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MIA News

  • 3 Oct 2022 11:00 | Malta Institute of Accountants (Administrator)


    Supply Chain Issues and Inflation - the Role of the Accountant

    It’s the fourth quarter of 2022, and the supply chain crisis continues to buckle under the strain of the pandemic, geopolitical conflict, and economic uncertainty. It is safe to say that shortages have defined the struggles of businesses during the last two years with no clear end in sight. Over more recent months, high inflation rates have put further pressure on firms, worsening an already dire situation. Although several factors are contributing towards higher-than-normal inflation rates, a significant amount is derived directly from supply chain issues.

    In such a context, one way to start tackling inflation is to directly address supply chain problems, such as cost of container shipping and logistical issues by bringing factories closer to the end consumers. Yet, many companies have had their resources depleted during the pandemic and hence require a degree of funding to undertake such an investment. However, earlier this year, the European Central Bank (ECB) announced an unexpectedly large interest rate rise, its first in 11 years.

    The rationale behind the ECB’s move is that higher interest rates help to fight inflation by raising the cost of borrowing, encouraging people and businesses to borrow less and spend less. In theory that is meant to lead to lower demand and slow price rises, but it also means less economic activity. Due to this, companies that are looking to tackle supply chain issues by investing more will likely find it more expensive to do so and hence their projects might not be financially viable. This will also put an additional strain on the cashflow of businesses, something that accountants need to keep a close eye on.

    In this context, this session will look into how accountants can understand supply chain and inflation and how these impact the performance of businesses. The first part of the session will focus on a detailed analysis of past inflation data and on recent developments within the global environment that are impacting both the supply chain and inflation, today and in the future. Also, conclusions will be derived on the inflation in the Maltese economy in recent years and a clearer vision of where inflation is heading in the coming months and years will be presented. We will also look at what policy makers are doing to mitigate against supply chain and inflation issues.

    The second and main part of the session will focus on the role of the accountant in present times and how the accountant can prepare for what’s to come in the near future. We will look at strategies that leading organisations around the world are rapidly deploying to help build resilience and agility, and how accountants and business consultants in companies of all sizes can implement strategies to help them deal with supply chain issues and battle inflation.

    Interested in the topic? The MIA is organising a session on 6th October. Read more here.

  • 30 Sep 2022 10:00 | Malta Institute of Accountants (Administrator)


    Supporting the profession in the digital transition

    A rapid digital transformation is having an impact on every business in every industry. The finance function of any organisation is certainly no exception. In this context, the MIA Digital Committee has been actively working on identifying and addressing responses for the digital era of the finance function.

    The overarching role of the Committee is to keep the profession abreast with all things digital including cloud, cyber security, technology assurance, data analytics/automation and other technological developments, whilst ensuring that the new skillsets are identified to ensure relevance of our profession.

    The Committee’s work revolves primarily around three areas.

    The first stream is the agenda of cloud accounting. The Committee has been engaged on developing an open framework for the finance profession to better embrace the technology deployment of cloud computing in the accounting world. The framework identifies core elements for consideration and evaluation when deploying cloud accounting technologies. The open framework will deliver a core set of information that is technology/vendor agnostic, and caters for contributions provided by professionals from time to time.

    The second stream relates to the new skill sets and competencies for the digital era of the profession at large to be embraced and invested in to ensure the profession remains relevant. Aspects of big data, digital technologies, such as robotic process automation, artificial intelligence and predictive analytics drive the agenda in creating business value. The technology enabled skill sets focus on the six principles of strategy and risk, analytics and reporting, technology deployment, business operations, digital leadership, and ethics and values. The development of this framework will lead to the possibility for members to benchmark the competencies and identify paths to enhance the skillsets for the digital era.

    The third stream involves a direct and active participation in discussions held with the Office of the Commissioner for Revenue (OCfR) on the point-of-sale exemption/certification processes in order to reflect the digital platform realities and operating models that businesses operate today and tomorrow. Recently, the Committee also held discussions with the OCfR to ensure a consistent application of VAT rules on the soon to be introduced Beverage Container Refund Scheme (BCRS) across retailers, restaurants and so forth.

