More than 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, Enterprise Minister 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, certificates that were about to expire in 2023 can now be extended to 2026.

Dalli said this gives small businesses, most of which are self-employed, operating in different sectors, some breathing space.

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.

Dalli said that since 2019, the government had approved €84 million in aid through 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%.

Meanwhile, a new MicroInvest scheme, ‘MicroInvest 2021’, was also unveiled.

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 ME is constantly receiving feedback to make the process simpler and easier, while ensuring that applicants are getting the highest value from the investment. 

More information can be obtained on tel. 144.

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