The Maltese General Retailers and Traders Union (GRTU) this week called on Finance Minister, John Dalli to reform the jurisdiction's Value Added Tax laws in his forthcoming budget.
The Malta Independent reported yesterday that the union called for a 30 day limit on VAT refunds, explaining that many Maltese businesses are waiting up to six months for refunds on products on which the sales tax has already been paid prior to arrival in Malta. The GRTU argued that this move is necessary in order to address the cashflow problems faced by some of its members.
The retail body also called on Mr Dalli to introduce refunds or other incentives for labour-intensive businesses: 'So that where the principal expenditure of an enterprise is on wages (more than 35%), the enterprise is compensated by 10% on the wage bill. This would put this enterprise on an equal level with the enterprises which get a 15% refund on [their] principal expenditure, which is spent on products,' the Malta Independent revealed.
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