Login   |  Register
[mepr-login-link]   |  Register

Tag: Budget 2021

A Budget that extends the safety-net for Businesses, more tax incentives should follow to enable new investments

Posted on by SME Chamber

Budget 2021

The Malta Chamber of SMEs is pleased to see a number of its Budget proposals taken up and welcomes the extension of the most important Covid Support measures.

The SME Chamber welcomes the extension of the wage supplement, as proposed, till end of March. It is apparent also that a fairer system will be adopted that ensures that all enterprises requiring help will be receiving this assistance. A positive development will also be the possibility to integrate new employees on this assistance, something that was causing great practical difficulties to business owners.

Another positive is the fresh round of vouchers that is announced to be released. The Malta Chamber of SMEs appreciates the fairer distribution of the allocation of the vouchers between sectors, which is another proposal that came from the SME Chamber and was taken up. This measure will be essential to re-energise consumption with immediate effect to guarantee the best outcome for the fast approaching most important business period for many sectors.

In line with the SME Chambers’ proposals, Budget 2021 also incentivises investments to help businesses in their digital and sustainable transformations. Businesses are being directed to re-engineer their business models and invest heavily in digital tools. The SME Chamber emphasis for strong incentives in this sense given the delicate condition many enterprises are in at the moment.

Tax incentives and the lowering of VAT rates would have boosted businesses’ ability to invest. A step that many other EU countries have taken, which is absent in Malta’s 2021 Budget. On the other hand however the SME Chamber positively notes the widening of the bracket for tax exempt businesses from Eur 20,000 to Eur 30,000.

Another necessary pillar for investment is the Banks. The Malta Chamber of SMEs believes that the Banks are still not delivering in being the protagonists they should be in the current situation. The banks must pull up their sleeves and see how they can ensure business survival and be catalysts for investment. All too often business owners are reporting failures in terms of banking support for SMEs.

All in all this budget aims to instill confidence in Maltese businesses and aims to sustain Malta’s economy during these exceptional circumstances. The SME Chamber will continue to offer support to its members and work hand in hand with the government in order to ensure the safeguarding of its members livelihoods and that of their employees.

A message from the CEO: An important juncture in a difficult period

Posted on by SME Chamber

“The coming days will however be very decisive”

A very important juncture is looming. We are right on the doorstep of new actions that will be announced to control the spread of the virus and also on the most important budget, possibly in the history of Budgets, to be announced.

Times of excitement, pressures and stress. This time would have been more exciting hadn’t we been here, in this position, awaiting this important news that is potentially life changing to your individual businesses, all too frequently over the 7 last months.  

The coming days will however be very decisive and, days that we as a Chamber have been working hard to prepare for in the direction of the best outcome, for months now. 

Throughout this period we have tried our very best to assist our members and the business community in general in all ways possible.  

 The coming months are not expected to be easy but we will be there with our continued support. The day following the Budget we will already be coming to you with a webinar explaining the highlights of the Budget. We are teaming up with Malta Enterprise and having Kurt Farrugia as CEO discussing the upcoming priorities and schemes. 

 It is an activity not to be missed to gear up for the months to come. It will be an important stepping stone and the basis for the planning you will need to undertake to benefit from the schemes available as much as possible and use this time as valuably as you can. 

 On a daily basis I speak to countless business owners and your feedback and updates are invaluable to me. Apart from my enjoyment in staying in touch with you it gives me a sense of security that I am in sync with the people I represent and have been entrusted to speak for.  

 

 I therefore appreciate you dropping me a line every now and then with your news, both good and bad, to keep me updated with what is going on. This helps me a lot in the work I do and fulfil my duty in the best possible way. 

 You can use any communication channel the SME Chamber has available to get in touch with me as you feel comfortable. 

 I look forward to hearing from you. 

Abigail Mamo

CEO Malta Chamber of SMEs

Malta Chamber of SMEs meets Prime Minister Robert Abela ahead of the Budget 2021

Posted on by SME Chamber

SME Chamber proposals address both the short and long term

As the Budget for 2021 is-set to be announced on the 19th of October, the Malta Chamber of SMEs today met Prime Minister Robert Abela as part of the pre-budget consultation.

During today’s meeting with Prime Minister Abela the SME Chamber presented its full set of 19 Budget proposals that mainly focus on mitigating the impact of Covid 19 by sustaining businesses, and also support businesses in going into viable investments.

SME Chamber President Paul Abela said that the SME Chamber proposals address both the short and long term. The SME Chamber wants to see Covid support measures extended. These include the wage supplement till March and a new round of the voucher scheme. Important fiscal proposals include lowering income tax on the first Eur 100,000 in profit that a business makes and lowering VAT to make goods and services more affordable for consumers.

Mr Paul Abela emphasised that Malta’s Economic Strategy must change and Libya is one project that the SME Chamber is working on. Libya has always been important for Malta and it is one of the doors that will unlock our economic recovery. Libya is a country with 7 million consumers and investment opportunities are ample.

Prime minister Robert Abela said that when implementing the Moneyval recommendations, the Government will not be hurting businesses.

The Prime Minister added that the Government is looking at opportunities for Maltese businesses in Libya, and explained that during last week’s European Council he had referred to the need for Libya to be given the opportunity to build its economy, with Maltese and even European businessmen being able to invest.

Budget 2021 set for October 19

Posted on by SME Chamber

The date of the 2021 Budget has been announced as the 19th October 2020.

The announcement was made on Monday afternoon as a meeting of the House Business Committee, ahead of the first sitting of the House of Representative following the summer recess.

The budget would be announced on October 19, with the Opposition leader’s reply a week later on October 26. The remarks by the prime minister will follow on the next day.

All the financial estimates debates will be held by not later than November 6, with the House meeting twice or three times daily.

Members of the public will not be allowed in the strangers’ gallery in line with COVID-19 restrictions.

Last month, the Malta Chamber of SMEs has published its full set of 19 Budget proposals that mainly focus on the required urgent response mechanism to counter the effects of the Covid 19 pandemic on businesses.

Source: Timesofmalta.com