Malta Enterprise has just relaunched the Micro Invest Scheme. The Scheme offers tax credits to both self-employed individuals and companies, calculated as 45% (which may increase to 65% subject to certain conditions) of the eligible costs incurred in 2023.
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 (subject to certain conditions).
Costs for attaining certifications relevant to the business including business advisory costs and the actual certification costs.
The deadline for submission of application 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.