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Malta's Finance Minister Comments On Pre-Budget Document,
by Ulrika Lomas, for LawAndTax-News.com, Brussels
Friday, September 05, 2008
Malta's Minister of Finance, the Economy and Investment, Tonio Fenech, has spoken
out this week to comment on the country's recent pre-budget report.
The Minister's speech concentrated closely on the future of the country's business
economy, and the steps government will be taking to both sustain and nurture
Malta's economic environment.
Mr Fenech began:
"It is government’s intention to nurture and support private enterprise
as we strongly believe that much of our national wealth creation is dependent
on a dynamic and healthy enterprise. We do appreciate that businesses face challenges
and burdens.
"A number of problems, such as cash flow limitations due to late payments,
accessing EU funds, energy costs or administrative burdens, hinder further growth.
For this reason, overarching aims of the pre-budget include providing business
with the necessary support through:
Improved access to finance
Further simplification of the tax system
Reduced costs for enterprise
Support services for enterprises
Reduction of non-wage labour costs and
Advancing entrepreneurship through education.
"In practice," Mr Fenech continued, "in order to reach these
objectives, government is proposing a mix of specific policy measures, including:
Better regulation
Reviewing fiscal and public procurement legislation
Providing fiscal incentives in respect of ICT and manufacturing enterprises
Constructing of new factories for allocation
Incentivizing R&D
Creating of an innovation fund for SMEs
Expanding the business incubation centre and
Establishing a Research Unit to help SMEs access EU funding."
The Minister went on to add:
"Malta is also leading the support on a European level on the proposed
Small Business Act: a package of ambitious actions to be implemented at EU
and Member State levels. The Act will allow SMEs to fully benefit from the Single
Market and to expand internationally by orienting more resources to access finance,
to research and development as well as to innovation.
"On another level, we are also working on the implementation of the Services
Directive, which will come into force in December 2009 and which will not only
provide another important tool for the reduction of administrative burdens for
service providers, but will also create increased competition and improve productivity,"
he explained, adding:
"Lately, we have embarked on a constant review process of accounting and
reporting requirements. One outcome is the General Accounting Principles for
Smaller Entities. Its objective is to reduce the audit and financial statement
reporting requirements for smaller and medium businesses to a more realistic
requirement. This should free up financial service provider time and effort
to make the service more affordable whilst maintaining the standards required
to support the users of the audited financial statements."
"Finally," he concluded, "a word on better regulation. Vision
2015 sets government's targets on improving our standards in selected value added
knowledge based sectors. One main tool in achieving this is by removing unnecessary
obstacles to socio-economic development."
"The Pre-Budget Document lists a number of actions that have been taken
while proposing concrete measures for the future. These include reducing the
frequency of reporting to the minimum levels necessary, reviewing whether similar
information is being requested through different channels, reducing paper-based
reporting in favour of electronic reporting and more importantly reducing costs,
especially fees charged to small companies by regulatory authorities in relationship
to company formation and registration and annual fees."
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