Micro Invest Scheme 2024

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: Range of Eligible […]

Written By Christabel Spiteri

On April 1, 2024
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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 [email protected]

How can we help?  

 

For further information, please contact us on [email protected]. ACT can help you understand the changes to the income tax, accounting, corporate and VAT rules and how these can impact your business.   

 

Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria.  For an appointment in our Gozo office, please call on +356 21378672 or send us an email on [email protected]. 

Disclaimer: This article contains general information only and is not intended to address the circumstances of any particular individual or entity. ACT, by means of this article is not rendering any accounting, business, financial, investment, legal, tax, or other professional advice or service. This article is not a substitute for such professional advice, nor should it be used as a basis for any decision or action that may affect your finances or your business. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Before making any decisions or before taking any action that may affect your finances or your business, you should consult a qualified professional adviser. ACT shall not be responsible for any loss whatsoever sustained by any person who relies on this article.