The Malta Chamber of SMEs has published 19 Budget proposals that mainly focus on the required urgent response mechanism to counter the effects of
the Covid 19 pandemic on businesses.
Introducing the proposals, SME Chamber President Paul Abela said that 2020 is nothing like what anyone expected and will be remembered as an exceptional year for all the wrong reasons. Mr Abela also explained that businesses had hoped for greater stability in 2020, after Malta had gone through very turbulent months at the end of 2019 and later saw the election of Dr Robert Abela as Prime Minister.
Unfortunately, Covid 19, added Paul Abela, brought about further lack of confidence, lack of stability and great uncertainty. Businesses have been hit very hard, he said, and they need help to rebuild their strength to be able to sustain the Maltese economy independently again.
The proposals include a reduction of business income tax to 20% for the first 100,000 euro in profits, a lowering accross the board of VAT, removal of SISA and extension of the COVID wage supplement until March 2021. Additionally, the Chamber called for a number of other business sectors to be included under the applicable wage supplement regime.
