In light of the Budget Speech presented in Parliament, last Monday by Minister of Finance, Prof. Edward Scicluna, ASCS has issued a review on what has been proposed.
In its review, ASCS look at the different proposals in the different sectors stating that whilst "all the measures presented in the budget speech will definitely be beneficial to Maltese individuals as well as businesses...some measures were not enough to address present issues." For instance, whilst the organisation seems to agree with the proposals dealing with transport, such as the free public transport given to those between 16 and 20 years, ASCS still feels that such an incentive is not strong enough so as to encourage an 18 year old to take the bus instead of getting his/her own car, thus it is not a solution to our ever-increasing traffic problems.
ASCS also adds the gaming proposals whereby VAT grouping was introduced for the gaming industry so as to have more sustainable growth in this industry which is very important for the Maltese Economy. Moreover, ASCS express its views on the very advantageous measure for students is the exemption from income tax for students pursuing post-graduate courses (1 year for masters student and 2 years for Ph.D. students). Nonetheless, given that such incentive is applicable for students starting their course in 2017/2018, it excludes courses forming part of the curriculum to get a professional warrant and consequently, whilst congratulating this measure to encourage further education, ASCS is disappointed on the fact that Master in Accountancy students won’t benefit from this.
Among other sectors mentioned in the review, ASCS also delve into the proposals for Gozo, explaining how ASCS does not feel that not enough importance was given on facilitating transport between Malta and Gozo. Furthermore, there was nothing in the budget addressing the struggle of Gozitan students in finding accommodation in Malta.
For more information on this review visit: https://www.facebook.com/notes/ascs/ascs-review-on-budget-2018/1675844742490307/