Over 7,000 businesses are expected to benefit from the extension of the popular MicroInvest scheme, administered by Malta Enterprise, which encourages the setting up of new establishments as well as the expansion and development of existing businesses.
Addressing a press conference, Minister for Energy, Enterprise and Sustainable Development Miriam Dalli announced that the extension of the validity of certificates was aimed at providing businesses with more time during which they can benefit from the tax credit certificates. In view of the pandemic, those certificates which were about to expire in the year 2023, can now be extended to 2026.
“As part of our regeneration plan for businesses, businesses who carried out their investments in 2020 and who were planning to benefit from this tax credit till 2023, can now utillise this in 2024, 2025 and 2026. This was done as it is understandable that during the pandemic, businesses may have exprienced a drop in sales and therefore the amount of tax due also dropped,” Minister Miriam Dalli explained.
“This gives breathing space to small businesses, most of which are self-employed, operating in different sectors.”
Beneficiaries of certificates set to expire this year, next year and in 2023 will receive an email informing them of their eligibility to extend their certificates. Such applications will be received until November.
Minister Dalli noted how in 2.5 years, since 2019, the government approved €84 million in aid thanks to this scheme. The majority of businesses were retail and wholesale, taking up 24% of the aid, followed by the catering and accommodation sectors, at 9%. The investments were varied, including refurbishments, investments in machinery, equipment and commercial vehicles and wage assistance.
Meanwhile a new MicroInvest scheme, ‘MicroInvest 2021’, was also unveiled during the same press conference.
Two main additions to MicroInvest 2021 are the inclusion of certification expenses as eligible costs and a further push to promote buying of hybrid and electric vehicles for commercial use.
Malta Enterprise CEO Kurt Farrugia remarked that Malta Enterprise is constantly receiving feedback to make the process simpler and easy, whilst assuring that applicants are getting the highest value from this investment.
“Malta Enterprise is collaborating with other entities to continue to provide the right assistance and support. Above all, we want to keep supporting businesses to become innovative and sustainable,” Farrugia said.
For more information, one can call Business 1st on 144 for more details.
DOI Photo – Jeremy Wonnacott
The total number of firms that registered over €100,000 in profit in 2022 amounted to 5,044
Works are expected to start in the coming weeks
‘If I had no money, I would be happy with a dry place and necessary equipment for an affordable price’