Issue link: https://maltatoday.uberflip.com/i/1257572
13 maltatoday | WEDNESDAY • 10 JUNE 2020 OPINION A remarkable feature of Gov- ernment in the past seven years has been a series of Budgets which have made life better for Maltese families and business- es. Budgets that have not intro- duced nor increased taxes. The days when we used to dread what was coming in a Budget have long gone. And even now, the Government is once again acting to help people, not bur- den them. The €100 vouchers for all per- sons aged 16 or over will allow everyone to enjoy a meal out or a mini-break on our islands, which is an excellent incentive to enjoy life again after having spent so many weeks at home. It is also a boost for the tour- ism and leisure sectors, who need customers to return, if they are to get back on their feet. The reduction in the price of petrol and diesel, saving 7c a litre from next Monday, assists families and businesses alike, as will yet another income tax refund cheque when it arrives in the post. This week's economic re- generation package, delivered many initiatives to strengthen the economy. The 50% refund on utility bills for businesses will especially help shops as they adjust to operating in an era of social distancing. Grants are being provided to assist with the cost of rents and other expenditure as well as an initiative to help companies raise the money they need to keep their heads above water. This government does not only think on a short term ba- sis. There are plans for a €400 million investment in our country's industrial infrastruc- ture. From an industrial park for small enterprises to a new logistics hub, we will be well placed to attract foreign in- vestment and allocate space for approved projects. The reduction of stamp du- ty from 5% to 1.5% on the first €400,000 of the price of a prop- erty is a positive initiative. This is a tax cut worth of up to €14,000 per sale of property. Those selling residential properties will also benefit from a tax reduction from 8% to 5%. Again, this is about rejuve- nating the economy to get the wheels fully turning again whilst assisting families and young people when purchasing their home. It is important that nobody gets left behind and I was pleased to see €4 million being set aside for in-work benefits. There is now a maximum of €1,400 for every child and an extra €250 grant for every fam- ily qualifying for in-work ben- efit. Those working in the tourism sector will continue to receive the Covid-19 Wage Supple- ment, worth €800 for full-time employees, once this is being extended until September. The allocation of €2 million to the homes for the elderly is a meas- ure that shall assist an impor- tant sector that provides excel- lent services to our elderly. One must commend the sterling work these homes have carried out during the pandemic. The government is able to finance this economic regen- eration package by means of national funds as a result of because of both the successful way it ran the economy before the outbreak of Covid-19 and its handling of the pandemic itself, taking early and decisive action. Before the crisis began, the country's deficit had been turned into a surplus with debt reduced to a manageable 43% of GDP. All countries have suf- fered economically in the past few months but all the signs are that Malta will recover steadily. Nonetheless, we will nego- tiate diligently to get the best deal from the EU Recovery Plan and the MFF (Multiannual Fi- nancial Framework). The funds from the EU budget will serve as further means to regenerate the economy and additional investment for the future. We argue that the specific circum- stances of individual member states need be taken into con- sideration when calculating the level of recovery aid being at- tributed. The government's economic regeneration package adds up to €900 million. It is a clear ex- pression of our confidence in Maltese families and business- es. It is built on a firm belief that we have the enthusiasm and optimism that is needed at this time. Of course, there is hard work ahead but we can put the chal- lenges of the past few months behind us get on with building a better tomorrow. Stefan Zrinzo Azzopardi Extensive measures with maximum determination Stefan Zrinzo Azzopardi is Parliamentary Secretary for EU funds Prime Minister Robert Abela (centre) announcing recovery measures with Finance Minister Edward Scicluna (left) and Economy Minister Silvio Schembri