    The Committee has also been actively involved and supporting the Institute through the organisation of events for members revolving around the agendas of cyber security, digital skill sets, data and automation, and to provide awareness of digital technology trends and assessment on how they affect members. The Committee also backs other committees on digital agenda aspects such as ESEF reporting, participates in webinars and conferences organised by the MIA and supports students in addressing queries in relation to the digital topic in their dissertations.

    Written by Chairperson of the MIA Digital Committee, Gordon Micallef.

    Furthermore, the Committee, led by Mr Gordon Micallef, is organising a session dealing with matters impacting the work of accountancy professionals. Don't miss this opportunity. Register here.

  • 27 Sep 2022 10:00 | Anonymous


    “ESG should be about tangible action towards a fair and better society” - Accountants.

    The Malta Institute of Accountants’ Young Members Focus Group tackles regulatory and practical implications of ESG

    ESG is not simply a trend which enhances a company’s CSR offering. It is a central element of an organisation’s operations, backed by wider social and consumer awareness and increasing regulatory expectations. ESG is also a means through which entities can give back to the community that sustains their success.  

    In such a context, accountancy professionals have a strategic role to play in ensuring that organisations are complying with the applicable legal obligations and pushing ESG as a basis for further growth. This key message came across strongly during a Young Members event hosted by the Malta Institute of Accountants which focused on the latest developments concerning ESG.

    Addressing the event, MIA President David Delicata remarked that ESG has brought about a culture shock within firms, given the rapid pace of the transformation. “Greenwashing will not cut it. Without proper formal disclosures, there is no accountability”, the President added, highlighting the centrality of the accountancy professional role in this sense. “As accountants we have a big role to play, not only in educating but also in ensuring that our clients and employers are complying with their obligations”.  Mr Delicata also focused on the need for upskilling within organisations to be able to respond to these developments, adding that the MIA is contributing to this through a wide programme aimed at educating members and other professionals in the field.

    MIA CEO Maria Cauchi Delia referred to the increasing public awareness on the matter, pushing businesses to up their game and change their mindsets. “While environmental, social and governance matters might not be considered as financial elements within an organisation’s activity, they will have a significant impact on its bottom line.” She added that accountants are therefore responsible to ensure that the entities they operate in remain competitive. Through their roles on boards, in management and when acting as advisors, professional accountants need to lead the corporate sustainability agenda.

    The event included panel discussions and breakout tables which addressed practical and regulatory elements emanating from upcoming ESG requirements, including new standards developed by the relevant European bodies. The MIA itself has been an important contributor in this sense, providing detailed feedback to the European Financial Reporting Advisory Group on the first draft set of European Sustainability Reporting Standards.

    A number of speakers called for a proactive philosophy rather than one of compliance, with regulation and directives being there to support and facilitate the change. Accountants were encouraged to clarify not only the costs associated with ESG implementation but also highlight the benefits, particularly as more investors are revisiting their priorities and favouring companies that truly champion the ESG agenda. ESG also calls for wider collaboration between members of the profession as well as other professionals and experts, given that the variety of the subject matter requires different areas of expertise.

    Concluding the event, the Chairperson of the Young Members Group Dean Micallef stated that the profession is now dealing with metrics which are more qualitative. He called on participants to convey the key messages resulting from the event to their fellow management team: “ESG is something which society demands from us”.


  • 23 Sep 2022 17:35 | Michael Debono (Administrator)


    The Malta Institute of Accountants has launched the second edition of the #AccountsForYou Awareness Campaign, as it seeks to encourage young students to discover more about the exciting and varied career opportunities that this profession provides. It will also address the need for wider financial literacy starting at a young age, a key tool in the development of the citizens of tomorrow.

    The campaign was launched by MIA President David Delicata and CEO Maria Cauchi Delia in the presence of the Minister for Education, Sport, Youth, Research and Innovation Hon. Dr Clifton Grima.

