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Malta Chamber of SMEs launches a guide to local Black Friday offers

Posted on by SME Chamber

MALTA CHAMBER OF SMES LAUNCHES A SPECIAL BLACK FRIDAY, THAT IS SENSITIVE TO THE DELICATE CIRCUMSTANCES THE COUNTRY IS GOING THROUGH 

SME CHAMBER APPEALS FOR CONSUMERS TO SUPPORT LOCAL BUSINESS FIRST AND FOREMOST

The Malta Chamber of SMEs has launched its initiative linked to Black Friday, this year highlighting additional convenience for consumers who can visit the stores but also wishing to buy online and have the items delivered.

Black Friday is a very important day for businesses and consumers alike, and this year, despite all the challenges, will certainly be a good moment for business when compared to the rest of the year. From the feedback received so far both businesses and consumers are very looking forward to make the most of these few days during which special offers will be available.

The SME Chamber’s initiative this year is in line with our national priorities and in fact apart from highlighting which stores are carrying the Black Friday discounts, their locality and opening hours, this year the SME Chamber is also highlighting which stores are carrying out offers online and also providing delivery service.

It is very positive to note that an increasing number of businesses participating in the initiative but more than this that businesses have overcome what used to be a national disadvantage and are now able to provide a full service of buying online and delivering.

Following an interview held with Prof Charmaine Gauci last week where Black Friday was discussed, the Superintendent of Public Health, outlined that the health measures on shops have proven to work and that one should always ensure that these measures are followed at all times. The SME Chamber appeals to businesses and consumers to continue cooperating and carrying their responsibilities as well as they have done so far.

The SME Chamber’s Guide to local Black Friday Offers covering over 200 outlets gives consumers full visibility in order to be able to plan their shopping ahead and benefit from this period to the full.

It has never been clearer how much local consumers need to support local businesses to help each other and come out of the crises. The SME Chamber emphasis that by supporting local we are supporting our own jobs and families.

 

Click Here to Download The Guide To Local Black Friday Offers.

Malta Chamber of SMEs President Mr Paul Abela and Malta Chamber of SMEs CEO Ms Abigail Mamo launching the Black Friday campaign earlier today during a Press Conference

Conference seeks to address Business uncertainty and inspire Maltese Businesses to look ahead

Posted on by SME Chamber

The Malta Chamber of SMEs has once again themed up with Business 1st to bring another edition of ‘The SME Conference’ for the year 2020. The theme of the event this year was ‘Covid 19 & SMEs – Acknowledging, Adapting and Looking Ahead’.

SME Chamber President Mr Paul Abela stated that Covid has been very hard on us all but the news of the vaccine approaching gives us all great hope and businesses should use this time to reinvent themselves and improve on their business. Maltese businesses still have a number of hard months to go through and he called on the Government to guide businesses on areas of investment in line with the country’s economic regeneration strategy. The SME Chamber President emphasised that the banks must be patient and lengthen repayment periods as much as possible to give businesses time to get back on their feet.

Minister Silvio Schembri remarked what a challenge this year has been. In fact, instead of the yearly budget the government has come out with 4 budgets this year. The Minister remarked that the wage supplement has so far reached the Eur 266 M in direct grants to businesses. Hon Schembri remarked in particular that he is encouraged by how businesses he meets discuss their plans for the future of their business and investment needs. The Minister echoed the SME Chamber’s call on banks to participate more in the economy as they are fundamental for economic growth and recovery.

During this conference, 2 of our partners, acquiring.com and Cybergate International also participated during one of our panel discussions about the digital needs of our businesses.

Mr John Pace, Chief Business Development Officer at acquiring.com said that online payment gateways such as acquiring.com are becoming more and more popular, especially since the Covid-19 pandemic started and since transaction fees became more competitive. Mr Pace stated that Covid has made online payments a basic need. Some businesses have already shifted and are continuing to shift and strengthening their online presence and online and electronic payment facilities. Cashless payments present in fact many advantages, yet businesses report an increase in cost on the charges related to card transactions in view of increasing volumes.

