Fabian Demicoli

NECC Guidelines on Financial Statements

The Guideline issued by NECC regarding the submission of Financial Statements does not take into account the modus operandi of small businesses. This is particularly so in the case of the filing of VAT returns. It seems the VAT Department will once again create an added administration burden to small businesses.
GRTU, The Chamber For Small and Medium Enterprises has been warning about this from day one but NECC has once again failed in recognising the importance of businesses, particularly retailers in this whole process.

The Guideline issued by NECC regarding the submission of Financial Statements does not take into account the modus operandi of small businesses. This is particularly so in the case of the filing of VAT returns. It seems the VAT Department will once again create an added administration burden to small businesses.
GRTU, The Chamber For Small and Medium Enterprises has been warning about this from day one but NECC has once again failed in recognising the importance of businesses, particularly retailers in this whole process.

The GRTU once again appeals to Government to make good for the added costs that businesses will incurr. This is even more so when the added costs are not necessary!

NECC is failing to understand the consequences of what it is creating. NECC is creating Euro related costs which will have a negative effect on inflation.

The GRTU holds to its Directive to members that it is not to incur any costs in relation to the Euro until Government has a proper planned and consultative approach. Furthermore, all communication from NECC should be ignored.

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