Micro Invest Scheme 2024 has been recently relaunched by Malta Enterprise. This scheme offers tax credit of 45% of eligible costs incurred in 2023. Subject to certain qualifying conditions, this percentage may increase to 65%, providing a substantial reduction in taxable liabilities.
Eligibility Criteria
To qualify for these tax incentives, businesses must:
- Employ no more than 50 individuals throughout 2023.
- Maintain at least one employee as of the application date.
- Maintain a total turnover or annual balance sheet not exceeding €10 million in the fiscal year preceding the application.
- Unless exempted, be duly registered with the VAT Department.
Range of Eligible Costs
Wage Costs: Businesses can claim for the increase in total wage costs in 2023 that exceed 3% of the highest wage cost from the previous two fiscal years.
Premises Upgrades: Costs incurred for furbishing, refurbishing, upgrading, including extensions and modifications, of business premises by third parties are eligible.
Investments: This includes costs for new machinery, equipment, apparatus, instruments, and even sea vessels.
Digital Transformation: Tangible and intangible assets for the digitization of business operations qualify for tax credits.
Energy Efficiency: Businesses investing in new systems intended to produce alternative energy or improve energy efficiency are eligible.
Software and Technology: Development costs for new software systems, websites, and digital applications are included.
Commercial Vehicles: Costs for the purchase of a Commercial Vehicle procured as new or first-time registered in Malta also qualify, subject to certain conditions.
Certifications: Costs for attaining relevant certifications, including business advisory costs and actual certification expenses, are eligible.
Application Deadlines
The following are the deadlines for application submissions:
- For self-employed individuals: 27th March 2024
- For companies: 29th May 2024
- Late submissions will be accepted until 27th November 2024.
If you need any help or assistance with the above-mentioned, please do not hesitate to contact us on infoact.com.mt