Micro Invest Tax credits 2023 for companies

The deadline for submission of applications for investment carried out in 2022 is 24 May 2023.

Eligible businesses should:

1. not employ more than 50 persons; and
2. not have a turnover exceeding €10M in the fiscal year preceding the year in which the application is submitted.

Eligible expenditure includes:

1. Wage cost increases that exceed 3% of the highest wage costs of the previous two fiscal years. The eligible value shall be calculated by deducting from wage costs incurred in the relevant fiscal year, the highest annual wage cost incurred in the preceding two fiscal years.

2. Costs incurred for services rendered for the furbishing, refurbishing, and upgrading of business premises by third parties, including costs of materials and other items required for furbishing, refurbishing, and upgrading of the business premises that are endorsed as to have been utilised by the third party providing the services in the works carried out. 

   With regards to applications received from 2022 (thus even applicable for application submitted during 2023), the Corporation shall only support costs incurred for the furbishing, refurbishing and upgrading of business premises covered by one of the following Planning Authority licences:
   CLASS 2A – Residential Institution - Residence for people in need of care on a temporary or permanent basis, such as a hospital or nursing home.
   CLASS 2B – Non-residential institution, such as a museum, library or public hall.
   CLASS 2C – Educational institution - school, nursery, day centre, etc.
   CLASS 3A – Guest Houses, Palazzini, Boutique Tourism
   CLASS 3B – Hotels
   CLASS 3C – Assembly and Leisure
   CLASS 4A – Financial, Professional and Other Offices
   CLASS 4B – Retail
   CLASS 4C – Food and Drink Establishments where no cooking is allowed
   CLASS 4D – Food and Drink Establishments where cooking is allowed
   CLASS 5A – Light Industry
   CLASS 5B – General Industry
   CLASS 5C – Specialised Industry
   With regards to applications received from 2022 (thus even applicable for application submitted during 2023), the Corporation shall only support costs for the refurbishment of short-term accommodation facilities. These may only be claimed if a valid Malta Tourism Authority permit covering the premises is provided with the request for support is submitted. The services must be provided by third parties and costs of materials and other items required for furbishing, refurbishing and upgrading of the business premises must be included within the provision of the service.

3. New (or first time used in Malta) machinery, technology apparatus, and instruments.
4. Systems intended to produce alternative energy.
5. Tangible and intangible assets required for the digitisation of the business operation such as computer hardware, packaged software solutions, and development costs for new software systems, websites, and digital applications.
6. As from 2022, operators licensed to provide passenger transport services holding a licence from Transport Malta may claim in any rolling 3 year period the costs incurred for the purchase of 1 plug-in hybrid or electric passenger vehicle purchased for the provision of passenger transport services.
7. Costs incurred for the purchase of any Commercial Vehicle procured as new or first time registered in Malta having a European Emission Standard rating of at least Euro 5, as long as such vehicle is:

• involved in the carrying of goods (category N1, N2 or N3 motor vehicle); or
• special purpose Motor Vehicles; or
• any vehicle that is designed specifically for the carriage of 7 or more persons.

With regards to applications received in 2023 (for costs incurred in 2022) the maximum support for the procurement of motor vehicles powered by a fossil fuel engine shall be capped at 30%.This limitation shall not apply to plug-in hybrid and electric vehicles

Are you eligible to apply for the Micro Invest Tax Credits? Contact us and we will be able to assist you!