Watch: PN proposes a buy-in public procurement for companies affected by the pandemic

Tista' taqra bil- Malti.

Tnedija tal-Pre Budget Document tal-Partit Nazzjonalista

Tnedija tal-Pre Budget Document tal-Partit Nazzjonalista

Posted by Partit Nazzjonalista on Friday, October 9, 2020

The Nationalist Party has presented its Pre-Budget document 2021 with over 100 proposals. The theme for this year’s Pre-Budget document is “An economy that works for the people.”

The dosument was presented during a press conference at the PN headquarters which was addressed by the newly elected PN leader, Bernard Grech and Finance Shaadow Minister Mario De Marco. A number of PN MPs and representatives of unions and other stakeholders were also present.

Economic Masterplan

The PN leader Bernard Grech said that the document provides a vision for the Maltese economy which over the years the Labour government has based it mainly on the selling of passports amongst other unsustainable economic sectors such as the increase in population.

Grech said that the document includes proposals on how; the wage supplement should be increased and extended till March 2021, a masterplan for the economy and a plan for Gozo. Grech said that the PN’s vision for Gozo is based on the green economy, digital economy, tourism – local and international, the agricultural economy and Gozo’s connectivity.

Economic opportunity

The PN spokesperson for Finance Mario DeMarco gave an explation on the current economic situation which is dominated by the coronavirus pandemic. He explained how countries including Malta will not be able to experience an economic recovery until two or three years down the line. Mario DeMarco said that the pandemic has posed the opportunity for us to finetune our economic strategy or to re-invent a new one.

The PN’s pre-budget document also tackles the Moneyval Report and how the country should address it inorder to not be greylisted.

The PN spokesperson for Finance mentioned how the party is basing the economy on the following;

  • Diversification and Transformation
  • Digitalization
  • Education
  • Carbon neutral economy
  • Governing as governance

The following are some of the proposals included in the document;

  • Wage Supplement should be made available to all economic sectors and extended at least until March 2021
  • Give companies the opportunity for a buy-in public procurement
  • A second set of vouchers
  • Loan moratorium
  • Reduction in the VAT rate for specific economic sectors
  • VAT returns to be spread on three payments instead of 4 – to maintain a better cash flow situation
  • Reduction in utility bills
  • Retraining schemes for employees
  • Tax reduction for landlords
  • Accelerated capital allowance, the right of expenditure on equipment and other investment during the pandemic
  • Investment tax credit over the next to years – extended to all manufacture companies
  • Investment in research and development should be exempted from VAT
  • Re-attracting correspondent bands