Applications are open for micro businesses to apply for tax credits on investments or wages costs relating to a new job role.
The tax credits may be used against tax on income generated by the qualifying business activity.
The tax credit eligible amounts to 45% (or 65% for undertakings operating in Gozo) of eligible expenditure incurred. Such eligible expenditure may include improvements to the business premises (provided it is properly licensed), acquisition of machinery or equipment which enhance business efficiency, or acquisition of motor vehicles (subject to some limitations and conditions).
A business is may be eligible to not less than €30,000 over any period of three consecutive years. This amount increases to €50,000 in the case of start-ups (as defined) established in Gozo. The tax credit can be used within three years (four years in the case of start-ups) commencing from the year of assessment in relation to which it has been awarded (any unutilised credits remaining after this period is forfeited).
The application must be submitted by 30 March 2015 though we strongly encourage earlier applications. Please contact us on 9947-5566 for assistance.