Malta’s accountancy profession is stepping forward to lead change, as rapid technological and regulatory developments redefine how accountants deliver value to businesses. The Malta Institute of Accountants (MIA) is calling on practitioners, particularly those serving small and medium-sized enterprises, to take the lead in driving innovation, investing in digital tools and expanding their advisory role to help clients adapt to a changing economy.

Opening the Institute’s annual Conference dedicated to small and medium-sized practitioners (SMPs), MIA Chief Executive Officer Maria Cauchi Delia said that the profession must view transformation as an opportunity rather than a threat. “Change is the only constant, and our response to it will define the future of our profession,” she said. “While audit exemptions and digital reporting may alter traditional practices, they open new doors for accountants to strengthen their role as trusted advisers. This is the moment to evolve, to broaden our services and to invest in both technology and professional development so that we continue adding value to businesses and to Malta’s economy.”

Newly elected MIA President Dr Jonathan Dingli emphasised that the Institute’s mission is not only to respond to change but to lead it. “The future of our profession lies in embracing digitalisation, data analytics and automation, while ensuring that technology enhances, rather than replaces, human expertise. We must go beyond compliance. Our true value lies in helping businesses grow stronger, more resilient and more sustainable,” he said.

The conference brought together leading experts in the sector, including Paul Gisby, Senior Director at Accountancy Europe and Harpal Singh, Principal for Small & Medium Size Practices and Thought Leadership at the International Federation of Accountants, who underscored that agility and innovation are now indispensable to the profession’s future. They highlighted that as automation increasingly handles repetitive tasks, accountants have a growing opportunity to focus on insight, strategy and long-term value creation.

Tax Commissioner Joseph Caruana described this as a “period of significant change,” noting that upcoming real-time reporting obligations under the European Union’s (EU’s) Value Added Tax in the Digital Age (ViDA) package will transform the way businesses interact with tax systems. He said practitioners will play a vital role in supporting clients through this transition, ensuring compliance and enhancing data-driven decision-making.

The conference also featured updates from the Financial Intelligence Analysis Unit on Malta’s National Risk Assessment and discussions on the establishment, and the impact, of the EU Anti-Money Laundering Authority. These sessions highlighted how regulation, technology and transparency are increasingly converging, reshaping the accountant’s role within Malta’s evolving business landscape.

The conference was supported by Scope, Fyorin and Finance Incorporated Limited.

Mr Jonathan Dingli appointed as new MIA President

The Malta Institute of Accountants held its 61^st Annual General Meeting on 25^th September 2025 at Villa Arrigo, during which seven of its members were elected to its Council.

The elected members were Edmond Brincat, Mark Bugeja, Thomas Galea, Paul Giglio, Ronald Mizzi and Lucienne Pace Ross, all returning to the Council through re-election, alongside Karen Spiteri Bailey, who joins for the first time. They joined existing members Fabio Axisa, David Delicata, Jonathan Dingli, Shawn Falzon, Christopher Portelli, Annabelle Zammit Pace and Norbert Tabone.

During the AGM, members of the Institute discussed and voted various motions aimed at strengthening the Institute’s structures and enhancing overall efficiency in its operations.

Addressing the Annual General Meeting, outgoing President Mark Bugeja outlined the Institute’s work over the past two years, guided by five key priorities, sustainability, taxation, anti-money laundering, digitalisation as well as talent development and retention. He described these as central to Malta’s resilience, competitiveness and reputation as a trusted jurisdiction. Mr Bugeja also highlighted the Institute’s growing international role, contributing to EU and OECD reforms while ensuring Malta’s realities are considered. Engagement with local policymakers, regulators and stakeholders has evolved into a year-round dialogue, allowing the Institute to provide practical, business-oriented input on key regulatory changes.

CEO Maria Cauchi Delia outlined the Institute’s current activities, highlighting the presentation of a comprehensive set of proposals for the forthcoming 2026 Budget, which have been formally submitted to both Government and the Opposition. She also drew attention to a series of events being hosted by the Institute, including a conference for small and medium-sized practitioners, a conference for professional accountants in business, the annual tax conference and the Meet the Regulator sessions, which are giving members a valuable opportunity to engage directly with Malta’s key financial regulators.

Jonathan Dingli appointed new MIA President

During the first meeting of the new Council held shortly after the AGM, the four Officers of the Council were elected. Jonathan Dingli has been elected as the Institute’s new President, Annabelle Zammit Pace as Vice-President, Paul Giglio as Secretary and Shawn Falzon as Treasurer.

