The Malta Enterprise Corporation has recently re-launched the MicroInvest scheme, which covers costs incurred during 2023. Your business may be eligible if it, on a stand-alone basis:
does not employ more than 50 full-time employees; and
did not derive more than €10 million in turnover during 2023
This scheme provides for a tax credit of 45% or 65% (depending on certain criteria) calculated on eligible costs, which include investment costs, certain refurbishing costs and increased wage costs of 3% or more, for a tax credit of up to €50,000 or €70,000, depending on the criteria satisfied, on a group basis. The maximum capping in tax credits above applies over three consecutive fiscal years.
The relevant deadlines concerning credits that may be utilised as from year of assessment 2024, if the application is successful, are:
10 April 2024 for self-employed individuals (submitting a tax return in June)
29 May 2024 for companies (submitting a tax return in September)
Additional information about MicroInvest can be found here.
Transport Malta has also recently relaunched the following financial incentive schemes, providing grants aimed at continuing to promote greener and more sustainable transport options:
Further information on each scheme may be found on the Transport Malta website.
It is to be noted that several incentive schemes, including some of the grant schemes referred to above, are regulated under the EU’s ‘De Minimis Regulation’ and thus, certain cappings may apply.
PwC Malta’s Incentives Team is well-equipped to help you identify any incentive schemes your business may be eligible for. We can provide you with additional information and guidance on the various incentive schemes and assist you with the application process and compilation of required documentation, including application submission and follow-up support.
