Microinvest Cash Conversion
UPDATED: Micro-Invest tax credit extension
- Extension of the period by which tax credits already awarded can be utilised
- Tax certificates due for expiry in 2021, 2022 and 2023 will be extended by 3 years respectively i.e. 2024, 2025, 2026.
- Injection of €78.4m in 8,861 businesses.
More info to follow.
As from 1st September, Malta Enterprise started sending emails to applicants of the Micro Invest scheme so that they may opt to receive part of the tax credit as a cash grant.
The first to receive these emails will be those applicants who still have not received a Tax Credit Certificate so that the certificate is issued with the correct amount. These applicants will have till the 7th of September to complete the request through the client portal from which they submitted their original application.
Applicants who have already received a tax credit certificate will be receiving an email to opt for the cash grant later this month.
The cash grant option is not recommend to applicants who intend to fully utilise the Tax Credit Certificate against tax due.
As a direct injection to those who invested in 2019 and who benefited from Malta Enterprise’s tax credit scheme, Microinvest, there will be a conversion of 30% of these credits into grants. Costs covered include refurbishment and upgrading of offices & factories, investment in machinery and other assets.
This will support those at a particular disadvantage due to having made an investment around a year ago, soon before the pandemic hit — with a grant of up to € 2,000 for any business.
Businesses in Gozo, family-run businesses, and those run by female entrepreneurs will receive a grant of €2,500.
In total this measure will provide around €5 million to small and medium enterprises in our country.