[WATCH] Retailers' union hails PN income tax cut proposal

Simon Busutill Meets GRTU (video by James Bianchi/Mediatoday

The General Retailers and Traders Union (GRTU) has thrown its way behind the Nationalist party’s recent proposal to slash income tax for small businesses and self-employed persons to 10% of annual operating profits.

Ahead of a meeting with Opposition leader Simon Busuttil, GRTU President Paul Abela said that Malta’s retail sector has long been crying out for such an initiative.

“I am confident that such a measure will boost the retail sector and the economy in general,” he said.

Ahead of a meeting with Opposition leader Simon Busuttil, GRTU President Paul Abela said that Malta’s retail sector has long been crying out for such an initiative

He dismissed concerns that the proposal, which the PN estimates to cost €85 million a year, will be unsustainable. “I am confident that 99% of their savings through this income tax cut will be invested into upgrading their own businesses, which will in turn have a positive ripple effect on the economy,” Abela said.

Busuttil said he is proud to be the first party leader to launch a policy specifically aimed at retail, recounting how as an MEP, he was frequently forced to admit to small businesses that no EU funds were available to them.

“I come from a family of shop owners, and I am fully aware of how the retail industry boosts the economy while at the same time having direct contact with people on the street.”

Nationalist party leader Simon Busuttil said he is proud to be the first party leader to launch a policy specifically aimed at retail

Busuttil also highlighted a proposal to which a portion of VAT collected from shops will be spent on upgrading the infrastructure on the shop’s locality.

Also, people who decide to set-up shop in towns or villages that require regeneration such as Hamrun will benefit from lower stamp duty when purchasing or leasing property, he said.

Busuttil was joined at the meeting by PN deputy leader Mario de Marco, Opposition MPs Cludio Grech and Kristy Debono, and general election candidate Ryan Mercieca, as well as Andre Grech and Anthony Sammut, who are the President and Vice-President of the PN Business Forum.