ESG Grant Scheme Announced – Up to €5,000 grant for SMEs over 3 years
06 September 2023
Minister for Enterprise Miriam Dalli together with Malta Enterprise CEO Kurt Farrugia, this morning announced...
As a follow-up to the Budget 2015 Speech proposal whereby it was stated that the Government is aiming at furthering a National Strategy towards Electronic Payments in order to combat tax evasion and money laundering avenues, GRTU members were given an overview of an FIAU (Financial Intelligence Analysis Unit) proposal limiting cash transactions.
The measure is intended to:
a) Reinforce Malta’s Anti-Money Laundering Framework
b) Cut down on cash hoarding
c) Potential reduction in crime (e.g. hold-ups, etc.)
d) Combating Tax Evasion
e) Increasing Payment Traceability
f) Ensuring a more efficient and safer payment environment
The proposal is to make cash transactions above a specific amount decided upon by the Finance Minister illegal. The amount is to be no more than €15,000, however the proposal being put forward sets the limit at €10,000. This refers to cash transactions which are single transactionsbut also if they are linked transactions. Anyone caught contravening shall be fined between 15% and 40% of the amount exceedingthis said threshold. There shall also be an obligation upon which a subject person who knows or suspects of such transactions in cash has to inform the respective authorities immediately.
GRTU members are asked to send their feedback to GRTU or inquire for further information on by not later than 13th July 2015. This will allow GRTU to include this in its feedback.
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).