The app was designed after receiving feedback from the public and realising that businesses’ reported difficulties in making sense of the overwhelming and disjointed amount of information from many different sources on support and incentives available to them.

The app aims to be a practical and streamlined platform that can help local businesses rifle through the available collection of schemes and other incentives available from all government organisations.

Support measures available through the app are grouped based on the type of funding mechanism and are further categorised by the sectors they target.

Each page relating to a particular incentive provides basic information about the scheme, with direct links to more detailed information along with contact details pertaining to the entity managing each initiative.

The mobile app entitled Enterprise Incentives is available on Google Play Store and Apple’s App Store.

Malta SME Week kicks off with StartUp Café

The Malta SME Week is also taking place now. Mr Cardona’s launch of the week-long event series, as well as the app, was announced at the second edition of Malta Enterprise’s StartUp Café. During this event, Malta Enterprise said it has supported startups with €2m since 2015.

The Malta SME Week is part of the European Commission’s EU-wide SME Week events, which aim to generate public awareness among people who wish to start a business or are already in business and wish to grow their activities. The event series lasts for six weeks. This year’s edition is featuring a wide range of events targeting different audiences.

The SME Week in Malta ties with the economy ministry’s efforts to promote entrepreneurship as a career option while providing information on national and EU entities assistance to micro, small and medium-sized businesses and also giving recognition to entrepreneurs for their contribution to Malta’s welfare, jobs, innovation, and competitiveness, according to the DOI press release.

“October has become synonymous for the local business community with events that bring us and the relevant stakeholders all together, where we update each other on local and European trends. It’s also an opportunity for us to have a better idea of what challenges and realities our businesses are facing,” said economy minister Mr Cardona.

The StartUp Café brought together some 120 young enterprises looking to start their own business. During the event, professionals and academics shared their experiences in order to help participants to develop their entrepreneurial skills. In addition, participants participated in workshops and networking sessions with the panellists.

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“The vision we share with the private sector for the Central Business District, is bringing about the kind of investment that will truly nurture this prominent business area,” Minister for the Economy, Investment and Small Businesses Chris Cardona said at the launch.

Established in 2016, the Central Business District Foundation — a public-private partnership between the government and the private sector — is entrusted to implement a vision for Mrieħel so as to ensure a suitable environment for businesses. Originally called as Industrial Zone of Mrieħel, the project was more recently renamed as the Central Business District.

The planned business hub aims to support the many employees hailing from the 260 economic operators based in the area, by providing open green spaces and amenities, such as restaurants, gym, and childcare services, contributing to a healthier work-life balance, according to the DOI press statement.

The Ministry for the Economy says it is “committed to sustain the local economy and create an increasingly competitive and attractive environment that generates investment.”

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“While Malta is aware that the Energy Taxation Directive needs to be updated to reflect present day realities, and to help promote the use of renewable and clean energy sources, the removal of tax exemptions on aviation and shipping fuels will have serious repercussions on many member states, including Malta, unless tackled internationally,” said Minister for Finance Edward Scicluna during the Informal ECOFIN meeting held in Helsinki, Finland on 13-14 September, according to the government’s Department of Information (DOI).

“Ships will bunker tax-free outside the EU waters while new aviation taxes would hamper connectivity of peripheral regions,” the minister added.

Current EU rules for taxing energy products and electricity are recorded in the Energy Tax Directive 2003/96/EC. The Energy Taxation Directive establishes the minimum excise duty rates that EU member states must apply to energy products for fuel and transport and electricity, according to the official website of the European Commission.

“EU legislation only sets harmonised minimum rates. Member states are free to apply excise duty rates above these minima, according to their own national needs,” the EC writes on the subpage carrying details on the ETD.

Should all EU members align with the ETD, tax exemption would be removed from the area of the European Union. Pundits expect this would result in countries in the bloc losing revenues from bunkering and refuelling, as operators would likely manage such activities in a tax exemption zone before entering the area of the European Union.

Countering hybrid threats

During the informal meeting, attending ministers also debated the resilience of financial market infrastructure and the role of the financial sector in countering hybrid threats, the next steps needed by the European Union to enhance the Capital Markets Union (CMU) as well as the European Fiscal Rules, according to the press statement published on the official website of the DOI.

Minister Scicluna said that there are elements of the fiscal framework which need to be reviewed — including the overreliance on unobservable indicators such as the output gap, and the complexity of the rules. “However, changing the rules will not be enough. What is truly imperative is to ensure that the rules are observed and properly enforced. If we do not address this core issue, the framework will remain weak,” the minister added

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The minister said at the meeting that the government is committed to encouraging research activities, development, product and process design while ensuring that the right skills are in place to keep up with the changes in the development of global manufacturing process and technologies. “Today, Malta is not just attracting companies to set up a production base, but also [acts] as a testbed for research and innovation,” he said according to the DOI release.

During the discussions, the minister praised Malta’s economic stability, strategic location in the Mediterranean and the government’s active and pro-business approach, the DOI press statement reports.

The conference entitled “Mapping the Future of FDI: Enriching World Economies through Digital Globalisation” aims to bring together political leaders, global investors and government agencies that are looking to promote their countries as investment destinations.

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