Jonathan Dingli, who had held the role of Institute Secretary for the past two years, expressed his gratitude to the Council members for the trust they placed in him. He also expressed his appreciation to the outgoing President, Mark Bugeja, acknowledging his service during a transformative term for the Institute.

Looking ahead to his presidency, the newly elected President outlined the key challenges confronting both the Institute and the wider accountancy profession. He pledged his commitment, together with that of the Council, to shoulder the responsibility of strengthening the Institute’s influence and contribution, positioning it as a central stakeholder and a driving force in advancing Malta’s development into a more competitive, digital and sustainable economy in the years to come.

The three Institutes present budget proposals to Government and Opposition.

Representatives of the Malta Institute of Accountants (MIA), the Malta Institute of Taxation (MIT) and the Institute of Financial Services Practitioners (IFSP) submitted their joint pre-Budget proposals for 2026 to the Prime Minister, Hon. Dr Robert Abela, Minister for Finance, Hon. Clyde Caruana, Opposition Leader, Hon. Dr Alex Borg, the Shadow Minister for Finance, Hon. Graham Bencini and Shadow Minister for the Economy and Enterprise Hon. Jerome Caruana Cilia.The Institutes highlighted the key issues of competitiveness, skilled talent and productivity in their submissions, while insisting that meaningful consultation with stakeholders must take place before introducing major policy or regulatory changes. They cautioned against measures that risk “shocking the system,” while advocating for carefully planned transitions that give businesses and professionals time to adapt.

The representatives reiterated that enhancing productivity across all sectors should be a national priority, supported by policies that reduce bureaucracy, simplify processes and modernise government systems through the appropriate use of technology and Artificial Intelligence.

On the issue of labour market shortages, the Institutes emphasised that shortages in skilled talent are one of Malta’s most pressing economic challenges. They called on authorities to identify further measures which support upskilling and reskilling, incentivise internships and apprenticeships, attract Maltese professionals working abroad back to the country, and make Malta a more attractive location for skilled international talent through competitive policies and streamlined procedures.

In their budget proposals, the three bodies jointly presented various recommendations aimed at enhancing efficiency, fairness and the competitiveness of the Maltese economy. These included an appeal for the urgent overhaul of Malta’s tax penalty system to ensure it is fair, equitable and compliance-driven, in line with European Union legislation and standards of practice. They also called for updates to the fringe benefit rules to reflect modern workplace realities, such as wellbeing measures, work-from-home arrangements, green mobility and stock option schemes.

The Institutes also recommended the introduction of targeted fiscal measures to advance Malta’s Environmental, Social and Governance agenda, particularly through incentives for green projects, mental health support and waste reduction initiatives.

This joint submission by the MIA, MIT and IFSP shows the unwavering commitment of the three bodies towards the safeguarding and enhancement of the competitiveness and resilience of the Maltese economy. 

The Malta Institute of Accountants is pleased to welcome Finance Incorporated Limited as a new corporate sponsor. As a leader in digital payment solutions, Finance Incorporated Limited brings valuable expertise to the financial and accounting sectors.

With a strong focus on financial technology, regulatory compliance, and secure transactions, Finance Incorporated Limited supports businesses in adapting to the evolving financial landscape. This partnership reflects our shared commitment to fostering innovation, professional development, and knowledge sharing within the industry.

We look forward to a successful collaboration that will create new opportunities and add value for our members and stakeholders.

The MIA is proud to renew its corporate sponsorship agreement with Scope Solutions for the third consecutive year. As a leading expert in cloud applications for businesses and accounting firms, Scope Solutions continues to drive digital transformation within the industry.

As the first locally established, fully cloud-native app specialist and integrator, Scope Solutions brings invaluable expertise in identifying, implementing, and integrating tailored cloud solutions that enhance efficiency and innovation in the accounting sector.

This ongoing partnership underscores our mutual commitment to advancing technology, knowledge sharing, and professional development within the profession. Together, we look forward to creating new opportunities and delivering even greater value to our stakeholders.

Last week, the MIA team welcomed ACCA representatives, where during this visit, both engaged with accounting firms to discuss the challenges and opportunities in recruiting and retaining graduates in the industry.

A special thank you to KPMG, PwC, Deloitte, EY, Tri-Mer Services, University of Malta and the Faculty of Economics, Management & Accountancy for their warm welcome and insightful discussions.

Together, we continue strengthening the future of the profession!

