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...
• Trading losses should be set off against trading profits generated in previous years. In this respect, businesses can be refunded tax paid in previous years which may help in giving them the necessary breath to turnaround to a profitable situation.
• Introduce simpler tax credits that may be understood by the entrepreneurs!
• Reform of tax to encourage the leasing industry which will give small business an access to machinery that they otherwise could not afford
• Maintaining the same level of tax on non-productive activities such as business activity on property and reducing it on productive activities such as manufacturing and the production of approved services
• Provide appropriate tax incentives for Venture Capitalists
• Government should make sure that certain infrastructure needs are present at a competitive price.
• Engage into Cross Border Projects in order to attract EIF Funds
• Ensure there is no over regulation that might hinder investment
• Accelerate consultation process by ME with respect to the "New" BPA
• Ensure liasing between authorities and that entrepreneurs are "not stuck in the middle"
• Malta Enterprise must change its current policy that withholds assistance to non-manufacturing enterprise and to micro-enterprise.
• Invest in the improvement of and maintenance of product Malta
• Restructuring of the Malta Tourism Authority is taking far longer than the timeframe desired and once again MTA is not prioritising the Marketing of Malta but remains loaded with other action prorammes
• Avoid increasing fish farm activity particularly in areas that are considered as a Tourism Priority Area.
• Identify the competitive advantage Malta has. The message Malta is giving is confused.
• Incentives clustering in order to improve resource utilisation and achieve economies of scale
• Invest further in training in latest technologies
• Incentives leasing industry in order that Malta's Manufacturing industry may have access to latest technological equipment
• Continuous training schemes
• Liaise with constituted bodies and NGOs in order to take measures to eliminate mismatch of skills
• Life Long Learning in all sectors
• Ensure changes in legislation are not detrimental to any part of the educational sector (example VAT act)
• Eliminate over regulation which is hindering business generation and growth. The new Better Regulations Committee must issue a report every month detailing what reforms it has effected.
• It is getting all the more hard to keep abreast with all new legislation flowing from EU and Malta. It is hard for the professionals let alone for the entrepreneurs! Government should together with the MCESD ensure that timing of implementation of legislation is adequate and done in a manner that does not impact negatively on businesses. Furthermore, a continuous information programme should be set up….in Maltese!!!
• Malta Stock Exchange has failed to attract new listings in recent years. Also, it has failed in providing new financial instruments. Should the stock exchange be a stepping-stone to leading markets? Should it be providing innovative financial instruments? Is it time to consider whether the MSE should be privatised?
• Downsizing further of Public sector through Privatization, PPP and streamlining of activities.
• Malta is still a non-entity in the EU and probably most countries still question the value added that Malta gives. There are various programmes that Malta has not tapped into. We need to have the appropriate structures run in a business like manner to encourage Maltese to tap into these funds.
• Support to SME representative bodies:
Bodies like GRTU need financial assistance to provide a professional service to small businesses. The Licence Structure must change and enterprise should be obliged to pay a Licence fee to a Chamber of their choice. Each Chamber must report to Parliament on action taken as services to SME’s to justify the funds received. Chamber’s Account will be subject to public Audit.
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).