Mr Pace explained that their mission is to help businesses to optimise their sales and customer experience through facilitating speedy and seamless payments.

Ing. Kieth Fitzpatrick, Director of Operations and Training at Cybergate International said that the impact of cybercrime is increasing at an alarming level with the absolute majority of businesses having experienced at least one cybersecurity incident. He also mentioned that the majority of SMEs in Malta are not equipped to prevent cybercrime, and therefore Cybergate International is ready to assist. He explained that Cybergate Internatinal is a service provider in cyber security services with over 10 years of experience. Ing. Fitzpatrick said that throughout the years, Cybergate  had the opportunity to work with diverse sectors, including the financial, gaming, banking, insurance, legal, wholesale and retail sectors and with sizes ranging from small to large enterprises.

SME Chamber CEO Abigail Mamo presented the results of the SME Chamber findings carried out during the month of November, based on 300 business respondents. 78% of respondents reported lower levels of turnover compared to 2019, while 10% reported staying the same and 11% reporting an increase. Ms Mamo emphasised that a strong level of uncertainty was expressed throughout the replies from businesses and 38% were concerned that they would not last beyond 12 months if things remained the way they were. In terms of imminent changes that businesses are planning to implement 50% of respondents said that they do not foresee implementing any such changes, 18% of respondents intend to sell and market online and another 18% plan to reduce employees. Another 17% intend to diversify and 13% plan to downsize. 7% of respondents are planning or considering closing down their business.

Malta Enterprise CEO Kurt Farrugia remarked that the Wage Supplement is due to be revised and announced in the coming days and that this will ensure that help reaches those that need it most. It is planned for the assistance to be based on loss of business, according to the declarations submitted. The new framework will be discussed with the Chamber of SMEs and social partners business representatives. Reacting to the results of the SME Chamber findings, Mr Farrugia also said that the grants to help businesses with the electricity bills are due to be disbursed at the beginning of December and those related to Rental costs will also be disbursed in the weeks following that. The Malta Enterprise CEO also expressed concern that a significant amount of businesses did not highlight their intention to adapting and making necessary changes. He remarked that businesses should not build plans relying on state handouts but should use this time to make use of the tools available to revisit strategies and reinvent themselves in order to avoid exiting the market.

The Malta Chamber of SMEs thanks the different entities that have supported the even in one way or another, including, Malta Enterprise, the Ministry for Economy and Small Business, the Parliamentary Secretary for Financial Services and Digital Economy, the Parlaimentary Secretary for EU Funds, the Malta Tourism Authority, Identity Malta, JobsPlus, the Family Business Office, the Measures and Support Division, Acquiring.com and Cybergate International.

The implementation of excise tax on Lubricating Oils

Posted on by SME Chamber

A meeting was held with the Customs Department on an issue raised by our members I relation to excise tax on Lubricating oils. Excise tax on lubricating oils was is fact introduced in 2015. The development that came into force now is the introduction of the identifier mark – the excise duty stamp (boll). This was announced in the Budget read at the end of 2019 for the year 2020 and private operators were informed in writing in July and August of 2020.  It was also published in the Government Gazette in August 2020.

The period from the Budget announcement in 2019 to July 2020 was necessary to establish the design, security features and testing of the excise duty stamp and to come to an agreement with the excise duty stamp supplier with regards to the smooth running of procedures of procuring the excise duty stamps for lubricating oils. 

The aim behind this initiative is to be able to curb on unfair competition that is mainly coming through Sicily and ensure that all products present on the Maltese market are abiding by the same rules. 

All imports (non-EU) or entries into Malta (EU) that came in as of 1st October 2020 must follow the new procedure in the immediate and ensure compliance.

Products already available on the market (pre 1st October 2020) should also have the excise duty stamp affixed as soon as possible. Customs agreed to a transition period that does not go beyond May 2021. Following which enforcement will immediately take place and goods found without the excise duty stamp (even in cases where excise duty has been paid and the excise duty stamp also paid and available but not affixed to the product) will be confiscated and Customs will proceed with their action against the private operator as stipulated by the Excise Duty Act (Chapter 382).