Stakeholders are being urged to enhance their readiness as Malta faces a wave of new anti-money laundering (AML) regulations, coupled with an upcoming Moneyval evaluation in a few years’ time. Preparedness is critical for firms, regulators, and the nation to address the changes introduced by the AML Directive, the establishment of the new European Union (EU) Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), and stricter compliance obligations for accountants and auditors. Staying ahead of these developments is essential to safeguard Malta’s reputation and ensure compliance with regulatory obligations.

This emerged during the AML Conference 2025 hosted by the Malta Institute of Accountants (MIA) in collaboration with the Financial Intelligence Analysis Unit (FIAU). This Conference was organised as part of the ongoing efforts to continue addressing the important fight against money laundering.

Introducing the conference, the Malta Institute of Accountants President Mr Mark Bugeja emphasised the need for stronger oversight, better risk assessments, and investment in advanced compliance technologies to meet the higher standards. He stressed that a single incident could harm years of progress and urged accountants to maintain high ethical standards to protect the profession and Malta’s reputation. “These developments highlight accountants’ growing role in AML compliance. We must ensure our firms and clients are prepared for increased scrutiny by strengthening AML processes and investing in Artificial Intelligence (AI)-driven monitoring.”

Ms Maria Cauchi Delia, Chief Executive Officer (CEO) of the Malta Institute of Accountants, highlighted the Institute’s key efforts, aimed in particular at ensuring that legislation in the sector should be risk-based, simplified, and transparent, without imposing unnecessary burdens. She also emphasised the need for the accountancy sector’s involvement in the legislative process and reaffirmed the Institute’s commitment to training and knowledge-sharing, urging members to stay informed and prepared for evolving regulations.

Mr Alfred Zammit, Director of the FIAU, outlined the ongoing commitment to strengthening Malta’s AML framework and enhancing its state of readiness. Mr Zammit emphasised the importance of being fully prepared for the next Moneyval evaluation, calling for enhanced collaboration between the public and private sector, while urging practitioners to play an active role in safeguarding Malta’s reputation, understand the difficulties, and collaboratively find solutions. He also highlighted the FIAU’s role and preparations with respect to the new AML package to ensure that Malta remains compliant, and to facilitate implementation.

Dr Clara Borg Bonaci, Policy Officer at the European Commission, provided insights into the broader European context of the changes being implemented, with a particular emphasis on how the new EU AML Package is shaping Supervision across Member States.

During the Conference, various FIAU representatives provided an in-depth look at their expectations from the upcoming FIAU’s supervisory cycle as well as the key changes in the 2025 Risk Evaluation Questionnaire. They also shed light on matters such as reporting, policies and procedures, risk assessments, ongoing monitoring, and the need for continuous training.

The importance of thoroughly understanding the customer and their business activities, as well as being familiar with the company’s AML procedures before appointment, was highlighted by various speakers, including representatives of the MIA AML Committee, throughout the Conference. Additionally, the importance of the ability to identify red flags was demonstrated through the use of case studies and practical examples. The Conference also discussed how technology and AI can assist in enhancing AML compliance, while emphasising the importance of the human element throughout this process.

AML local perspectives were also shared by representatives of other key stakeholders in the industry, including Mr Kenneth Farrugia, (Malta Financial Services Authority), Dr Geraldine Spiteri Lucas (Malta Business Registry) and Dr Pauline Saliba (National Coordinating Committee for Money Laundering and Financing of Terrorism).

The MIA AML Committee contributed to the organisation of the AML Conference 2025.

The proposed Malta Labour Migration Policy has drawn ample criticism namely for its ‘one-size-fits-all’ approach that fails to address the unique challenges faced by different industries. ‘A lot is being said and criticised, but not openly,’ is a recurrent comment in business circles.

Launched earlier this year, the policy outlines 32 recommendations and seeks to regulate the employment of third-country nationals (TCNs).

Several business owners and industry leaders are highlighting inadequate provisions for migrant workers’ integration, excessive bureaucracy and cost burdens with proposed measures threatening to stifle economic growth and hinder businesses already struggling with workforce shortages.

They are calling for a more flexible migration strategy tailored to the specific needs of individual sectors.

Their argument considers the high competition for skilled professionals and the way that the proposed policy fails to differentiate between low-skilled and highly qualified workers, calling for wider exemptions that include sectors like finance, technology, and hospitality, sectors that continue to struggle to find the right talent.

Maria Cauchi Delia, CEO of the Malta Institute of Accountants describes attraction and retention of talent as a major challenge for the Maltese financial services industry and the wider economy. She calls for strategic decisions at a national level to ensure that the industry has the necessary skills to grow, with a recognition that for the foreseeable future, this will require the participation of European and third-country nationals.

