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...
The six month
countdown has begun to a major change in the EU VAT system, which will ease
life for many businesses and ensure fairer revenue distribution between Member
States. From 1 January 2015, VAT on all telecommunications, broadcasting and
electronic services will be due where the customer is based, rather than where
the supplier is located.
This changeover will ensure a more level playing field
for businesses, and fairer taxation rights amongst Member States. In parallel,
a mini One Stop Shop will be launched, greatly reducing costs and
administrative burdens for businesses concerned. With the mini One Stop Shop,
businesses supplying e-services to customers in more than one EU country will
be able to declare and pay all their VAT in their own Member State. This is
consistent with the Commission's goal of reducing tax obstacles and burdens for
cross-border companies in the Single Market. The Commission has invested
greatly over the past few years to ensure that national tax authorities and
businesses are well-prepared and equipped to ensure a smooth transition to the
new system next year. This work continues, along with an intensive information
campaign, to ensure that both Member States and companies can reap the full
benefits of these important changes.
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).