The bank guarantee applies in the case of opting for a Tax Warehouse Keeper status and the amount of the guarantee would be equivalent to the amount of stock of the excisable goods that the tax warehouse can accommodate. Should excise be paid upon entry, in the case of Excise Registered Merchants, a guarantee applies in the form of payment according to the Excise Duty Act,  Article 10C (3) ‘…(a) before dispatch or receipt of the excise goods, he shall guarantee the payment of excise duty, under the conditions fixed by the Commissioner;..’ . 

Importers should seriously consider setting up a tax warehouse. 

What are the advantages of a Tax Warehouse?

  • It is only an area where the excisable goods are kept, the area can be simply marked with tape on the floor so other segregation such as partitioning is not necessary. It can simply be a section in a garage or warehouse.
  • Excise payment would not be required to release the goods, they can be taken to the tax warehouse and payment would be due 30 days after being sold and having left the warehouse.
  • There is no need to affix the excise stamp immediately but up to 5 days following the sale once the sale is done.
  • In case of an accident in the Tax Warehouse and the goods cannot be sold due to damage, spillage, etc… no excise tax would need to be paid.
  • Customs would not have access to the warehouse not their presence be required to access it.
  • Security requirements will ensure that the business is covered from theft.

 

What are your obligations to keep a Tax Warehouse?

  • Keep record of stocks going in and out of the Tax Warehouse and update customs on a monthly basis.
  • The Tax warehouse is to be kept secure by securing all entrances (including windows), CCTV (not accessible to customs), only accessible by people holding a good conduct. This is all to secure the goods from theft.
  • The bank guarantee that applies is according to the amount of stock the warehouse can take at any given time, this can be further reduced if all security is put in place and it can also be replaced by a private insurance that guarantees that in case of theft and goods going missing the relevant excise would still be paid to the government.

Malta Chamber of SMEs organises a webinar with BOV to address concerns about digital payments

Posted on by SME Chamber

A webinar entitled ‘Digital Payment – Addressing Business Concerns’, in collaboration with Bank of Valletta.

On the 5th of November the Malta Chamber of SMEs organized a webinar entitled ‘Digital Payment – Addressing Business Concerns’, in collaboration with Bank of Valletta.

The idea behind this webinar was for members to be able to raise the main issues and concerns, following the recently introduced charges for corporate accounts, on which the SME Chamber was receiving numerous complaints. This mainly concerned charges on coin deposits, use of cheques and transfers.

Mr. Paul Abela, mentioned that during the past months a number of members have approached the SME Chamber to voice their concerns following the introduction of such charges. Mr. Abela mentioned that the SME Chamber has already held meeting with BoV in order to possibly find a solution for specific issues, in particular those where their main business activity depended on coins, such as those operating vending machines.

The Webinar also saw the participation of Mr. Kenneth Farrugia who is the Chief Business Development Officer at BoV who in particular mentioned that customers are more and more opting to use digital payments as opposed to traditional means.
During the webinar, members were offered alternatives available for BoV clients which would drastically reduce the use of cheques in particular when it comes to pay salaries and to pay other suppliers.

A detailed overview was given by Ms. Tonia Naudi who is the Head Multi- Channel & Payments Business Electronic Banking Services at BoV explained the different digital options available, through the use of the BoV app.

As part of a dedicated Q&A a number of members raised the main queries related to the alternative methods available and raised issues they encounter through the use of these alternative methods. Bank of Valletta took note of the main concerns raised and assured members present that the processes will be reviewed internally.

Members who were not able to join, but would like to view the recorded webinar are to get in touch with Fabian Demicoli on

The Malta Chamber of SMEs is currently gathering feedback from members on the difficulties and issues encountered. Feedback received will be sent to BoV for further review. Interested members are to send feedback to Andrew Aquilina via email to;

Your company’s data is the lifeblood for your business – Are you protecting it?

