In its first reaction to the government’s proposals in the pre-budget document published last week, the Chamber of Commerce and Enterprise said that a number of the objectives contained in the official document are in line with the proposals submitted by the chamber in July.

Director-general Kevin Borg said the chamber is currently studying the pre-budget document in more detail, with the assistance of its internal committees. However, he said that at first glance, it would appear that a number of the

objectives and proposals contained in the document are in line with the proposals submitted by the chamber in July.

For instance, he said, some of its recommendations in terms of fiscal reform are reflected in the official document.

Mr Borg said the chamber was in agreement with a number of measures that could be introduced in the next three years. In particular, the chamber referred to proportional National Insurance payments for part-timers, a reduction in departure tax and the tax treatment for spouses with family businesses as well as the fine-tuning of income parameters to offer greater spending power for low and middle-income workers.

He said that the chamber is in agreement with these

measures, as they are conducive to higher economic activity.

The chamber also welcomed the National Strategic Plan for Research and Innovation and the Draft Renewable Energy Policy for Malta, that were published in conjunction with the pre-budget document and that are aimed at enhancing the country’s competitiveness.

“The chamber looks forward to the consultation process where it would like to elaborate on its recommendations on corporate taxation and windfall taxes. The chamber reiterates its categorical opposition to windfall taxes and other

fiscal measures that contribute towards economic uncertainty and looks forward to a clear message from government to state that these are not on its agenda,” Mr Borg concluded.

He said that a more detailed reaction to the comprehensive document will be made public in due course, once a thorough analysis has been completed.