Enterprise and operates through a tax credit.
Applications to the Scheme for costs incurred during financial year 2023 can now be made by eligible undertakings (including start-ups, family businesses and self-employed). Through this Scheme the business will be supported by a tax credit equivalent to 45% (or 60% for businesses operating in Gozo) of their eligible expenditure.
Eligible expenditure includes:
- Increase in wages costs during 2023 that exceeded 3% of the highest wage costs from the previous two years.
- Costs incurred on refurbishment of business premises.
- Costs on investment in new machinery, technology, apparatus and other tangible and intangible assets.
- Costs on the purchase of commercial vehicles.
- Costs on attaining relevant trade certifications.
Criteria for businesses that are eligible to apply to Scheme include:
- Did not employ more than 50 full time employees during 2023.
- A turnover or annual balance sheet not in excess of €10 million during 2023.
- Employ at least one person when the application is made.
- Is VAT registered (or VAT exempt) in Malta.
The deadline for the submission of applications is 10 April 2024 for self-employed individuals and 29 May 2024 for companies. However, late submissions will be accepted by Malta Enterprise up until 27 November 2024.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