    Addressing a press briefing at the Institute’s Head Office, MIA President David Delicata noted that despite the turbulent economic times of recent years, the Maltese economy has continued to grow and attract higher-quality jobs particularly in the services-based industry, creating the need for an increasing cohort of accountancy and auditing professionals. Quoting a recent survey commissioned by the MIA, the Institute of Taxation and the Institute of Financial Services Practitioners, the Export-Oriented Foreign Direct Investment services sector employs more than 28,000 persons, excluding many more thousands who provide ancillary services to such industry. While hundreds of students yearly qualify to act as accountants through University of Malta and the MIA-ACCA Joint Scheme, demand continues to outstrip supply.

    “Accountancy is synonymous with a profession which highlights the importance of ethics, professionalism and good governance. It is a profession which has demonstrated resilience throughout times, and offers professionals engaged in it the opportunity to make a difference, for accountants play a key role in every organisation, irrespective of its industry or size. Our aim is to encourage young people to be aware of these opportunities,” Delicata added.

    MIA CEO Maria Cauchi Delia explained that the campaign will be targeted towards students in Year 8 and Year 11 in state, church, and independent schools as well as post-secondary institutions, these being important junctures on their study path. The campaign will feature live sessions in schools supported through a digital campaign on the social and media platforms which are frequently used by the younger community.

    Cauchi Delia said that the first edition of the campaign, despite the limitations of the pandemic, reached more than 1,000 children from 40 schools, with the Institute targeting to sustain and possibly improve on these numbers.

    Minister for Education, Sport, Youth, Research and Innovation Dr Clifton Grima said: In a constantly evolving world, the labour market is coming up with new requirements. In this context, we need to provide guidance to our country's students at the delicate phase of their life when they make important choices that will impact their future. For this reason, we should promote subjects that help them achieve these goals, including those related to accountancy, so that the market requirements are met.” The Minister recalled that decisions on their future career need to be ultimately taken by the children themselves, and it is for this reason that the Guidance and Counselling Unit within the Education Ministry provides guidance to students so that their choice is made according to their aspirations and abilities, while also focusing on the wider socio-economic development.

    The Malta Institute of Accountants would like to thank the Ministry of Education, the Department of Accounts within the Directorate for Learning and Assessment Programmes (DLAP) which is supporting this campaign, as well as MIA officials, members and staff, together with other contributors and sponsors for their contribution and support towards this campaign.

    ____________________________________________________________

    Il-Malta Institute of Accountants jniedi t-tieni edizzjoni tal-Kampanja ta’ Għarfien #AccountsForYou

    Il-Malta Institute of Accountants nieda t-tieni edizzjoni tal-Kampanja ta’ Għarfien #AccountsForYou bl-għan li jinkoraġġixxi lill-istudenti jiskopru aktar dwar l-opportunitajiet differenti u eċitanti li l-professjoni toffri. Se tindirizza wkoll il-bżonn ta’ għarfien finanzjarju akbar minn età żgħira, li hija għodda importanti ħafna fl-iżvilupp ta’ ċittadini ta’ għada.

    Il-kampanja tnediet mill-President tal-MIA David Delicata u l-Kap Eżekuttiv Maria Cauchi Delia fil-preżenza tal-Ministru tal-Edukazzjoni, Sport, Żgħażagħ, Riċerka u Innovazzjoni l-Onor. Dr Clifton Grima.

    F’diskors waqt konferenza tal-aħbarijiet fl-Uffiċċju Ewlieni tal-Institute, il-President tal-MIA David Delicata nnota li minkejja l-isfidi ekonomiċi tal-aħħar snin, l-ekonomija Maltija kompliet tikber u tattira impjiegi ta’ kwalità speċjalment fl-industrija tas-servizzi, fatt li ħoloq bżonn ta’ numru akbar ta’ professjonisti fl-accounting u l-awditjar. Huwa kwota studju riċenti li sar mill-MIA, l-Institute of Taxation u l-Institute of Financial Services Practitioners, li aktar minn 28,000 persuni jaħdmu fis-settur tas-servizzi marbut mal-investiment barrani dirett, flimkien ma’ eluf oħra li jipprovdu servizzi anċillari lil din l-industrija. Filwaqt li mijiet ta’ studenti jikkwalifikaw kull sena biex jaħdmu ta’ accountants permezz tal-Università ta’ Malta u bl-iskema konġunta li l-MIA għandu mal-ACCA, id-domanda għadha ferm akbar mill-provvista.

