Almost 1,000 micro enterprises benefit from aid

Almost 1,000 micro enterprises, including start-up companies and self-employed, have applied for MicroInvest schemes and invested €15.7 million, generating more than 235 new jobs.

The scheme assists them to innovate, expand and develop their operations. It was originally envisaged to last until the end of this month but has been extended by a year to cover projects carried out this year.

The extension was in response to an overwhelming demand which saw more than 936 applications being submitted, giving even more businesses the opportunity to benefit from the assistance.

Enterprises which submit their application by the end of March would be ensuring
that their application is processed in time for them to benefit from the assistance
this year.

Approved applications will be given a certificate that would have to be presented to the Inland Revenue Department with the Tax Return.

Through the MicroInvest scheme administered by Malta Enterprise, businesses can get 40 per cent of the investment to improve their own operations in the form of tax credits, up to a maximum of €25,000.

At 60 per cent of the eligible expenses, the benefit is even higher for Gozitan businesses in view of their double insularity, which often places them at a disadvantage.

This additional bonus has encouraged more Gozitan enterprises to apply for the scheme, and around 30 per cent of those who benefited operate in Gozo.

Overall, more than €4.7m in tax credits have already been approved, covering a vast range of investments that businesses have made to improve their day-to-day operations and enhance their growth possibilities.

Eligible expenses include furbishing and upgrading of business premises, machinery and technologies to improve operations and to save or generate energy, as well as investments to ensure compliance with regulations.

Also covered are wage costs for new jobs created, as well as the cost for one commercial vehicle involved in the transport of goods as specified in the incentive guidelines.

Open to all micro enterprises that employ less than 10 workers and which have an annual turnover of less than €2 million, including start-ups and self-employed, the scheme is part of the support provided to SMEs in recognition of their vital role for the economy.