MDB issues new scheme with revised collateral requirement after the Malta Chamber of SMEs highlights difficulties
23 September 2020
Following problems flagged by members on accessing the MDB loan scheme, the Malta Chamber of...
standard VAT return – which will replace national VAT returns – will ensure
that businesses are asked for the same basic information, within the same
deadlines, across the EU.
year, 150 million VAT returns are submitted by EU taxpayers to national tax
administrations. Currently, the information requested, the format of national
forms and the reporting deadlines vary considerably from one Member State to
makes VAT returns for cross-border businesses a complex, costly and cumbersome
operating in more than one Member State have also complained that it is
difficult to remain VAT compliant, due to the intricacy of the process.
proposal is also an important contribution to creating a more efficient and
more fraud-proof VAT system, as set out in the Commission's Strategy for VAT
reform. VAT accounts for around 21% of Member States revenues, and yet around
€193 billion went uncollected in 2011. By creating an easier system for both
taxpayers and administrations to work with, the standard VAT return can improve
tax compliance and reduce the VAT Gap. As such, today's proposal could make an
important contribution to fiscal consolidation across the EU by increasing
income to the public purse.
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).