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...
On Thursday 10th September the Malta Chamber of SMEs organised an online conference with the participation of high level officials, including Hon. Prime Minister Robert Abela, the Minister for Economy, Investment and Small Businesses Hon. Silvio Schembri, Malta Enterprise CEO Mr Kurt Farrugia and Business first CEO Ms Marika Tonna. The conference was followed by a staggering, over 22,000 online viewers on the Malta Chamber of SMEs facebook page, Malta Enterprise facebook page and Prime Minister Robert Abela’s facebook page.
The Prime Minister participated in a 45 minutes fireside chat with the Malta Chamber of SMEs CEO Ms Abigail Mamo in which he announced that:
Government will continue helping businesses with wage supplements beyond October – An updated scheme will be announced during October’s Budget.
The Prime Minister confirmed that he agreed that the Government will be working to boost consumption, he did not exclude a new voucher scheme will be launched
Repayment of Tax Deferrals and Moratoria on Bank Loans will be facilitated through prolonged payment schedules and the maturities of loans will lengthen
Malta Enterprise CEO Mr Kurt Farrugia and Business 1st CEO Ms Marika Tonna also made the following interesting highlights for business:
Sectors that felt the impact of Covid later will also be helped
Upcoming next are the Business Re-Engineering Scheme and the MicroInvest Tax Credit into cash
Future looking priority areas of support will be Green Business, Digital Investments by Businesses and Remodeling the Business Model for the new era
Malta Enterprise will be incentivising businesses to stop and think on a new economic model not based on mass tourist consumption, including higher quality investment in products and services
Malta Enterprise is working on strong Start-Up schemes and schemes that will address the gaps in the banking sector to sustain Access to Finance for SMEs
Business 1st will be expanding its focus more into Reducing Bureaucracy and next year launching an online one-stop-shop portal for businesses
During this online conference, Mr Karl Herrera, Chief Officer – Incentives Development Evaluation and Monitoring at Malta Enterprise presented an overview of the Malta Enterprise Support Measures. Mr Herrera’s full presentation may be downloaded here.
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).