Through a partnership between GRTU and Transfinance, the chamber will provide Maltese businessmen with a simple and effective method of claiming their VAT refunds.

GRTU president Paul Abela said this service was part of a series of services provided by the chamber aimed at facilitating integration into the wide European market.

Transfinance founder Dr H.J.H Linneman explained to the assembled GRTU members how to claim their refunds, even where these were due years ago but had remained uncollected. Dr Linneman is also a member of the International VAT Association.

GRTU Director General Vince Farrugia stated that the chamber was working to build an organisation that helped Maltese businessmen restructure their expenses at an adequate cost in order to be more competitive. He asserted that the GRTU would remain a strong voice for SMEs but would also sustain Maltese businesses in their path towards further competitiveness.

Parliamentary Secretary Edwin Vassallo welcomed the partnership agreement between GRTU and Transfinance to help facilitate quicker VAT refunds for Maltese businesses trading abroad. He acknowledged the important role that business associations like GRTU have in further promoting an export mentality in Malta.

He said it would be a mistake not to give adequate tools to entrepreneurs following the work done to integrate Malta into the European market. Mr Vassallo added that “we should not fear competition because competition is in itself healthy in keeping our firms abreast of change. Falling behind in the restructuring process and failing to acknowledge the reality of globalisation would make firms become obsolete.”