Malta Chamber of SMEs presents its Budget 2024 proposals

The Malta Chamber of SMEs announced its Budget proposals for 2024. The Malta Chamber of SMEs Budget priorities for 2024 are:

  •  Reducing tax on businesses

  •  Addressing the Human Resource Crises

  •  Mitigating the impact of inflation

  •  Removing death tax on businesses

  •  Good Governance in Public Procurement

  •  Malta’s Quality – Quality of life and Tourism

  •  Energy Sustainability

The full set of proposals can be founder here: Malta Chamber of SMEs Budget Proposals 2024

The below is a summary of the main proposals presented: 

Our country is faced with what feel like insurmountable global challenges on which Malta has no control. In reality however there is a lot that Malta can do to directly and indirectly mitigate the impact of the waves reaching our shores. One example is the subsidy on the price of electricity that has spared Malta further inflationary pressures. The SME Chamber is putting forward proposals which are in line with Malta’s priorities as they aim to address our national challenges.

If we had to choose three segments we would surely start with inflation as a challenge which is afflicting both consumers and businesses. The SME Chamber is proposing a number of fiscal measures that will help improve affordability and the investment appetite, both of which have been dented by inflation, amongst other. Two of the proposals put forward are also listed in the PL Electoral manifesto, these are the widening of the tax brackets and reducing corporate tax.

The SME Chamber’s proposals are more aggressive given that, since the electoral promises, the global situation has deteriorated necessitating a greater degree of intervention. In terms of widening the tax bracket, the SME Chamber believes that the non-taxable income should go up to 14,000 as opposed to the current 10,000. In terms of corporate tax the SME Chamber feels that a business tax, which does not only alleviate the tax burden on the corporates is fairer. The reduction of 25% from the current 35% does not go far enough. The government should take the opportunity to reduce tax on local businesses also to diminish the unfairness with foreign businesses coming to Malta who effectively end up paying just 5% tax, improving the competitiveness of local enterprises. Other fiscal measures that address inflation is lowering VAT on essential goods and services as well as the removal of excise tax.

A second priority is the human resource crises that Malta is facing. Shortage of labour is driving up wages, yet the quality of our workforce has dwindled. Recruitment and retention is costing more than it has ever have. The SME Chamber is proposing tackling this problem with multiple interventions, including a secondment plan from public to private sector, joint stakeholder coordination to ameliorate the process of engaging TCNs, attractive retention programmes to be able to retain the right TCNs instead of them moving to other EU countries that offer more attractive conditions, as well as the restart of modern trade schools.

The SME Chamber is cognisant that Malta’s finances are under heavy pressure and therefore we are putting forward proposals that aim to help government spend more wisely. A reform in the public procurement system would lead to greater scrutiny of how public funds are being spent and that the best quality for the cheapest price is acquired. The way public procurement is currently being handled leaves much to be desired, direct orders, going way over budgets, poor planning and strategy are leading to tax payers’ money not being used adequately as it should be.

Your opinion is important! A survey about Wage Regulation Orders

The Department of Industrial  and Employment Relations (DIER) is currently carrying out a study about the Wage Regulation Orders and would like to get the employers’ opinion about the current employment law framework.

We encourage to participate and express your opinion in the survey below:

https://forms.office.com/e/dvJWApKVKc

The survey is anonymous and will only take a few minutes to reply.

Thanking you in advance for your cooperation.

Malta Chamber of SMEs launches Free ESG Advisory Services

Awareness raising campaigns and one-to one meetings now available freely to members to support them in their ESG journey

 

The Malta Chamber of SMEs has today launched the Free Advisory services on Environmental, Social and Governance related initiatives aimed at SMEs wanting to transition towards the ESG goals. The service will be consist of awareness raising on the topic, events and also one to one dedicated meetings wishing start working on the topic or do more.

Although a number of businesses are interested to transition, smaller businesses might not always have the internal resources and knwledge to do it on their own. The Free ESG advisory services will contribute towards assisting these business, when it comes to resources and expertise.

The advisory meetings will be held together with WEAVE Consulting, a certified ESG Expert able to provide recommendations and bespoke guidance to businesses.

During the launch of this new service, Minister for the Environment, Energy and Enterprise Miriam Dalli noted that “this initiative confirms that all stakeholders are recognising the importance of their role in our country’s ecological and digital transition, for a more sustainable future.”

“Through this service, along with the support being provided by the Government, enterprises have the necessary tools to continue working for continued prosperity and for more sustainable investments in our country,” said Miriam Dalli.

Malta Chamber of SMEs CEO Abigial Agius Mamo said that ‘todays’ launch is a clear commitment by the SME Chamber to assisting SMEs in transitioning towards a more sustainable business model.’…’We are proud to add to the list of free advisory services to members, ESG advisory, a topic which goes hand in hand with our core principles and values as an organisation.

