Claim up to 45% of your costs in Tax Credits with Micro Invest

If you’ve invested in assets or employees during 2022, here’s some great news for you! Your business might be eligible to claim back up to 45% of the costs incurred through the Micro Invest scheme. This scheme offers significant benefits for qualifying businesses, helping them save on eligible expenses and boost their financial prospects.

Who is Eligible to Apply?
To take advantage of the Micro Invest Tax Credit, applicants must meet the following criteria:

  1. Be registered as self-employed or a company.
  2. The turnover or annual balance sheet total of the undertaking should not have exceeded €10 Million in 2022.
  3. The undertaking must employ at least one (1) person on a full or part-time basis, with a maximum of 50 employees.
  4. The undertaking should be duly registered with the VAT department unless exempted.
  5. The company must be in good standing with its tax, VAT, and FSS filings and payments.

Eligible Costs
The Micro Invest Tax Credit covers various expenses incurred by businesses. The eligible costs include:

  • An increase in wage costs exceeding 3%, calculated by deducting from wage costs incurred in the relevant fiscal year, the highest annual wage cost incurred in the preceding two (2) fiscal years
  • Furbishing and refurbishing costs of Business Premises covered by a selective number of Planning Authority Licences
  • Investment costs, consisting of new (or first time used in Malta):
    • machinery, technology, apparatus, or instruments
    • energy efficiency or alternative energy instruments
    • tangible and intangible assets required for digitisation of the business operations, such as computer hardware, packaged hardware solutions, development costs and website developments
  • Commercial Motor Vehicle Costs which are new or first time registered in Malta having a European Emission Standard rating of at least Euro 5. The maximum support for the procurement of motor vehicles powered by a fossil fuel engine shall be capped at 30% irrespective of the scheme’s aid intensities. This limitation does not apply to plug-in hybrid (PHEV) and electric vehicles
  • Certifications Costs, such as CE markings, ISO and HACCP

Maximum Aid
The maximum eligible tax credit per single undertaking is equivalent to 45% of eligible expenditure, capped at €50,000 over any period of 3 consecutive years. However, undertakings operating from Gozo will receive an additional bonus of 20% (i.e. 65% tax credit). For certain qualifying businesses, the maximum total amount of €50,000 can be increased to €70,000. These qualifying businesses include those:

  • Operating from Gozo
  • Registered as a Family Business
  • Having more than 50% ownership attributed to female persons

Deadline to Apply
The deadline to apply for the Micro Invest Tax Credit is approaching. If you haven’t already requested or availed of financial assistance on 2022 costs eligible under this Scheme, you can submit a Late Submission until 13th December 2023.

How NM Group Can Assist You
At NM Group, we have a dedicated team specifically handling Micro Invest applications, well-versed with the application requirements. If you’d like us to handle the application process on your behalf, please get in touch with us as soon as possible so that we can discuss further.

The Micro Invest Tax Credit is a fantastic opportunity for businesses to save on their eligible expenses and boost their financial growth. Don’t miss out on this chance to claim up to 45% of your eligible costs in tax credits.

Contact Us
For more information or assistance, please contact us at:
Email: [email protected]
Contact Number: +356 2137 2462

Disclaimer: This blog post is for informational purposes only and does not constitute professional advice. Please consult a professional or relevant authority for specific queries related to your business.

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