    “L-accountancy huwa sinomimu ma’ professjoni li tirrifletti valuri importanti bħall-etika, il-professjonalità u governanza tajba. Hija professjoni li baqgħat reżiljenti matul iż-żminijiet u toffri l-opportunità lill-professjonisti li jaħdmu fiha biex jagħmlu differenza. Dan għaliex l-accountants jilagħbu rwol importanti f’kull organizzazzjoni, irrispettivament mill-industrija jew id-daqs tagħha. L-għan tagħna hu li nħajru lit-tfal u żgħażagħ biex ikunu konxji ta’ dawn l-opportunitajiet,” żied jgħid is-Sur Delicata.

    Il-Kap Eżekuttiv tal-MIA Maria Cauchi Delia spjegat li l-kampanja se tkun immirata lejn studenti fit-tmien u l-11-il sena fl-iskejjel tal-istat, tal-knisja u dawk indipendenti, kif ukoll f’istituzzjonijiet post-seondarji, li huma kollha punti importanti tul il-kors tal-istudju. Il-kampanja se tinkludi sessjonijiet fl-iskejjel kif ukoll kampanja diġitali fuq il-mezzi soċjali u pjattaformi li jintużaw l-aktar minn udjenza żagħżugħa.

    Cauchi Delia qalet li fl-ewwel edizzjoni  tal-kampanja, minkejja l-limitazzjonijiet tal-pandemija, intlaħqu aktar minn 1,000 tifel u tifla minn 40 skejjel differenti. L-għan tal-MIA huwa li jsostni u possibbilment itejjeb dawn in-numri.

    Il-Ministru għall-Edukazzjoni, l-Isport, iż-Żgħażagħ, ir-Ricerka u l-Innovazzjoni Clifton Grima qal li, “f’dinja li dejjem qed tevolvi, qed joħorġu aktar bżonnijiet tas-Suq tax-Xogħol u huwa għalhekk irridu nkunu ta’ gwida għall-istudenti tal-pajjiż f’mument delikat ta’ ħajjithom li fih ikunu qed jagħmlu l-għażliet li se jaffettwaw il-futur tagħhom. Għalhekk għandna nagħtu promozzjoni għas-suġġetti li jwasslu għal dan il-għan, fosthom dawk relatati mal-accounting biex jimtlew il-bżonnijiet u l-esiġenzi tas-suq.” Il-Ministru fakkar li huma t-tfal infushom li jagħmlu l-għażliet tal-karriera tagħhom, u għalhekk it-Taqsima tal-Gwida għall-Karriera u l-Edukazzjoni fi ħdan il-Ministeru tagħti gwida lill-istudenti biex filwaqt li l-għażla tagħhom tkun skont l-aspirazzjoni u l-abbiltà tagħhom, tkun tiffoka wkoll fuq l-iżvilupp soċjo-ekonomiku globali.

    Il-Malta Institute of Accountants jixtieq jirringrazzja lill-Ministeru tal-Edukazzjoni, id-Dipartiment tal-Accountancy fi ħdan id-Direttorat għall-Programmi ta' Tagħlim u Assessjar (DLAP) li qed jissapportja din il-kampanja, kif ukoll uffiċjali, membri u staff tal-MIA, kif ukoll kontributuri u sponsors oħra għall-kontribuzzjoni u appoġġ tagħhom lejn din il-kampanja.


