Eligible micro enterprises which have made an investment in their own business over the past months have until the end of March to apply for assistance through the MicroInvest scheme administered by Malta Enterprise.
Through this scheme, enterprises employing less than 10 workers, including start-ups and self-employed, may obtain a tax credit amounting to 40 per cent of the eligible expenses they undertake to innovate, develop and grow their own business. The benefit rises to 60 per cent of eligible expenses for Gozitan businesses, which are often at a disadvantage in view of their double insularity. In either case, the maximum benefit is capped at €25,000.
Expenses eligible for assistance include furbishing and upgrading of business premises, machinery and technologies to improve operations and to save or generate energy, investments to ensure compliance with regulations, the cost for one commercial vehicle used for the transport of goods, as well as wage costs for new jobs created.
Almost 2,000 enterprises have applied for assistance through the MicroInvest scheme since its launch, with Malta Enterprise approving tax credits totalling over €12.5 million to the various beneficiaries and assisting them to develop their own business and generate new jobs.
Between them, these enterprises have invested almost €40 million, of which around €8 million or roughly 20 per cent of the total investment were expenses related to wages of just under 800 new jobs directly generated by the beneficiaries of the scheme.
With Malta Enterprise receiving applications until the end of March 2013, enterprises that have made an eligible investment by the end of 2012 and would like to benefit from the MicroInvest scheme have only a few days left to submit their applications before the expiry of its last cycle.
Prospective applicants are therefore encouraged not to wait until the last day to submit their application - particularly in case any clarifications are required - to ensure they are on time and do not miss the opportunity to benefit from the scheme.
Enterprises whose application is approved are given a Certificate that would have to be presented to the Inland Revenue Department with the Tax Return in order to claim the tax credit, which may then be utilised by year of assessment 2015.
Further information about MicroInvest and other schemes aimed at helping businesses and industries may be obtained by contacting Business First - the one-stop-shop for businesses - on telephone number 144 or via email on [email protected]