Micro Invest 2024

If you or your company invested in assets or staff during 2023, you might be eligible to claim back a substantial portion of the costs incurred by applying for a Micro Invest Tax Credit.

 

Conditions 

The general conditions for a business to be eligible under this Scheme are the following:

• The Company must be in good standing with its tax, VAT and FSS filings and payments; 
• The Company must not have employed more than 50 full-time employees in the year in which the costs were incurred; 
• The Company must be employing at least 1 (full-time or part-time) employee at the time of application;
• The Company must not have a turnover or annual balance sheet total exceeding €10million in the fiscal year preceding the year in which the application is submitted; 
• Unless exempted, the company must be registered with the VAT department

 

Eligible costs

 

1.  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 fiscal years.
 

2.  Costs incurred for services rendered by unrelated parties, for the furbishing and refurbishing and upgrading of business premises covered by a selective number of Planning Authority Licenses.
 

3.  Acquiring new (or first time used in Malta) machinery, technology, apparatus and instruments.
 

4.  Investment in systems intended to produce alternative energy or to improve energy efficiency, unless receiving other state aid support.
 

5.  Investment in tangible and intangible assets required for digitisation of business operations. These include investment in: 

• computer hardware
• investment in software systems
• investment in websites or the developments, updates and enhancements thereto, and/or digital applications.

6.  The purchase of any commercial vehicle procured as 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 maximum aid threshold mentioned below.

7.  Investment in attaining any of the below business certifications:

• CE Markings
• ISO 9001 Quality Management Systems
• ISO 14001 Environmental Management Systems
• ISO 50001 Energy Management
• ISO 22000 Food Safety Management
• HACCP

The maximum aid per one single entity is €50,000 (capped over a period of 3 consecutive years) which increases to €70,000 in the below instances: 

• Applicant is operating from Gozo; 
• Applicant is registered as a Family Business; 
• Applicant company is female-owned to the extent of more than 50% 

Deadlines

 

Year in which costs are incurred	Primary deadline - self-employed individuals	Primary deadline – companies	Late submissions	Applicability of Credit
2023	27/03/2024	29/05/2024		2024
			27/11/2024	2025
2024	26/03/2025	28/05/2025		2025
			26/11/2025	2026

 

How can BDO help?

If you think that you or your company could benefit from MicroInvest, we can assist you with the process and in making sure that your application is filed correctly.

 

Have Questions? Contact us