“€20 million for industry” schemes granted €38 million to more than 600 firms
SMEs – The Backbone to Local Industry. Plans, Initiatives, Challenges, Future…
A policy debate between Hon. Tonio Fenech Minister of Finance, The Economy & Investment and Labour MP Dr Charles Mangion.
The debate is being moderated by former Sunday Times Editor Lawrence Grech.
The Finance Minister Tonio Fenech revealed that tax credits for a total of €6 million had so far been issued to 700 companies under this scheme.
Asked to explain Opposition leader’s guarantee to keep 16-year-olds in school, training or employed, Dr Mangion that the philosophy behind this pledge to empower the youths to success in their life and at the same time, send out the message that they cannot live off the social security benefits.
Mr Fenech said that further €8 million were inject under the “€20 million for industry” schemes that have granted €38 million to more than 600 firms over the past two years. Two hundred entrepreneurs have applied for this scheme.
The Finance Minister Tonio Fenech said that the government was committed to combat tax evasion. He explained that the tax revenue increased but at the same the government trimmed the tax bands.
Dr Charles Mangion said in the past years, wages effectively went down in real terms if inflation is factored in. On his part, the Finance Minister said that since the setting up of Business First as a one-stop-shop for businesses, around 3,000 entreprenuers approach the Malta Enterprise seeking help.
