SME Chamber participated during a conference by the Malta Sustainability Forum organised by APS Bank
17 November 2022
The discussion focused on the Voluntary Occupational Retirement Pension SME Chamber Vice President, Michael Galea,...
The Rent Reform has passed through Parliament on Friday the 19th June. Unfortunately none of our well thought recommendations have been included, even though we were led to think otherwise. The greatest changes that will occur are the following:
Pre-1995 commercial contracts unless a different agreement is reached after 1st Jan 2010 or agreed in writing prior to 1st June 1995
1st Jan 2010 rent will increase by a fixed rate of 15%. The 15% shall increase on the 1st of June of each year up till 31st December 2013
On 1st Jan 2014 rent must be agreed upon between the parties. If no agreement is reached any party may apply to the Rent Board to fix the fair rent, established according to the Property Market Value Index
If an agreement existed where rent had periodic increases, such agreement will continue to apply without any increases
2. Contract renewals
A commercial contract made before 1st June 1995 shall in any case terminate within twenty years from 1st June 2008 unless another contract or lease has been made laying down a specific period.
A commercial contract made before 1st June 1995 for a specific period not yet lapsed on 1st January 2010 and on the original date "di fermo" or "di rispetto" is still running and where it has not automatically been extended by law, then the original period of lease shall continue to apply.
A contract made between the parties prior to the 1st June 1995 that allows for automatic renewals shall be considered as a contract for an unspecified period and shall terminate within twenty years from 1st June 2008
GRTU feels various points of this Act go against the basic rights of business owners as stipulated by law. GRTU will therefore take the matter to court and will file a Judicial Protest on behalf of its members being affected. We are placing this complaint to support your cause.
If you would like to be included in the protest and have GRTU file its complaint on your behalf you are kindly requested to contact Abigail Mamo at GRTU.
Only those included in the Judicial Protest will be entitled to any benefits we manage to win at court.
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).