Issue link: https://maltatoday.uberflip.com/i/1265483
02.07.2020 5 EDITORIAL BusinessToday is published every Thursday. The newspaper is a MediaToday publication and is distributed to all leading stationers, business and financial institutions and banks. MANAGING EDITOR: SAVIOUR BALZAN EDITOR: PAUL COCKS CONTRIBUTING JOURNALIST: MASSIMO COSTA BusinessToday, MediaToday, Vjal ir-Rihan, San Gwann SGN9016, Malta Newsroom email: bt@mediatoday.com.mt Advertising: afarrugia@mediatoday.com.mt Telephone: 00356 21 382741 T here is no doubt that the coronavirus vouchers that are expected to reach in- dividuals aged 16 and over next week will provide a consumption boom that retailers need. e vouchers are a targeted measure intend- ed to stimulate the economy through person- al consumption on those retail outlets and services that took a hammering during the pandemic partial lockdown. e vouchers have to be spent by the end of September, which is also important because it helps provide a cash injection at a time when the economy is normally kept buoyant by re- cord tourist arrivals. With tourism practically wiped out by the pandemic the numbers this year will be no- where near the 2.7 million mark. e ambi- tious target is to reach 700,000 arrivals by the end of the year. Although encouraging, this will mean a sig- nificant cut in the country's export income, which is why it is important to encourage do- mestic spending. e voucher system will go part of the way in addressing domestic demand and this is why it is important that the cash redemption by businesses is efficient, non-bureaucratic and quick. e electronic system unveiled this week for shops to be able to redeem the vouchers that customers will pay with is an important de- velopment. e system, which works through an app and QR code, will enable companies to re- ceive the cash equivalent of vouchers used by their clients within a 24-hour time window. is ensures that cash is paid out to busi- nesses in the shortest time possible thus pro- tecting cash flow. e fact that businesses have to also send a photo or scan of the bill against which the vouchers are being offset is positive because it ensures VAT is being paid. e system requires no complicated tech- nology because all it needs is a smart phone with internet access. e registration process is also simple. What we expect is that businesses receive their particular registration code by post as early as possible to get the system up and run- ning. Until now, no details have been given as to whether the vouchers will come with certain conditions on how customers can spend the €100 coupons. With people already directed on which sec- tors to spend the vouchers, this leader be- lieves that restrictions imposed on customers should be limited. While vouchers should be redeemed whole against amounts that are equivalent or higher to the voucher value, customers should also be able to use multiple vouchers for a single purchase. Quality analysis monitoring of how the sys- tem will work and what problems may crop up is important to determine how it can be tweaked and improved to avoid any hiccups along the way. But more importantly, the experience could be used to deliver other services in the fu- ture. e Economy Ministry's response and that of entities falling within its remit has been good throughout the pandemic and this bodes well. At times like these, it becomes imperative that public sector responses are quick and ef- fective to reduce uncertainty and mitigate the pressure caused by the pandemic crisis. Welcome to an innovative voucher system Tourism Minister Julia Farrugia Portelli, MIA CEO Alan Borg and Economy Minister Silvio Schembri welcoming back tourists on the first flight to land at MIA after the lifting of the COVID-19 travel restrictions