Malta Enterprise recently announced an extension to the submission deadline for applications related to the Micro-Invest Scheme.

Specifically, self-employed individuals who incurred eligible costs in 2023 and are due to file their annual tax return by June 2024, must submit their applications until 10 April 2024. Additionally, companies that typically would be required to submit their annual corporate income tax return by September (with an extension for electronic submissions until November) can submit their applications by 29 May 2024.

The Micro-Invest Scheme remains a prominent initiative administered by Malta Enterprise, aimed at encouraging small businesses to invest in innovation, expansion and operational development. Eligible enterprises can benefit from a tax credit calculated as a percentage of their incurred expenditure. Malta Enterprise may approve a tax credit equivalent to 45% of eligible expenses for each undertaking. The maximum eligible tax credits per undertaking are capped at €50,000 over three consecutive fiscal years. Notably, this cap is increased to a total of €70,000 for enterprises operating from Gozo, registered as family businesses or having more than 50% ownership attributed to female individuals.

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