What is Micro Invest?
Micro Invest is a scheme made effective as from 1st January 2014 by the Malta Enterprise which shall remain available until 31st December 2020. Under this scheme, businesses are encouraged to further invest, expand and develop their operations. With Micro Invest Schemes, eligible entities will benefit from a tax credit equivalent to 45% of their qualifying costs, which increases to 65% to undertakings operating in Gozo.
The maximum eligible tax credit stands at €50,000 to be used over a period of 3 consecutive years. Family-owned undertakings, start-ups established in Gozo or undertakings having more than 50% ownership by female owners, shall benefit from a higher capping of €70,000.
Can I apply?
Eligible entities should satisfy all the following criteria at the date of application:
- Turnover of entity does not exceed €10 million as per audited accounts of the previous year
- At date of application, entity must employ 1 person on full time or part time basis
- Entity does not employ more than 50 persons on full time contracts
- Unless exempted, applicants must be registered with the VAT Department
Persons or undertakings engaged in activities excluded under the de minimis regulations are not eligible.
Applicants who have applied for other investment aid measures may not apply for this incentive.
What are the qualifying costs?
Qualifying costs include:
- Furbishing and refurbishing
- Investment Costs
- Motor Vehicle Costs
- Wage Costs – applicants may apply for a tax credit on an increase in wage costs exceeding 3% incurred over an average of the last three years of business.
All costs claimed must be supported by appropriate documentation be it tax invoices, fiscal receipts of FS7s, etc.
For more information please contact us on firstname.lastname@example.org.