Micro enterprises which have made investments in their business over the past few months have until the end of this month to apply for assistance through the Micro Invest scheme administered by Malta Enterprise.

Enterprises employing fewer than 10 workers, including start-ups and the self-employed, may obtain a tax credit amounting to 40 per cent of the eligible expenses they undertake to innovate, develop and grow their business.

The benefit rises to 60 per cent of eligible expenses for Gozitan businesses, which are often at a disadvantage. In either case, the maximum benefit is capped at €25,000.

Expenses eligible for assistance include furbishing and upgrading of business premises, machinery and technologies to improve operations and to save or generate energy, investments to ensure compliance with regulations, the cost of one commercial vehicle used for the transport of goods, as well as wage costs for new jobs created.

Almost 2,000 enterprises have applied for assistance through the Micro Invest scheme since its launch, with Malta Enterprise approving tax credits amounting to over €12.5 million to the various beneficiaries and assisting them to develop their own business and generate new jobs.

Between them, these enterprises have invested almost €40 million, of which around €8 million, or roughly 20 per cent of the total investment, were expenses related to wages of just under 800 new jobs directly generated by the beneficiaries of the scheme.

On approval, enterprises are given a certificate that is to be presented to the Inland Revenue Department with the tax return to claim the tax credit, which may then be used by year of assessment 2015.

Further information about Micro Invest and other schemes aimed at helping businesses are available from Malta Enterprise’s Business First on 144 or at info@businessfirst.com.mt.