15.10.2019

Self-employed people and micro enterprises can benefit from tax credit incentives for costs carried out in 2018 if they apply for the MicroInvest Scheme by 11th December. This deadline is for late submissions as during this year, applications have already been received in March and May.

Eligible applicants who submit their late submission in December will receive the incentive entitlement in 2020.

Examples of investments that are eligible for such tax credits include development and renovation of websites, investments in purchasing computer hardware, software and other ICT equipment as well as machinery, and motor vehicles, among others.

It is to be noted that the tax credit that eligible applicants will receive will be equivalent to 45% of the eligible expenditure – up to a maximum of €30,000.

More details about this scheme including the eligible capital investments and eligibility criteria to benefit from it can be found here.

If you would like to start working on your application, you’re still in time. Get in touch with Ms. Charlene Sciberras on csciberras@accountingservices.com.mt for more information and guidance on how to benefit from this scheme.