Malta Chamber of SMEs highlights the concerns and impact of Brexit on Maltese Businesses
27 January 2021
The way forward was also discussed Mr Paul Abela President of the Malta Chamber of...
The commission “will carefully study the economic, environmental and social consequences of introducing uniform rounding rules.
The Malta Chamber of SMEs is in favour of a system whereby the final total bill at the till, not the individual items, would be rounded up or down as necessary to the nearest 5c. Meaning sometimes customers would have a discount of 2c and sometimes an increase of 2c, depending on the case. It is therefore a very balanced approach and something that is many times done for practicality reasons.
The Malta Chamber of SMEs CEO, Abigail Mamo said “the cost of producing and administering these coins outways their value by far. There would be on impact of inflation.”
In Belgium, shops have been obliged to round up or down the total amount of purchases to the nearest 5 cents if the client pays in cash since December 2019. However, paying with 1 and 2 cent coins is still possible.
Rounding just at the point of the final bill would mean the coins could be phased out without retailers having to re-label items and allowing them to offer competitive prices, especially in the price-sensitive world of groceries, she pointed out. Card transactions would, however, still charge the exact amount.
A spokesman for the European Central Bank said there were many ways to phase out the two small coins.
“Ceasing the issuance of 1c and 2c coins would not be likely to have a noticeable impact on inflation, provided that the rounding is done to total payments in cash and to the nearest 5c, as currently applied in some member states,” he noted.
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).