“We are calling for a sector-specific approach which highlights the importance of recognising the needs of those sectors that offer high value-added potential to the Maltese economy”.

Cauchi Delia says that it is positive that the proposed labour migration policy addresses various areas such as retention and stability, employee rights and working conditions, but believes that such policy should allow wider flexibility that allows the financial industry to recruit and retain the best available talent, irrespective of nationality.

“This flexibility is essential given the high competition for skilled professionals, and failure to do so will hinder the growth and opportunities which the sector offers. It is also important that this policy is aligned more closely with other national strategies, such as education and infrastructure plans, to promote long-term development.”

Robert Ancilleri, CEO of Embark (Malta) Limited and an accountant by profession considers the document, a one-size-fits-all approach which ignores the specific needs of particular sectors, age groups and different ethnic groups.

“As proposed, this policy fails to adequately address the integration of migrating workers’ family members into Maltese society or ensure a decent standard of living for TCNs, including affordable housing and ongoing professional and personal development.”

“It also fails to make a distinction between the public and the private sector, given that the public sector is one of the causes why the private sector is experiencing shortages in certain skills as a result of an over-supply of workers in the public sector,” he added.

Ancilleri explains that thresholds set for several recommendations such as the minimum termination rates, workforce application limits and minimum number of MT/EU nationals before application for TCNs should take into consideration the peculiarities of the different economic sectors, not company size.

“These thresholds risk crippling the business operation of many entities and put a severe strain on the current workforce.”

According to hotelier Simon De Cesare, CEO of Eden Leisure Group, while proper discussion on migration and streamlined processes to curb existing abuse is needed, the migration policy leaves a lot of gaps and as originally distributed, it does not cater for the needs of the hospitality industry.

“The reality is that hotels and restaurants rely heavily on TCNs because most local and EU workers do not want to work in this industry. If the government is not going to disincentivize those industries that require mass importation of low-skilled workers, then it is highly unfair to just turn off the tap on other more vital industries such as the hospitality industry which contributes so much to the country’s economy,” he explains.

De Cesare notes that while the pegging of TCN applications to staff turnover is not necessarily problematic, it does not suit a hospitality industry which is heavily reliant on seasonal workers employed on short-term contracts.

“Including all these employees in turnover figures brings many hotels and restaurants close or over the threshold needed to apply for TCNs,” he added, noting also how doubling application fees will continue to place more burdens on the industry.

“Over these last years, we already had to suck up fees related to the BCRS and Skill Pass schemes and now, this is yet another cost the industry will need to endure.” 

De Cesare questioned why exceptions and appeals to restrictions are being done through Malta Enterprise when the hospitality industry is regulated by the MTA, the entity that understands the industry and can best determine if industry players should be sanctioned or not.

“Policies are important but the hospitality industry needs the labour force to operate and less bureaucratic processes and fees, not more.”

Article was published by Times of Malta / The Business Picture Team.

Maria Cauchi Delia, CEO at the Malta Institute of Accountants ("MIA"), will moderate a panel discussion on sustainability assurance at Sustainability LIVE Malta. Here, she outlines the concept of sustainability assurance and how this enhances credibility and trust.

What is sustainability assurance and what are its main benefits to businesses?

Sustainability assurance is an independent assessment of a company’s Environmental, Social, and Governance ("ESG") disclosures on the basis of standards established at a European and international level. This process of external assurance strengthens the credibility of the information being provided by an organisation and helps stakeholders make informed decisions on sustainability matters.

Globally, and especially among younger generations, there is increasing concern about issues like climate change, social inequality and ethical sourcing. As businesses face heightened scrutiny over their sustainability claims, independent assurance plays a key role in verifying that reported data aligns with these standards.

Sustainability assurance independently validates an organisation’s sustainability data and disclosures, enhancing credibility and trust. By ensuring reliability, and consistency, it strengthens stakeholder confidence in the organisation’s commitment to ESG while reinforcing its reputation for responsibility.

This credibility is enhanced with the consistency brought by following a pre-defined standard reporting framework, such as that of the European Sustainability Reporting Standards which is applicable for entities falling in scope of the European Union ("EU"), Corporate Sustainability Reporting Directive ("CSRD").

Is the concept of sustainability assurance gaining ground locally?

The demand for sustainability assurance is rapidly increasing, particularly within the EU, where regulatory developments are shaping how businesses disclose and verify their ESG commitments. The introduction of the CSRD has significantly influenced this shift, making assurance a legal requirement for many companies. Under the Directive, certain entities are obliged to ensure their sustainability reports are subject to limited assurance, with the possibility of stricter requirements in the future.

