Almost 1,000 micro enterprises established in Malta have benefit from a Government scheme aimed at assisting enterprises to innovate, expand and develop their operations.
The scheme is open to all micro-enterprises that employ less than 10 workers and which have an annual turnover of less than €2 million, including start-ups and self-employed.
Through the MicroInvest scheme, businesses in Malta may benefit from a tax credit, used to offset a tax bill, representing up to 40% of the investment made to improve their own operations, up to a maximum of €25,000. In the case of micro-enterprises with a centre of activity in Malta’s sister island, Gozo, the tax credit may go up to 60% of the investment.
This includes the upgrading of business premises, technology that saves or generates energy, costs of commercial vehicles as well as wage costs for new jobs created or apprenticeships taken.
In the first few months, more than €4.7million in tax credits has already been approved.
The scheme, which was originally envisaged to last until the end of March, has been extended to cover new projects that will be carried out in the coming months by micro-enterprises established in Malta.
The scheme is one of a series of schemes currently managed by Malta Enterprise, Malta’s agency responsible of promotion of investment and development in Malta. Other schemes provide aid for environmentally-friendly technology, business development, networking strategy, technical feasibility studies and industrial research, amongst others.
