State of the Union: Five key takeaways from Ursula Von der Leyen
17 September 2020
Key points from von der Leyen's state of the union speech [caption id="attachment_14822" align="alignnone" width="640"]...
Even though this year’s budget had a number of somewhat positive points, the GRTU had expected much more for Small Businesses (SMEs).
GRTU does not feel that businesses should be grateful for no increase in taxes. Businesses were one of the main contributors that generated the economic growth and surplus we are enjoying today. This time, they were also the ones left out from government’s wealth distribution plans. In the current economic scenario, GRTU had expected a reduction in corporate taxation and the reversal of the harmful excise tax, amongst other things.
GRTU welcomes positive incentives such as the extension of the MicroInvest scheme and commitments to further reduce bureaucracy as well as the increased enforcement to ensure a level playing field. These are measures that have now become commonplace in every year’s budget. One will need to see what these will actually and tangibly result in.
We appreciate that the environment is high on government’s agenda, which is positive. This must however be accompanied by proper consultation in order to foster the right synergies with the private sector.
It appears that the government is taking our positive GDP trends for granted with no new incentives to continue stimulating the economy. GRTU is surprised that out of the 13 proposals it presented none have been adequately addressed.
GRTU is amongst others alarmed that the biggest challenge facing businesses today, the lack of human resources, was not even given a mention in this year’s budget.
This budget is populated by numerous minor proposals, none having the aggressive approach we desired to address specific issues. A case in point is traffic congestion with pages explaining minute solutions and nothing strong enough to really make a difference.
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).