660 companies invest €12.3 million, create 276 jobs

Finance Minister Tonio Fenech said this morning that 660 owners of small enterprises have invested €12.3 million and together will benefit from tax reduction, as tax credits, up to a value of €5.2 million under the MicroInvest Scheme.

205 of the applicants were owners of enterprises in Gozo – who can benefit from up to 60% in tax credit.

€2.3 million of the €12 million will go to wages. “This means that thanks to  MicroInvest, 276 new places of work have been created,” Fenech said.

Fenech, accompanied by Parliamentary Secretary Jason Azzopardi, was presenting the first MicroInvest certificate to RPJ Limited, in Imgarr.

Fenech said the scheme was bearing fruit as more small enterprises are applying. “Owners are refurbishing their companies, they are investing in machinery, technology and commercial vehicles, whilst they can benefit to up to 40% tax credit on their investment,” he said.

Whilst investments will have to be done this year, the applications close in March of next year. “Those tax credits which won’t be used, can be transferred ill 2014,” Fenech said.

Congratulating RPJ Ltd on its refurbishment of the shop, Azzopardi said the company had invested in machinery and equipment which helps it compete on the new market.

“All this amounted to some €25,000, of which the company will benefit from a tax credit of €10,000. In this manner, government is also prizing SMEs for their diligence,” Azzopardi said.