Be the first to comment!Cautious budget meant to increase contry’s economy – GBC
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The Gozo Business Chamber (GBC) said that “Budget 2012 contains measures which are meant to increase the country’s economy without decreasing the financial stability which is so important to attract local and foreign entrepreneurs to invest in our country.”
GBC said that the Budget addresses particular sectors of society, like the family, the elderly, persons with special needs and those looking for jobs, as well as the potential of women to go out to work.
“On a regional basis, apart of the fact that Gozo will benefit from measures and initiatives of a national nature which will strengthen the competitiveness of small and medium enterprises, industry in Gozo will benefit from other measures. These include the vote of four million euro for Eco Gozo, the increase in the allowance to Gozitan students in Malta and the extension for another year of Micro Invest through which Gozo enjoys a reduction of 60% tax instead of 40% on the investment value, GBC said.
The Gozo Business Chamber “expressed satisfaction that the government has accepted, with modifications, certain of the Chamber’s proposals in connection with the Forward Withholding Tax on income from rent for residential or commercial purposes, as well as on sale of property and the mixed use of buildings in residential zones.”
The GBC said it also “appreciated the fact that’s its proposal in connection with the ERDF Energy Grant Scheme has been included with the four million euro for Eco Gozo so that economic operators in Gozo will be able to invest in alternative sources of energy.”
Joe Grech, President of the GBC, “appreciated the fact that government is insisting that work in Gozo should be addressed aggressively and he expressed satisfaction that the Prime Minister had delegated the Secretariat for Political Strategy within the Prime Minister’s Office to do its utmost to see to the creation of jobs in Gozo by having MEPA and other authorities understand better the realities of Gozo.”
The GBC also commented that its expectations about potential maritime work, special treatment about the “High Net Worth Individuals Rules” and also about another fibre optic network to increase the transfer rate of megabit per second for future needs were not included in the Budget.