The European Commission has called for a just transition where nobody was left behind and the SME Chamber is doing its part to contribute to this ambitious target…’The SME Chamber is proud to partner up with WEAVE Consulting, an established company which has been offering these services for over 5 years with a proven track record.’

WEAVE Consulting Managing Director, Dr. Roberta Lepre said that this newly launched service will make it easier for SMEs to look into business opportunities available and identify key areas of improvement within their business. This will not only result in a more sustainable business model, but also make them more resilient to adapt to future regulatory requirements.

Malta Enterprise CEO, Mr Kurt Farrugia welcomed this initiative by the Chamber of SMEs: “The initiative compliments the recent ESG Grant scheme announced by Malta Enterprise and will instigate more environmental consciousness among businesses while improving management structures and help create more inclusive workplaces.

Through such initiatives we are pushing for the mainstreaming of ESG reporting.

Additionaly Malta Enterprise may also help on tangibile projects which improve a stronger environmental performance by industry including the Smart and Sustainable investment scheme which can assist with up to 100,000 euros per such projects and the Investment Aid for Energy efficiency projects”

Businesses wishing to make use of the Free ESG Advisory Service are encouraged to get in touch by sending an email on or call on 21232881 for further information.

Malta Chamber of SMEs meets ADPD

The Malta Chamber of SMEs held a meeting with ADPD Chairperson Ms Sandra Gauci and Secretary General Mr Ralph Cassar and discussed the current challenges and opportunities which Malta is facing.
The SME Chamber was represented by Deputy President Mr Philip Fenech and EU and Communications Executive Mr Fabian Demicoli

Malta Business Awards applicants shortlisted – Up next, finalists announcement

Following the launch of the Malta Business Awards, over 400 applications were received. Following the applications deadline, the first phase of adjudication took place and on the 11th of September all shortlisted applicants were informed.

The finalists will be announced at the end of October and winners will be announced on during the final night on the 1st of December.

The Malta Business Awards are organised by the Malta Chamber of SMEs in collaboration with Malta Enterprise.

The 4 award categories are, Distinct Initiatives,Green Ambassadors, Celebrating Business & Business Innovation.

More informaton on www.maltabusinessawards.mt

SME Chamber CEO participates during the National Skills Conference

SME Chamber CEO Abigail Agius Mamo participating in a panel discussion on Twin Transition as part of the National Skills Conference organised by the National Skills Council.
During her intervention Ms. Mamo emphasized on;
The need to give SMEs the nessesary tools and resources to upgrade their skills in transitioning towards the green and digital economy
– The need to reward SMEs who go the extra mile in implementing green processes within their business.

ESG Grant Scheme Announced – Up to €5,000 grant for SMEs over 3 years

Minister for Enterprise Miriam Dalli together with Malta Enterprise CEO Kurt Farrugia, this morning announced a new grant aimed at SMEs in order to encourage ESG Reporting.

Support will be disbursed over 3 years. in Year 1, companies applying for support will be eligible for a cash grant of €3,000, capped at 75% of the costs associated with engaging an advisor to assist with portal reporting.

Moreover, businesses will receive an additional €1,000 cash grant available in both Year 2 and Year 3.

The Environment, Social and Corporate Governance (ESG) framework provides measurable goals and processes for tracking, managing and reporting on a company’s impact on the environment and on different stakeholders, as well as its approach to governance. The ESG Grant was developed to assist businesses in reporting and assessing their ESG impact.

Malta Enterprise will be accepting applications until 31st October 2023.  All applications are to be submitted through the Corporations Client Portal.

First time users will be required to create an account and register their business.

Click here for more information and online application

SME Chamber organises another meeting for the Mosta business community in relation to the current project

Following a meeting organized by the Local Council as part of the consultation in January, and prior to works commencing, the SME Chamber held a meeting for members now that we are half way through the project.

The meeting was very positive and a number of proposals were discussed with good quality feedback being put forward by members.

The project timeframes were once again explained with concerns raised and addressed. The SME Chamber gladly notes that the project timelines are going to be adhered to and will be passing constructive feedback in order to adapt to the needs of the business community, especially in the run up to the festive season.

Members having additional feedback are to pass this on by the 7th of September on .

Free Training Opportunities totally sponsored by eSkills Malta Foundation

The eSkills Malta Foundation is pleased to announce a series of free training opportunities that aim to enhance the digital skills of the Maltese Society. The Foundation has the overall objective to increase digital skills. In line with this objective, the Foundation is offering training courses/sessions/events for specific closed groups or open to the public.

Further details may be found at the following links:

These training sessions will run till November 2023.