  • 22 Sep 2022 10:00 | Malta Institute of Accountants (Administrator)


    The growth of the service-based industry and the increase in the cost of property have driven many companies and individuals to seek rental options when considering their next property move. Over the past years, Malta has witnessed a significant transformation in this regard. According to local authorities, a total of 37,976 leases were registered in 2021, a staggering increase of 49% over the previous year.

    This study shows that the property rental market is a growing one and is going through a rapid transformation. This context requires finance and real estate professionals to be familiar with the elements which are driving pricing in the market, and how lease terms and rental values have an impact on the real estate lifecycle.

    There are three major factors which impact the rental valuation. Firstly, the overarching economic situation, which generally reflects the profitability of the businesses that occupy and /or lease out various types of premises. Changes in rents also reflect developments in the health of the economy because such changes influence supply and demand. Being able to anticipate upcoming economic trends, understand forecasts but also economic policy direction is a key requirement to plan effectively ahead in the property sector.

    Secondly, one needs to keep in mind the performance of a property investment, as the objectives of property investors are to benefit from both the rental income which is paid by the occupier, and any capital growth which they anticipate from their ownership.

    The third element relates to the valuation of a property, especially investment and commercial properties, as the income approach (which is the main approach to value these types of properties) assesses Market Value by capitalising the future income obtainable from the property.

    During a three-hour session held on 27th September, the speaker went through the key concepts, principles and terminology related to leases and rental value. Primarily, the course focused on long-lets for commercial properties, though the key concepts do not really differ significantly for residential properties.

    In fact, participants were guided through the economics of rent and the determinants of rental value, while also pointed towards key sources of local data which will support them in their market research. The session also addressed the basics of preparing cash flows for valuations and investment appraisals, thus helped participants to decipher the contents and terms of a lease and provide advice on how to review lease terms.

  • 14 Sep 2022 14:00 | Malta Institute of Accountants (Administrator)


    Humanity is continuously faced with the dilemma of the correlation between behaving ethically and being successful. We seem to be living in a society where success depends on freedom to do as you like and ignoring ethical principles. We are living through a culture which promotes liberalism while shifting away from conformism. Yet many others are subject to stiff regulation with penalisation continuously hanging on their heads. Is this a two-speed society with different classes or will the ethical and conformist prevail in the long run?

    Corporations pride themselves on their brand of culture. Companies build their own culture which plays an important part in business, employee retention, customer relations, shareholder relations, competition, and society at large.

    The ethical stance of executive management and leaders of a corporation define the culture of a corporation. On the other hand, the culture influences the moral values practiced within the company. Presumably Corporate Culture and Ethical Behaviour are intertwined, and one shapes the other.

    Corporate Culture is known to change over time. Many companies which started purely as a service to society and human needs have turned into profiteering behemoths dominating markets, minds, and economic well-being of consumers. Companies which humbly emerged from an invention have over years muscled out other entrants and killing choice in the process. Success of companies or individuals is known to have rendered companies and people insensitive to other people’s needs and changed the culture of their environment clearly creating a divide between providers or producers and consumers. An uncontrolled corporate culture which sidelines society is harmful and many such situations have led to the much wrongdoing prevailing over doing the right thing.

    One also observes the phenomenon that in times of apparent affluence cultures and ethics may take the sidelines, while during a recession, when more and more people are suffering, societies resort to the comfort of ethical practice. One would therefore wonder whether ethical behaviour and corporate culture are cyclical concepts. Do these concepts change with phases or do phases depend on how these concepts are observed?

    These issues are very pertinent to us accountants. Corporate culture should be one of the cardinal elements to consider as early as the onboarding stage. With regards to client continuation, evolving corporate culture of the client remains of significant importance.

    Whether we are Practicing Accountants in Business or auditors the subject remains extremely relevant. In the former role we purport to influence the culture, while in the latter role it becomes a matter of risk management to our practice as well as somewhat exerting influence. As practitioners we may have less freedom to adopt the culture that we want because we are regulated and therefore subject to rules as prescribed for example in the Code of Ethics and other pronouncements.

