PN publishes 51 proposals, incentives for retail sector

A Nationalist government would reduce the income tax rate paid by small businesses to 10% of the income on the first €50,000 of their operating profits, shadow economy minister Claudio Grech said on Monday.

The measure was first announced by PN leader Simon Busuttil during his closing speech at the end of the party’s general council on Sunday.

Grech said the PN’s new ‘Policy for Retailers’ document contained 51 policy proposals aimed at assisting small retailers, which would result in shop owners and other retailers saving thousands of Euros in taxes.

To qualify for the tax incentives, retailers would need to prove they offer good employment conditions to their staff, show growth in energy efficiency and environmental standards, prove complete fiscal conformity and contribute to the local community.

Other proposals include the setting up of a Malta Development Bank to make it easier for shop owners and small businesses gain access to limited funding at a low interest rate.

Kristy Debono, the PN’s spokesperson for financial services and IT, referred to the proposed ‘Only Digital’ policy, whereby all administrative services used by the retail sector would be integrated in a digital platform to cut down on red tape and man-hours that shop owners currently spent on visiting various government departments.

She also highlighted the proposed removal of the excise duties introduced by the Labour administration and the proposed reduction in property tax.

PN election candidate Sam Abela said that the document further illustrated how the PN considered even small retailers to be important, contrary to what the present administration had demonstrated.