Current Affairs
Alfred Sant’s proposal for SMEs approved in report by European Parliament

The European Parliament Plenary in Strasbourg has approved the report on the proposals of the European Commission for a common VAT system in regard to special schemes for small enterprises.

In July the Committee for Economic and Monetary Affairs of the European Parliament (ECON) had adopted the amendments proposed by Euro Parliamentarian Alfred Sant to the European Commission draft on the special VAT exemption scheme on small enterprises in the EU.

In a statement, Dr Sant explained that the scheme updates already existing arrangements through SMEs are exempt from certain VAT obligations which are administratively difficult for them.  Dr Sant stated that the scheme also extends the exemption system for small enterprises which start to export.

It was explained that the Head of the Labour Delegation to the European Parliament, as shadow rapporteur on behalf of S&D, had proposed changes in favour of SMEs facing seasonal factors or irregular demands, through an extension of the transitory regime contemplated in the Directive. Alfred Sant explained that when small enterprises exceed exemption limits, they should be allowed a two-year transition period, rather than one year, during which they will be able to benefit from exemption status. This in order to favour SMEs facing both good periods and difficult times in their economic growth.

The report approved today included the amendments of the Maltese MEP regarding facilitation of transactions by small enterprises in small economies like Malta and Gozo.

The report was approved by 618 votes in favour, 40 against and 24 extensions.

 

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