The CSRD has yet to be transposed in Malta, but more than a dozen large companies already fall within its scope and are preparing for its implementation. Same applies for the regulators. In parallel, auditors are investing in the necessary resources and equipping themselves to deliver sustainability assurance effectively from the word Go.

In this context, it is important to highlight that the statutory auditors handling sustainability assurance will need to be authorised to deliver these services and are therefore undergoing the necessary training to ensure high standards of professionalism, competence, and ethical conduct.

However, the road towards sustainability reporting is a very uneven one. While there has been a clear shift toward greater environmental and social responsibility, there is also increasing resistance and demand for simplification. Positions taken by the United States and far-right parties in Europe, and even recent proposals at an EU level, such as the Omnibus package, appear to dilute the momentum that was being gained in relation to the EU sustainability framework.

At this juncture, there is therefore a level of uncertainty as to what happens next. In this context, although the extent is yet to be determined, clearly, sustainability assurance plays a crucial role in ensuring businesses remain transparent, competitive, and resilient.

How does sustainability assurance tie in with ESG efforts? What are the risks of inaccurate sustainability reporting – and how does sustainability assurance mitigate such risks?

There is no doubt that the creation of established frameworks in this field will give more comfort to investors, the public and decision makers.

Organisations can benefit from all this, particularly if they can establish leadership in the ESG field. It is important to appreciate that sustainability assurance comes at the tail end of the reporting process. Companies need to build the necessary resources and ensure they have the necessary processes and procedures to collate the required data and that all the various teams from different departments are onboard and working together – this requires a company-wide strategy.

On the other hand, inaccurate sustainability reporting can mislead stakeholders, damage an organisation’s reputation, and lead to regulatory penalties or loss of investor confidence. It may also result in poor decision-making, misallocation of resources, and failure to address key environmental and social risks.

Sustainability assurance mitigates these risks by independently verifying data, in parallel reinforcing the organisation’s commitment to genuine sustainability practices.

What role does the MIA play in sustainability assurance?

The MIA has long played an active role in pushing forward the sustainability agenda at various levels. On a national scale, it has provided recommendations to authorities on implementing sustainability directives, helping also to bridge expectations between authorities and professionals. Within the accountancy community and the broader financial industry, our role is to raise awareness, educate, and support our members in preparing for evolving sustainability requirements.

We have also established dedicated working groups on sustainability, one of which focuses on sustainability assurance to assess industry needs and provide essential guidance and training. In particular, we are striving to deliver the message that sustainability is a holistic process—ultimately assurance is the final step following strategy development, implementation, and reporting. Achieving sustainability requires a firm-wide, strategic approach that reshapes operations and strengthens internal structures.

Sustainability LIVE Malta is set to take place on February 20, 2025, at the Mediterranean Conference Centre (MCC) in Valletta. For tickets and for more information click here. 

Article was published by Times of Malta / The Business Picture Team.

The Malta Institute of Accountants ("MIA") has called for a sector-specific approach in the proposed labour migration policy, highlighting the importance of recognising the needs of those sectors that offer high value-added potential to the Maltese economy.

“While it is positive that the policy addresses various areas such as retention and stability, employee rights and working conditions, we believe it falls short in several key areas that are critical for Malta's long-term success”, the MIA said.

In particular, the MIA expresses concern at various recommendations that limit the ability of the financial industry to recruit and retain the best available talent, irrespective of nationality, possibly hindering the growth and opportunities which the sector offers.

Greater flexibility is essential given the high competition for skilled professionals. This includes the policy’s lack of differentiation between low-skilled and highly qualified workers when recommending a minimum termination rate as a prerequisite for applying for TCNs. The proposed exemptions should be extended to include other sectors struggling to attract and retain talent, such as financial services and technology.

The Institute supports the introduction of Skilled Occupation Lists but cautions against restricting the hiring of third-country nationals (TCNs) based on the number of Maltese or EU nationals employed. Such limitations could hinder business growth, especially given the increasing workload and shortage of local qualified professionals.

Concern is also raised on potential bureaucratic burdens, such as the introduction of a mandatory Skills Card. The latter should be limited to front-of-house roles and not be required for back-office positions like accountants, financial controllers, or in-house lawyers.

In conclusion, the Institute calls for better alignment of the labour migration policy with other national strategies, such as education and infrastructure plans, to promote long-term development. It highlights the importance of preventing duplication and conflicting priorities while encouraging greater collaboration among stakeholders.