What We Think
May 17, 2020
MicroInvest Scheme
Assistance under this Scheme is provided to undertakings employing less than 50 full-time employees and having an annual turnover of less than €10 million.
Aid under this Scheme is granted in the form of a tax credit amounting to 45% (65% for undertakings operating from Gozo and in other specific circumstances) of eligible expenditure and may be utilised within a three-year period as from the year of assessment 2020.
Eligible expenditure includes:
Costs on furbishing and refurbishing of business premises
Investment costs on new machinery, tangible and intangible IT related assets, etc.
Purchase of commercial vehicles
An increase in wage costs of at least 3%
The maximum aid that may be granted per single undertaking is €50,000 over any period of three consecutive fiscal years. This capping is increased by a further €20,000 (i.e. up to a maximum of €70,000) for undertakings operating in Gozo, undertakings registered as Family Businesses and female-owned undertakings.
The deadline for submitting application forms relating to this Scheme in relation to capital expenditure and wage costs incurred during the calendar year 2019 is 27 May 2020. For further information get in touch with Nicky Gouder or Luana Farrugia.