SME Chamber greatly welcomes extension of the bank moratoria and tax deferrals, and their long-term visibility

The Malta Chamber of SMEs has during the last months and weeks been emphasizing on how essential it is to extend the basic pillars of support of the moratoria and deferral schemes. We are pleased to note that discussions with the government have yielded the desired outcomes.

The Measures announced today are a step in the right direction and are perfectly in line with the needs expressed by our members.

Businesses are in an even more fragile state than they were last year with the pandemic stretching beyond what had been foreseen and resulting in 2021 falling short from being the year businesses were expecting.

Enterprise owners were therefore very worried as they were not in a position to re-start repayments. Some members had to stay on the moratoria in light that no or little work has been registered since last year. Other members had to return to using moratoria due to the resurgence of the effects of COVID. Most were not in a position to repay taxes due to the dire liquidity situation and the need to direct any funds to save the business.

The Bank moratoria scheme has been extended for an additional 6 months, till September, and the Tax Deferrals Scheme has restarted from where it left off last year till the end of 2021. It is however essential to still submit all returns in time, without the payment, to avoid fines.

The Malta Chamber of SMEs believes that the extension of these measures will give added comfort to businesses in the light of the lack of visibility and uncertainty ahead.

The last thing businesses need at the moment is to worry how they are going to make repayments when there is no or little funds coming in.

The Malta Chamber of SMEs thanks the Energy, Enterprise and Sustainable Development Minister Hon. Miriam Dalli, with whom we are in discussions daily, and Finance Minister Hon. Clyde Caruana for his implementation of the needed measures.