GRTU: Balanced budget with positive business incentives

The Chamber of SMEs said that this year’s Budget had offerred a healthy mix of incentives targeting the private sector many of which are being implemented with the collaboration of the GRTU.

“Most of GRTU’s priority areas have in fact been addressed and a good number of proposals have been taken up. GRTU believes this will further secure the country’s economic growth,” the GRTU said. “There are no apparent shocks to business and awaits timely implementation based on thorough consultation with social partners.”

But GRTU noted with dissatisfaction that the energy tariffs were not reduced albeit clear indications supporting GRTU’s claim.

Whist GRTU welcomed the announcement that an investigation on bank interest rates and charges had now been completed, the Chamber was eager to see the results of this investigation and tangible action taken in this regard. “More needs to be done to increase enterprise options when it comes to access to finance, especially means of financing that go beyond the use of banks. In line with this GRTU is also eager to see the implementation of the long awaited development bank.”

On transport, a number of GRTU’s proposals were taken up, including planned incentives for the private sector to introduce transport schemes for their employees, incentives such as car pooling and the strengthening of sea transport as well as the exploration of alternative means of transport.

GRTU said it was pleased government was giving importance to enterprises through repayable grants, as well as welcoming the regulation of migrant workers, simplification through fiscal consolidation and the fast processing of insolvency procedures, the export trade guarantee, the permanent link between Malta and Gozo, the developments in relation to the POYC and the withholding tax on commercial properties.