MicroInvest 2014

Benjamin Griscti  -  7/August/2014

The Micro Invest scheme for 2014 is now open. This scheme is a tax credit incentive for micro enterprises and self-employed individuals.

In order for someone to apply, he/she must satisfy the following criteria:

  1. The applicant does not employ more than 30 persons (Full Time Equivalent) and his turnover does not exceed €10 million.
  2. The applicant must employ at least 1 person (on full or part time basis) at the date of application. The person employed can be the applicant himself in the case of self-employed persons.
  3. Only undertakings registered with the VAT department are eligible.
  4. Applicants must not be defaulting on VAT, Income Tax and Social Security.
  5. This incentive is not intended for voluntary organization as its aim is to support enteprises that carry out a trade or business.

Expenses that can be covered by this scheme include:

  1. Costs subcontracted to third parties in relation to furbishing, refurbishing and upgrading of business premises. However, if items related to the above are not part of a receipt issued by the subcontractor providing the services will not be accepted.
  2. Investment in acquiring new (or first time used in Malta) technology, machinery, insturments or apparatus which enhance operations. These include systems which help to save energy or to produce alternative energy.
  3. Capital Investment in Information Technology.
  4. Over a period of 3 years, investment in one new motor vehicle (or first time used in Malta) as long as such vehicle is involved in the carrying of goods (category N1, N2 or N3 motor vehicle), and Special Purpose Motor Vehicles (category E) as established in the Motor Vehicle Registration and Licensing Act (Cap. 368)
  5. Wages costs covering a 12 month period pertaining to new full-time jobs created as from 1st January (of the previous year the claim is submitted) as long as this constituted a net increase in the total number of full-time employees of the applicant when compared to the employment figure of the previous years. Basic wage costs excluding any allowances, insurances, bonuses and national insurance borne by the employer shall be considered eligible.
  6. Part-time employment is also eligible when such employment required the employee to work in excess of 20 hours per week.
  7. With regards to claims for employment commencing after January and with the costs overrunning in the following year, the residual months of the 12 month period (which have not been claimed for) could be included in the following year’s application form.

At KSi Malta, we have a team of experts that can help you in the submission of this application. Please contact us on for further information.

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