The Malta Enterprise runs a scheme to act as a tax credit incentive for micro-enterprises and self-employed businesses. This is called MicroInvest. The ultimate aim of the MicroInvest scheme is to encourage undertakings to invest, innovate and expand the business. If you run a small or a medium-sized enterprise or self-employed, you might be eligible to apply for such tax credits. The tax credit is equivalent to 45% of eligible expenditure up to a maximum of €30,000.
The capital investments which will be eligible for this tax credit include:
- Costs in relation to furbishing, refurbishing and upgrading of business premises
- Investments in purchasing of machinery, technology, instruments and motor vehicles
- Investments in purchasing of computer hardware, software and other ICT equipment
- Recruitment of employees claiming tax credit for the first 12 months of their employment
- Development and renovation of websites.
Primary deadline for the self-employed submitting tax return in June is 23rd March 2022.
Primary deadline for companies submitting tax return in September is 25th May 2022.
If you are not sure whether you are eligible to benefit from MicroInvest or would like to receive further information as well as detailed upcoming deadlines, you can visit our website here: https://fairwindsmanagement.net/services/accountancy-services/microinvest-scheme.
We will also help you in the application process and provide you with advisory services in order to successfully obtain funding for your business investment and other tax benefits. You can also get directly in touch with Mr Conrad Meli for further info: firstname.lastname@example.org.