The Micro Invest Scheme encourages undertakings (including start-ups, family businesses and self-employed) to invest in their business, so as to innovate, expand and develop their operations. Undertakings benefitting from this scheme will be supported through a tax credit calculated as a percentage of eligible expenditure incurred during 2023. The tax credit is equivalent to 45% of the eligible expenditure. Undertakings operating from Gozo are eligible for an additional bonus of 20%, resulting in a total tax credit of 65%.
Eligible businesses should:
- Not employ more than 50 employees during 2023;
- Employ at least 1 person at the date of application;
- Not exceed total turnover or annual balance sheet amounting to €10 million in the fiscal year preceding the year of application; and
- Unless exempted, be duly registered with the VAT Department.
Eligible costs include:
- Increase in total wage costs in 2023 that exceed 3% of the highest wage cost from the previous two fiscal years.
- Costs incurred for the furbishing, refurbishing and upgrading, including extension and modifications, of Business Premises by third parties.
- Investment costs, which may consist of new machinery, equipment, apparatus, instruments and sea vessels.
- Tangible and intangible assets for digitisation of the business operations.
- New systems intended to produce alternative energy or improve energy efficiency.
- Development costs for new software systems, websites and digital applications.
- Costs incurred for the purchase of a Commercial Vehicle procured as new or first time registered in Malta which is either a plug-in hybrid (PHEV), electric or has a European Emission Standard rating of at least Euro 5
The deadline for submission of applications for self-employed individuals is 27th March 2024, while for companies, the deadline is 29th May 2024. Late submissions will be accepted until 27th November 2024.
Should you need our assistance to evaluate your potential eligibility and apply for the Micro Invest Scheme, please contact us on info@zampadebattista.com.
The information provided in this article is accurate as of the date of last update. Please note that the scheme/s discussed may be subject to changes or expiration within a year. Readers are encouraged to verify the status of the scheme with the relevant authorities or official websites for the most up-to-date information.
Last update: 25th October 2024
Kris Bartolo
Partner
