A Budget that extends the safety-net for Businesses, more tax incentives should follow to enable new investments
19 October 2020
Budget 2021 The Malta Chamber of SMEs is pleased to see a number of its...
must step up their work to prevent, detect and report fraud affecting EU funds,
according to the Commission's annual report on the protection of financial
interests (PIF report).
The report sets out detailed recommendations on areas
that national authorities should particularly focus on in this respect. The
report finds that detected fraud in EU spending accounts for less than 0.2% of
all funds. Nevertheless, the Commission believes that greater efforts at
national level both on combatting and detecting fraud should be deployed. The
annual PIF report therefore recommends, amongst other things, that Member States
review their controls to ensure they are risk-based and well-targeted.
positive side, the report notes that good progress is being made at national
level to implement new rules and policies which will strengthen the fight
against fraud in the years ahead. Moreover, at EU level, the past 5 years have
seen major advances in shaping a stronger anti-fraud landscape. These
initiatives can have a marked impact on fraud levels, once they are fully
to the report, fraud affecting the EU budget, which was detected by national
authorities, decreased slightly in 2013 compared to 2012. On the expenditure
side, €248 million in EU funds were affected by fraud, equivalent to 0.19%
of the expenditure budget. This compares to €315 million the previous year
– a drop of about 21%. On the revenue side, suspected or confirmed fraud
amounted to €61 million, representing 0.29% of traditional own resources
collected for 2013. This compares to €77.6 million the previous year, also
marking a drop of 21%. While the overall financial impact of fraud affecting EU
funds decreased last year, the number of cases reported in EU spending
increased compared to the previous year. This may be the result of stronger
measures to detect fraud at an earlier stage, thereby reducing the overall
amount of funds affected. It also may signal better reporting of fraud by some
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).