29 Jan Micro Invest
There’s never been a better time to invest in your business.
Micro Invest: a scheme brought to life by the Malta Enterprise, which came into effect at the start of 2014, and will be available all the way up until the end of December 2020.
The main aim of the scheme is to encourage businesses and companies alike to invest further in their operations, as well as to focus on their expansion and development.
What’s more, with Micro Invest Schemes, particular entities would be eligible to benefit from a tax credit, which is equivalent to no less than 45% of their qualifying costs. The maximum currently stands at €50,000, which must be used over a three, consecutive year period.
Where businesses owned by women and start-up companies established on the sister island of Gozo are concerned, the maximum capping of €50,000, is extended even further to €70,000.
In the case of family-owned companies, they are also in the running, as they too will benefit from the higher capping of €70,000, as of the first of January.
In order for such entities to qualify and begin benefitting from the Micro Invest Schemes, the following criteria should be satisfied by the date of application. These include:
. That the turnover of the business does not exceed €10,000,000, as per audited accounts of the year before.
. By the date of application for the scheme, the entity must employ at least 1 individual, on a full or part-time basis.
. The company need not employ over 30 people on full-time contracts.
. Those applying for the scheme must be registered with the VAT Department in order to be eligible to benefit from the scheme
Qualifying costs include the following:
. Motor Vehicle
. Furbishing, as well as
. Investment costs
. Salary costs: applicants can apply for a tax credit, on an increase in wage exceeding 3%, which has been incurred over an average of the last 3 years of business.
It should be noted that all and any costs that are claimed, must be supported by the correct and appropriate documentation. Such documentation may be in the form of fiscal receipts, FS7s or even tax invoices.
Should you require any further detail, access: http://maltaenterprise.com/en/support