Micro Invest Tax Credit Scheme
Micro Invest Tax Credit Scheme
Malta Enterprise has re-launched the MicroInvest Tax Credit Scheme whose objective is to assist small and medium sized enterprises to invest in their business by providing a tax credit equivalent to 45% (65% for undertakings operating from Gozo).
The maximum tax credit is capped at € 30,000 (€ 50,000 for enterprises established in Gozo) and is granted only upon presentation of proof of payment on the below costs.
Self-employed persons are also eligible for this scheme as long as they meet the employees and turnover threshold.
Eligibility:
- The applicant did not employ more than 30 employees (Full time) and whose turnover did not exceed €10m;
- The undertakings should be registered with the VAT Department, if required to be so registered;
- The undertaking should have the applicable regulatory licences and permits;
- Applicants must not be defaulting in VAT, income tax, social security and rent payments to government;
- Applicants must employ at least one person at the date of application. The person employed may be the applicant himself in the case of self-employed persons; and
- Self-employed persons must be registered with ETC.
Eligible Costs include:
Costs must be incurred between 01 January and 31 December of the year preceding the year in which the claim is submitted.
- Costs in relation to furbishing, refurbishing and upgrading of business premises, including extensions or modifications to such premises;
- Investment in acquiring machinery, technology, apparatus or instruments which enhance the operations, including systems which help to save energy or to produce alternative energy;
- Investment made by the undertakings for it to become compliant with regulations, including health and safety, environmental directives and physical access;
- Investment in one motor vehicle over a period of 3 years as long as it is involved in the carrying of goods, and Special Purpose Motor Vehicles; and
- Wages costs covering a 12-month period pertaining to new jobs or apprenticeships created as from 1st January 2014 as long as this constitutes a net increase in the total number of employees when compared with the previous calendar year.
How can we assist
Lamima Consultancy Services Ltd can assist you in the application process in relation to MicroInvest Tax Credit Scheme. In addition, you will be provided with advisory services in order to successfully obtain funding for your business investment and other tax benefits.
Contacts
For further information please contact:
Marica Bonello
Tel: +356 21423059
