Since 2019, Malta Enterprise approved over €80 million under the MicroInvest Scheme, a scheme aimed at giving tax credits to self-employed individuals, start-ups, microenterprises and SMEs including family businesses. 

Tax credits are in place to assist such businesses invest, improve, and expand their business. In fact, eligible expenditure is related to refurbishments, increase in employee salaries, purchasing of equipment and commercial vehicles. Not all costs can be claimed back as Malta Enterprise may approve a tax credit equivalent to 45% of the eligible expenditure.

This year, eligible businesses already had the opportunity to submit the relevant application forms in March and May, however MicroInvest has a final deadline for late applications to be submitted. By 15th December, businesses have to submit the application form that includes costs undertaken in 2020. Eligible applicants willthen receive an Incentive Entitlement Certificate commencing from year of assessment 2022. 

It is important to note that since 2020, due to the COVID-19 pandemic and as part of the Regeneration aid package to businesses announced by the Maltese government, an extension has been made to tax credits that are due to expire between 2021 and 2023. This means that tax credits that have already been awarded, will be extended by 3 years respectively. If you are a self-employed individual, own a microenterprise or a SME and your tax credit is about to expire by 2023, you can submit an application form for this extension until  next month – November 2021.

If you require further information about MicroInvest scheme, we invite you to visit our website.

For a personalised quotation to assist you in submitting a successful application form, you can get in touch with our team on info@fairwindsmanagement.net