Posted on by SME Chamber

Famous last words? It won’t happen to my company.

With data fast outpacing oil as the world’s most valuable asset, it’s never been more important to make sure your company’s critical information is secure.

One single breach could cost you more than just the loss of your data. The implications are long and far reaching, from an inability to get your company back online, a huge and sudden expense on expert resources, all the way to dealing with reputational damage causing a loss in business and severely impacting your bottom line. Your data could even be held ransom.

Hacking is a predicament that over 52% of global companies have now experienced.

With the onset of Covid-19, businesses across the globe have been pushed at a phenomenal pace to become wholly reliant on sturdy IT systems and a remote infrastructure. In this increasingly connected world, your customers de-serve the right strategic security solution. Because cybercrime that impacts you, is a threat to them too.

77% of global organisations are not ready for a cyber security incident. And if they succumb to one, it can take any-thing up to 6 months to detect.

Don’t become the statistic. Take action now.

Penetration Testing

Test your tech for vulnerabilities. Knowing your company’s weak spots in advance gives you time to effectively secure your data infrastructure.

Phishing as a service

Your staff might be your weakest link. Test their ability to spot and flag phishing emails, before they accidentally open the door to hackers and your data.

Cloud Security Assessment

Migrating to the cloud is an arduous task. Security might be the last bullet point on your migration checklist, or even left completely out in favour of operability. Assess your cloud infrastructure and identify your security holes before malicious attackers do.

Cyber Awareness Training

Lower the risk of human error. Give your staff the knowledge and the power to stop cybercrime in its tracks by show-ing them the latest threats and teaching them how to be the first line of defence wherever they are – even if working remotely.

Risk and Vulnerability Assessment

Put your company’s infrastructure in a resilient position, with this view of your infrastructure risk land-scape. Assess the specific threats your business’ infrastructure might face and discover the solutions that will ensure your data is protected.

 

Let’s talk.

Enjoy 10% Off with the promo code CYBERGATEOCT20.

Email Cybergate on or call on 79776644.

www.cybergateinternational.com

BioNTech/Pfizer and European Commission reach coronavirus vaccine deal

Posted on by SME Chamber

Agreement is for purchase of up to 300 million doses of front-runner vaccine.

BioNTech and Pfizer confirmed Wednesday that they completed a deal for the European Commission to purchase up to 300 million doses of their front-runner coronavirus vaccine.

“As a company founded in the heart of Europe, we are looking forward to supplying millions of people upon regulatory approval,” BioNTech co-founder Ugur Sahin wrote in a statement.

The Commission agreed to purchase 200 million doses of the vaccine, with the option to purchase an additional 100 million, according to a company press release.

Pfizer’s CEO Albert Bourla said this was the “largest initial order of vaccine doses … to date” for the companies.

The vaccine will be manufactured in both Pfizer’s Belgian and BioNTech’s German production sites. The company hopes to manufacture 1.3 billion doses in 2021.

The companies announced their vaccine was found to be 90 percent effective on Monday and could submit data to the European Medicines Agency as early as next week.

Some were concerned after the news broke that the EU had not completed its contract for the vaccines yet, while the U.S. and the U.K. had.

The Commission was quick on Monday to stress that the deal would be completed soon.

The Commission completed “exploratory talks” with BioNTech and Pfizer back in September. The Commission has completed similar talks with two other vaccine producers and signed deals with three others, including another frontrunner from AstraZeneca.

Source: politico.eu

Balance and Sensitivity should be our priority to survive the current crises – Initiatives for Valletta are not events

Posted on by SME Chamber

“Initiatives for Valletta are not events”

Valletta businesses have had a very bad year due to Covid, much worse than that experienced in any other locality. A good number have had to close and let people go. Calling it a day is a very hard decision, and the repercussion of such decisions and being very underestimated today. Waking up not having a job to go to is a very harsh reality with devastating effects on the person and the family.

