Prime Minister and Labour Party leader Robert Abela has announced a new set of PL proposals, this time focusing on businesses and the ease of doing business.

Addressing a PL press conference, Abela said that a PL government would introduce legislation to ensure that every business and self-employed individual has a legal right to open a simple bank account.

He said that due diligence checks would remain in place, and that the system would be based on other similar systems in other countries and would be in full conformity with EU rules on financial supervision.

Abela said that a PL government would centralise all due diligence processes required for businesses, thereby cutting out extra bureaucracy which makes doing business more difficult.

Abela announced two new investment schemes which a PL government would introduce if elected.

The first is that the government would pay for 30% of an investment in fixed capital by a business, with that figure rising to 40% if the business making the investment is based in Gozo.

The second is a profit reinvestment scheme wherein a business which reinvests its profits back into the company would get a full tax refund.

In order to incentivise business sustainability, a new government would pay for the energy audit costs of micro and small enterprises and then incentivise the said enterprise to implement the recommendations which emerge from the said audit through tax credits.

Abela also promised that a PL government would introduce specific legislation for start-ups, including favourable tax rates for start-ups and their employees and a one-stop shop for these start-ups to seek whatever assistance they need in one place.

 

Eco-start-ups, he said, would be given special emphasis.

More to follow.

You can follow the press conference live below: