Insolvency legislation will be revamped next year after complaints that current procedures discourage investment, the government has announced in the Budget.

The government is also working on the concept of fiscal consolidation in income tax legislation whereby companies within the same group would be able to present their income in an aggregate manner as if they were one company.

An export trade guarantee scheme will be introduced  by the government for exporters whose markets are in countries which are not stable..  

A number of schemes are also being announced by Malta Enterprise to facilitate business include aid to start-ups, a financial scheme to help trades which are at risk of disappearing and assistance to small manufacturing firms wishing to rent bigger premises. Malta Enterprise will also offer a scheme to facilitate knowledge transfer.

Among other incentives, a tax credit of up to €50,000 will be given to those small companies where a majority of the equity is controlled by women. The measure is being taken to promote entrepreneurship among women. 

Finance Minister Edward Scicluna said said the government is also preparing a Logistics Policy to encourage growth of the warehousing and cargo transportation sectors. 

In order to help small businesses access public procurement contracts, the guarantees they need to give on the value of the contract are being reduced to four per cent from 10 per cent where the value of the contract does not exceed €500,000.

The government will also set up a public private partnership to modernise Mriehel Industrial Estate. Firms currently based in Mriehel will be involved in the revamp.

New regulations on shop opening hours will be announced by the end of the year.