    The subject of ethical behaviour is not a matter of choice to anyone let alone to accountants in any activity that they engage in. It follows that whilst, in line with the argument above, ethical behaviour influences corporate culture, in the case of accountants in practice the culture in the firm is rather defined by regulation and not so much by the ethical stance of the partners or management of the firm albeit that the latter’s’ ethical standards determine the ease with which compliance is attained.

    These aspects will be the addressed in detail during this three-hour session, putting forward considerations which are increasingly relevant in the corporate world of today.

    If you are interested in learning more on this topic, there is a session to take place on 4th October 2022. Register here.

  • 8 Aug 2022 15:30 | Malta Institute of Accountants (Administrator)


    The Malta Institute of Accountants has honoured Maria Sciberras for her extraordinary achievement of placing second among thousands of students around the globe during the March 2022 Strategic Professional Exam Level Exams held by international accounting body ACCA.

    The award was presented by Malta Institute of Accountants President David Delicata, CEO Maria Cauchi Delia and Thomas Galea, who is Malta's representative on the ACCA International Assembly.

    Mr Delicata had words of praise for Maria's excellent performance: "Such a top placement among the global cohort of participants in such a competitive examination is an astounding achievement for this youngster. It is also another reminder that despite the limitations of our size, Maltese students perform admirably next to their international counterparts, and this achievement will go a long way in inspiring future students to take on the accountancy path. It is also testament to the quality of accountants that Malta is able to nurture, year after year. The Institute remains by the side of all those who will undertake this path, providing support, advice and direction through our dedicated team".

    Mr Galea praised Maria Sciberras for her outstanding achievement, highlighting her 'can do' attitude which bodes well for her future career prospects. "An ACCA qualification opens the door to a multitude of career opportunities. I am confident that this result is just the first step of a career which brings job satisfaction and the opportunity to pursue her dreams in the near future".

    Maria Sciberras, who, expressed her appreciation and joy at receiving the award. "Such a result is obtained through effort and dedication, and thanks to the support of family, friends and work colleagues. I do hope that this achievement serves as an inspiration to many young students, particularly women, to undertake studies in the accountancy sector which truly opens the door for an exciting career, one through which you can achieve true personal satisfaction by contributing to a better society for all".

  • 27 Jul 2022 13:00 | Malta Institute of Accountants (Administrator)


    “Accountancy professionals can play a key role in the country’s economic development”. Maria Cauchi Delia, Chief Executive Officer of the Malta Institute of Accountants said this during an informal exchange with students approaching the end of compulsory education at this year’s annual ‘I Choose’ event.

    A panel discussion featuring Ms Cauchi Delia together with four members of the MIA’s Young Members Group who ply their trade in different sectors of the economy was one of the highlights of the MIA’s participation at this year’s event which provides a unique opportunity for students to explore further career and educational options at a vital stage of their educational pathway.

    The Young Members – Kenneth Cremona, Cinzia Fenech, Julia Gingell, and Carlsten Xuereb – highlighted the transition of the accountancy profession in recent years. They described the opportunities created for such professionals as endless, sharing insights on the way that an accountancy background has shaped their career development, growth, and success.

    Keen to shed light on the fascinating adaptation of the modern role of the accountancy profession, the speakers highlighted the way that their career allows them to interact on a daily basis with people from all walks of life, including athletes, farmers, artists, doctors, and gaming experts.

    Ms Cauchi Delia also shared insight on the role of the Institute as the guardian of the profession, highlighting the important contribution towards career development. Describing the Institute as the only organisation which brings together all accountants and auditors, she highlighted its key activities including participation and consultation in new legislation, the organisation of educational conferences and training sessions as well as numerous networking opportunities for its members.

    The Malta Institute of Accountants ensured a strong presence at this year’s event with representatives of the Young Members Group and other Institute staff members present onsite to meet the students, answer their queries and provide career tips. A number of give-away prizes also ensured that the MIA’s stand was a place-to-be for the students who flocked to this year’s job fair.