The Capital city is ideal for many reasons during the current times. It has large open-air spaces and in total Valletta covers a significant area. People are still finding ways to enjoy the outdoors and Valletta is currently safe and under-utilised. Highlighting this function of Valletta and giving the families, seeking to enjoy some quality time safely, a small token of encouragement in terms of free parking is very balanced and sensitive in the current times.

Hopefully a solution through the vaccine is fast approaching and one will be able to return to an increased level of normality, however in the meantime we must be balanced and sensitive to avoid severe repercussions.

People want to go on living their life safely and it is the duty of the Government to provide such a space with the best possible conditions to do so. It is also the duty of the Government to sustain Valletta and private operators in this great time of need.

No Notte Bianca or event-like activity was announced yesterday. Some Christmas lights and kids choir can hardly be referred to as an activity, let alone an event. The Health Authorities have been consulted and there are clear protocols that must be followed. Apart from this everyone has his own responsibilities to follow and the authorities have their important function to address anyone acting in disregard. A few bad apples cannot steal away everyone else’s enjoyment of the Christmas spirit.

Needless to say the SME Chamber is categorically against any irresponsibility and breach of health regulations. Health and the economy are not against each other. Quite to the contrary they go hand-in-hand and we will continue being against any attempts to upset this balance from either side.

Balanced efforts by government to help Valletta Business and save Christmas welcome

Posted on by SME Chamber

Visitors to Valletta will be able to enjoy free parking

 

2020 has changed life as we know it and adapting has proven very hard for everyone, including businesses. Valletta establishments have been hit very hard by the pandemic being very dependent on tourists and cruise liners.

Valletta is having to reinvent itself to survive the crises and make the most of the opportunity it has to showcase the gem it is.

The Malta Chamber of SMEs therefore welcomes the support of the Tourism Ministry, the MTA, the Valletta Cultural Agency and the Ministry for Culture for accepting our views on the matter, in representation of the business community in Valletta, and supporting with key measures that will constitute the necessary lifeline for Valletta.

Valletta has during the recent years undergone a massive regeneration process and today it not only houses top brands and exquisite eateries but it is a true destination for its visitors.

With its large open spaces, beautiful architecture and museums, Valletta will be an ideal spot to get into the Christmas spirit while following safety protocols. Valletta will offer the necessary safe outing many families are hoping to enjoy this festive season.

Visitors to Valletta will be able to enjoy free parking on the following days:

– 27th November (Black Friday)
– 8th December (Feast)
– 13th December (Feast)
– 19th December – 1st January

The capital city will be beautifully decorated once again this Christmas. Apart from this however, visitors will also be able to enjoy a number of regular activities taking place at different areas in Valletta, making the experience even more memorable.

SME Chamber CEO Abigail Mamo stated that ‘Christmas is too much of an important period to be missed and that this initiative strikes the right balance between adapting to the new normal and staying safe while still enjoying life.’

Tourism Minister Julia Farrugia Portelli emphasized on the importance to sustain industry in these difficult times and that this certainly includes Valletta as the main tourism hub. With a 50,000 investment by the MTA, the government will be boosting local tourism for the capital.

Valletta Cultural Agency Chairman Jason Micallef stated that Covid will not kill Christmas and while following the full health protocols the initiative intends to still deliver Christmas to families and visitors, in a bit of a different, yet still beautiful and very enjoyable way this year.

 

Promoting your Black Friday Offers – Encouraging consumers to shop locally

Posted on by SME Chamber

Black Friday with the Malta Chamber of SMEs

Once again this year the Malta Chamber of SMEs is organising an official launch of Black Friday and we intend to give as much exposure as possible to local businesses and offers.

This year we will however be more sensitive to Covid and we will also focus on helping consumers plan ahead.

Participating and benefitting from this FREE promotion is very easy. All you will need to send is:

 

  • Logo (ideally vector format)

  • Sector (types of goods sold overall)

  • Locality/ies you are based in

  • Dates of Black Friday Offers

  • Opening hours on Black Friday

  • Offers available online Yes/No

  • Delivery service available Yes/No

Kindly send this information on