Minister Silvio Schembri said that the Family business register holds 188 firms which will benefit from further support towards family business. Statistics published by the NSO in May this year shows that the number of registered businesses in Malta is in excess of 123,600. The vast majority of these are micro businesses which employ up to 9 employees.
“In recent years we have sought to offer strong incentives, including a hefty reduction in stamp duty, through which family businesses have saved €23 million in taxes during the last 3 years. This measure will be extended for another year with an investment of more than € 7 million,” said the Minister.
He referred to the increase of registrations which he said demonstrates how businesses were looking into ways to survive and were seeking all forms of support that the government was offering.
€2.9 million in aid under Microinvest
“I urge these businesses to be bold and innovative in order to strengthen their competitiveness and enhance the skills of our workers” – Minister Schembri
The government statement said that during this year, a number of family businesses, have received €2.9 million in aid under Microinvest. While €95,000 were awarded under the Family Business Advisory scheme.
‘As a government we will stand shoulder to shoulder and provide them with the necessary tools to continue to grow and contribute to the strengthening of our country’s economy,’ said Minister Schembri.