The Labour Party is proposing a change in rent laws so that it strikes a fair balance between the tenants who are shop owners and landlords.
Speaking in Vittoriosa this morning, Prime Minister Joseph Muscat said that the law has to be updated so that more businesses are encouraged to start. "We need to recognise those who are risking a lot to start such an investment," he said while flanked by PL candidate Aaron Farrugia and Parliamentary Secretary for Lands Deborah Schembri.
Dr Muscat said that GRTU and Chamber of Commerce, both held discussions with the government on the revision of tax law. He said that this was not an easy task as the two stakeholders are not always in agreement.
He said the government also wants to address the full use of a company, through incentives, to provide addition pension plans through fiscal measures. Government wants to promote flexi hours in the private sector, among other proposals which were already listed in previous press conferences.
Parliamentary Secretary Deborah Schembri said the government has managed to make the economy work thanks to proper legislation and tax reduction to small businesses. She said the government is pro-business, and explained that employment is at a record high. Deposits in bank also increased 41% during the last four years.
Tax grants and micro business assistance for small businesses with a female majority shareholding will go up to €70,000. Those enterprises based in Malta will have an increase of €20,000 in funds.
She said we need to ensure proper access to tax credit. The threshold for tax exemption for small business will go up from €14,000 to €20,000. Rent law for shops will be updated and introduce the late payment directive. Dr Schembri explained that the PN had changed rent law and had affected businesses badly.
Companies which will launch a private pension's scheme will have fiscal benefits. Help for those who invest in private hospital insurance will also be provided.
Companies which offer childcare will have tax deduction of up to €50,000.