Thursday, 2nd July 2009 - 17:08CET

GRTU disappointed at higher registration fees

Maltese businesses are disappointed that the Malta Financial Services Authority was allowed to increase its company registration fees in the midst of an economic recession.

In a statement the Chamber of Small and Medium Enterprises, GRTU said that small companies with an authorised share capital of up to ,1500 euros were seeing an increase of 150 percent. Companies with an authorised share capital of 115,000 euros were seeing an increase of 270 percent. The higher the share capital amount, the greater the increase. This discouraged businesses from increasing share capital. Existing companies had to pay this increase or incur penalties.

The GRTU said that the World Economic Forum report on Competitiveness indicated that the greatest obstacle for business in Malta wasinefficient government bureaucracy.

The burden of government regulation also negatively affected Malta’s competitiveness. So it was beyond comprehension why certain authorities were allowed to increase their fees by such unreasonable amounts.

"One wonders how much of this increase will go towards reducing Malta’s overall deficit.

"This increase is clearly another sign of rubbing salt into the wounds of business people. Authorities should find ways and means of introducing better and more efficient regulation by reducing bureaucracy rather than increasing fees without any real benefits for Maltese businesses," it said.

Previous article • Man charged with firing shots at father-in-law's house
Next article • Shop owners want to be heard

Article © Allied Newspapers Ltd., printed on Monday, November 23, 2009. This article is for personal use only, and should not be distributed.

Comments

Guido Farrugia (on 2/7/09)

Dedicated to The GRTU administration by courtesy of Pink Floyd. Hello, Is there anybody in there?.. just nod if you can hear me..... is there anyone home? Come on now, I hear you're feeling down............. Iiiiiiiiiiiiiiii'm feeling comfortably numb

Stephen Attard (on 2/7/09)

Where is Vince Farrugia, is he on a holiday!!!!!

laurence schembri (on 2/7/09)

It`s odd that you don`t see his name in print anymore on GRTU statements. Disappointed? That is the way the cookie crumbles Cens.

C.Xerri (on 2/7/09)

GRTU you deserve this from the party you supported during the recent elections. Now being part of this party you have to help to reduce the deficit

Andrew Gatt (on 2/7/09)

Way to go, MFSA! Perfect timing and perfect thinking. Continue hammering the small businesses that politicians keep on praising as vital contributors to employment and the economy in general!! How about doing something about the bureaucratic minefield we have to navigate to get anything done quickly and efficiently and impartially in this country? Government Departments. The Law Courts. ADT. VAT Dept. Inland Revenue. And on and on and on.

martin saliba (on 2/7/09)

What say you now vince ? Or are you going to keep your mouth shut so as not to rub salt into Gonzi's wounds ?

J abela (on 2/7/09)

"One wonders how much of this increase will go towards reducing Malta’s overall deficit" No better words can describe this article.....