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...
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.
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