MHRA endorses revised IIP scheme, says it's 'time to move on'

Following meetings held with both Government and the Opposition Party on the matter, the Malta Hotels and Restaurants Association said "it was now time to move on", announcing its intention to "support the revamped IIP scheme".

In a statement, MHRA said it had initially been very critical of the way Government enacted legislation through parliament without adequate consultation while it had positively noted the recommendations presented by the Malta Chamber of Commerce, Enterprise and Industry to the authorities addressing the detail of the scheme.

"Immediately MHRA called on both Government and the Opposition to seek consensus on the matter to find a solution that ensured that the IIP scheme could be realised in the best interest of Malta," MHRA said.

President Paul Bugeja said the association was never against the scheme in principle and indeed commended Government for thinking outside the box in terms of new financial initiatives that would benefit our economy.

"However, the association would have preferred to see all parties agree to the details of the scheme and still believe that there was enough room to achieve this and avoid further negative publicity,'' he said.

Once this has not been attained, and in the light of key changes made to the original IIP reflecting many of the recommendations presented by key stakeholders, MHRA will support Government to realise the IIP scheme without further deferment.

"Discussions at the European Parliament should be noted, and considering that this is a national matter, the Government should proceed with the implementation of the IIP in the best interest of Malta while taking into consideration it's international responsibilities and repute," the association said.

MHRA stressed that Government must make sure that the structures implementing the IIP are well resourced to ensure that no strategic mistakes are repeated.

"Beyond further rhetoric, all efforts should now be geared to realise the financial targets being set.  Thereafter, energies should be focused on how to optimally re-invest the returns to further improve our economy's competitiveness and hence how to fairly re-distribute the generated wealth across our society," Bugeja said.