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MicroInvest 2015 incurred costs late submission deadline – Nov 30th, 2016

MicroInvest 2015 incurred costs late submission deadline – Nov 30th, 2016

The deadline for the late application submissions for the MicroInvest Scheme 2015 for those who have missed the closing date of the 30th March 2016 is the 30th November 2016 at 4:00PM.  The application is to cover eligible expenditure incurred in 2015.

This incentive is open to all undertakings satisfying all the criteria within the Incentive Guidelines version 4.4 .  Late Submission Application Form for costs incurred in 2015 and supporting documents (De Minimis Declaration) are accessible from the MaltaEnterprise dedicated webpage together with the MicroInvest 2015 FAQs document.

The incentive is granted in the form of a tax credit to the successful applicants.

The highlights of the urrent version 4.4 incentive guidelines are:

  • Accepted and correct late submissions for expenses incurred in 2015 (deadline November 2016) may start utilising the tax credit in the Year of Assessment 2017 through to Year of Assessment 2019.
  • The maximum eligible tax credit per applicant is €30,000 over any period of three (3) consecutive years, starting from any tax credits granted in 2014 for costs incurred in 2013.
  • In case of partnerships the maximum eligible amount will be reduced to the applicant proportion of control. Hence in case of a person holding 50% of the control of a partnership, one may only receive a tax credit of €15,000 over any period of three (3) consecutive years, starting from any tax credits granted in 2014 for costs incurred in 2013.
  • All admissible copies of documents are to be certified (signed) and stamped by a Certified Public Accountant as “Certified True Copy” and should include full name and warrant number of the accountant.
    • The accountant is to certify the following documents for each qualifying expense:
      * The tax Invoice and an associated receipt.
      OR
      * The tax Invoice marked as paid by the supplier.
      OR
      * The original Fiscal Receipt.
  • A permit identifying the premises as a business premises will be required for furbishing and refurbishing costs to be considered eligible.
  • Investment in acquiring new (or first time used in Malta) machinery, technology, apparatus or instruments which enhance the operations (including ICT solutions and systems which help to save energy or to produce alternative energy are eligible costs.
  • Ineligible costs are vehicle registration tax, vehicles used for the transportation of passengers, vehicle accessories and upgrades, vehicles that because of their nature can also be used for non-business (pleasure) activities.
  • Ineligible costs include any individual invoice having a value of less than €200.
  • Sea-going craft, website hosting, annual subscriptions, and equipment rented or leased are specifically ineligible.
  • Furbishing costs carried out in home based offices are now also specifically ineligible.
  • The Application Form is to contain photographic evidence of furbishing claims.

Downloads:
  Incentive Guidelines
  Late Submission Application Form
  De Minimis Declaration
  MicroInvest 2015 FAQs document
  SME definition User Guide

Links:
  New support measures announced in the Government Budget 2017
  Micro Invest webpage at MaltaEnterprise website

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