  • 21 Jun 2022 14:08 | Michael Debono (Administrator)

    Commissioned by the Institute of Financial Services Practitioners, the Malta Institute of Accountants and the Malta Institute of Taxation, the report offers a critical snapshot of the industry

    A new report outlines the significant contribution of Malta’s services sector to the national economy.

    Jointly commissioned by the Institute of Financial Services Practitioners (IFSP), the Malta Institute of Accountants (MIA) and the Malta Institute of Taxation (MIT), leading economist Gordon Cordina from E-Cubed Consultants Ltd conducted the in-depth survey of the sector.

    Sharing his early conclusions at the IFSP Annual Conference in April, Dr Cordina described his approach as covering a “wider perspective of policy and business behaviour, covering a range of services activities with common competitiveness concerns which include and extend beyond those normally associated with financial services.” Titled The Contribution of Export-Oriented Foreign Direct Investment in the Services (EFIS) Sector to the Maltese Economy, the report seeks to quantify the economic impact of export-oriented, foreign direct investment companies operating in the higher-value added services sector (EFIS). This sector, coined specifically for the purposes of the study, including financial services as well as other services sectors.

    Based on 2019 figures, the report highlights that the three main injections to Malta’s economy – namely exports, creation of productive assets and government expenditure or private consumption – together create a substantial demand for business activity and an economic value added of more than €12 billion. It goes on to outline that firms in the EFIS sector directly generated 19 per cent of the total value added in the Maltese economy.

    In addition, the report shows that firms in the EFIS sector directly employed nearly 10 per cent of the total workforce in the Maltese economy during 2019 – equivalent to almost 22,200 people. The report also spotlights that the EFIS sector significantly boosts the nation’s productivity, with labour productivity in EFIS firms in 2019 estimated at 189 per cent of that of the average level of labour productivity across the economy.

    While the growth of the EFIS sector exceeded that of the overall economy, helping to accelerate overall growth, it also made direct, indirect and induced contributions in terms of value added and employment generation to the rest of Malta’s economy. Of the €3,036 million total value added generated by direct and indirect effects of the EFIS sector’s activity, firms outside the EFIS sector had a value added of around €194 million and 4,700 jobs.

    The report also records that firms in the EFIS sector have a relatively low carbon and floorspace footprint in comparison to other sectors in Malta, while offering high salaries.

    This report’s findings show that foreign owned entities engaged in the export of services contribute significantly to Malta’s economic output, employment, government revenue, productivity and economic growth, whilst having a relatively low impact on the environment compared to other sectors of the economy. Furthermore, this study makes it possible to gauge the full extent of the EFIS sector’s significant contribution to Malta’s economy – and its importance as part of the nation’s economic future.

    The report and its salient findings were presented to the Prime Minister the Hon Robert Abela and the Minister of Finance the Hon Clyde Caruana during a meeting held at Castile, and to the Leader of the Opposition the Hon Bernard Grech, accompanied by the Opposition Spokesperson for Finance the Hon Jerome Caruana Cilia and the Opposition Spokesperson for the Economy the Hon Ivan Bartolo.

  • 17 Jun 2022 17:50 | Michael Debono (Administrator)

    The Malta Institute of Accountants expresses its satisfaction that the Financial Action Task Force (FATF) has taken Malta off its grey-list.

    A timely exit from the grey-list, which the Institute had immediately called for, was imperative to limit the impact of this decision and offer the jurisdiction the opportunity to get back on track in its efforts to place itself among the most reputable counterparts in the industry.

    The Institute commends the efforts of financial services practitioners and other professionals who have worked tirelessly over the past months to ensure the strengthening of the financial services sector’s reputation, an effort which has contributed in no small way to this desired result.

    Malta’s de-listing should not however, constitute a point of arrival. All stakeholders have a responsibility to remain vigilant at all times and to continue improving on the higher quality that has been reached today.

    While the exit from the grey-list is an important and a welcome achievement, it is our collective duty to restore Malta’s place where it deserves – as an international financial jurisdiction of high repute, which attracts high quality investment based on substance, and contributes to sustainable economic growth and job creation.

               

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