Issue link: https://maltatoday.uberflip.com/i/885114
maltatoday, TUESDAY, 10 OCTOBER 2017 Budget 2018 13 Competitiveness Around 1,500 new jobs will be created over a number of years through incentives provided by Malta Enterprise, the govern- ment said. Ten factory expan- sion projects, 14 foreign invest- ment projects, and 55 projects brought forward by Maltese entrepreneurs have been ap- proved. Moreover, the government said, around €200 million will be invested in the manufactur- ing sector. The MicroInvest scheme will see the amount of assistance given to Maltese businesses to rise to €50,000 from €30,000, and to €70,000 for Gozitan ones. €70,000 will also be given to businesses which have a ma- jority of women shareholders, and to women who are self- employed. MicroInvest aims to encour- age the expansion, compliance and development of businesses. Establishment of working group to attract businesses to Malta post-Brexit The government has estab- lished a working group to es- tablish a strategy to attract businesses to Malta which will be leaving the United Kingdom once it ceases its EU member- ship. Taskforce to establish a national strategy for Blockchain A taskforce which aims to evaluate proposals for the im- plementation of a national strategy for Blockchain was es- tablished in the past weeks, the government said. A Blockchain Lab within MITA will also be created, and the government will create a web-portal, to be used by those interested in blockchain and cryptocurrencies, to commu- nicate. Seismic research work on Malta- Gozo tunnel ongoing The government said it would be creating more incentives for the creation of new private- sector jobs in Gozo, by refund- ing 30% of the average pay of an employee, up to a maximum of €6,000, for all employees who are given a three year or longer contract. Seismic research on the pro- posed underwater tunnel be- tween Malta and Gozo are ongoing, the government said. This would allow for the estab- lishment of a geological model of the zone which will form the basis for the design of an under- water tunnel. Amongst the measures for Go- zo, the government announced that a project to create a hub for ICT and other research, based in the ex-MDP buildings, will be launched. This would attract more investment and work to Gozo, the government said. Tourist numbers predicted to keep growing This year is expected to be another record year for tourist visits, and next year's visits are anticipated to exceed this due to new routes being established, the government said. The record number of visitors to Malta on cruise liners which has been registered for the past four years is expected to be maintained for this year too. The government plans to im- prove the traffic situation, ac- cessibility and the upkeep of the Valletta Waterfront, in order to deal with the impact which the increasing number of passen- gers could have on the infra- structure. IIP to be renewed The Individual Investment Programme will be renewed, the government said, and it had also introduced an act for Mal- tese Citizenship of merit to be granted to individuals who give exceptional service to the coun- try. New VAT rules for gaming sector A new regulatory basis for gaming will be introduced next year, the government said. This will introduce the con- cept of VAT grouping for the financial services and gaming sectors, through which legally independent bodies which have fixed establishments in Malta and which have financial links between them, can register as a single person in terms of taxa- tion. Acquisitions by members of the group will thus be VAT- exempt. More medicines to see price reductions The government said that the Medicines Authority would continue its talks with the pharmaceutical industry for the reduction in medicine prices. The last four years have seen the reduction in the price of more than 170 medicines. Multi-disciplinary team to give assistance to inmates A multi-disciplinary team will be created to give psycho- logical, social, educational and financial help to prisoners, the government announced. This would help to prepare inmates for the outside world once they were released. €200m for manufacturing, strategy for blockchain and Brexit working-group among competitiveness measures