Watch: 8th August was the day when most vouchers were redeemed

Tista' taqra bil- Malti.

Minister for the Economy, Investment and Small Businesses Silvio Schembri gives details about the performance of the €100 Voucher Incentive Measure

Minister for the Economy, Investment and Small Businesses Silvio Schembri gives details about the performance of the €100 Voucher Incentive Measure

Posted by MaltaGov on Thursday, September 3, 2020

Around 1,290,000 government vouchers have been used so far, out of a total of 2,230,000 government vouchers, issued as part of the €100 vouchers initiative to bolster domestic economic activity.

This meant an equivalent of €25.8 million of economic injection.

Economy Minister Silvio Schembri gave these details during a press conference on Thursday to explain the performance of the €100 Voucher Incentive Measure.

It was explained how around 1.07 million red vouchers, 82.62%, which can be redeemed in hotels, restaurants and accommodation have been used, whilst 0.23 million blue vouchers, 17.38%, have been redeemed.

Minister Silvio Schembri explained that what is interesting to note is the multiplier effect the €100 voucher initiative is generating on the economy.

The multiplier effect produced by the red voucher stands at 1.36, that is for every €20 voucher used there is an additional average expense of €7.16, whilst the multiplier effect produced by the blue voucher stands at 1.82, which signifies that for every €20 voucher used the additional average expense is €16.42. This means that the economic injection over and above including VAT stands at €37.3 Million.

Weekends were the period in which vouchers were most used and Saturday 8th August was the day when most vouchers were redeemed. On this single day, 54,000 vouchers were used, which is equivalent to an economic injection of €1,080,000. On average 46,000 vouchers are being used every Saturday.

The most popular outlets for the use of vouchers include:

  • Businesses in the 4-star accommodation sector
  • Popular restaurants
  • Renowned retail franchises

During the press conference it was also explained that 5,616 outlets are accepting vouchers, out of which 1447 registered VAT Numbers are those pertaining to restaurants, hotels, bars and diving schools, 2904 registered VAT Numbers pertain to retail and services and 89 VAT Numbers accept both vouchers.

Vouchers distributed and collected up to the 1st of September:

  • 97.6% of Maltese residents have collected their vouchers
  • 61.6% of residents within the European Union have collected their vouchers
  • While 79.4% of residents from outside the European Union have collected their vouchers

Around 40,000 vouchers have yet to be collected.