The ACE feels that the Budget announced by the Minister for Finance, Clyde Caruana is a positive one which stimulates discussion and consultation for the implementation of further measures in the months to come.
The ACE welcomes the important increases announced in pensions and students’ stipends as this will inevitably positively impact on the catering sector. The ACE also feels that Budget 2022 encourages more work through overtime and part time which will eventually address in part the current human capital shortages the catering sector is currently facing. The in-work benefit is also a positive measure that assists the human capital issues within the sector. Nevertheless, the ACE feels that more action is required in order to address the problem as well as to ensure the government reaches its tourism sector targets.
Likewise, the ACE welcomes the investment in the education sector. This will certainly help the current human resource shortage. Nevertheless, the ACE hopes that specific measures will be introduced to urgently address the human capital challenge the catering sector is currently facing.
The ACE also welcomes the tax incentive for investment through the acceleration of Capital Allowances. However, the ACE would have preferred if entrepreneurs were offered the choice on the allocation of such allowance against current taxes or do a carry back on past taxes. In spite of the fact that the Minister seems to have been categoric in the repayment of overdue taxes , the ACE feels that the budget speech leaves room for agreements for enterprises who have found themselves in difficulty.
The ACE also commends the environment and infrastructure measures announced as these will ensure a more attractive Malta for tourists and also to ensure a better quality of life for Maltese.
The ACE feels that the incentives announced with respect to alternative energy may this time round be more customized by industry rather a one blanket fits all solutions.
Other measures will encourage more mobility in a clean manner such as the free public transport and the incentives for various emission free vehicles.
The ACE believes the Budget 2022 is a positive one which focusses on key priorities whilst ensuring environmental, educational and economic sustainability. The ACE looks forward to the consultation processes mentioned by the Minister to ensure the catering sector’s needs are addressed.
