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MIA News

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  • 10 May 2024 16:15 | Anonymous

    The Institute of Financial Services Practitioners (IFSP), the Malta Institute of Accountants (MIA), the Malta Institute of Taxation (MIT) and the Society of Trusts & Estate Practitioners (STEP — Malta) are deeply concerned about the current situation in the country.

    Read more.

  • 3 May 2024 08:00 | Anonymous

    The Malta Institute of Accountants is seeking an experienced auditor to provide external audit services. 
    For more information and to submit your interest please click here.
    In case of any queries or clarifications contact the Finance department

  • 18 Apr 2024 08:00 | Anonymous

    The Malta Institute of Accountants announces the formalisation of a corporate sponsorship agreement with Scope Limited, an innovative firm specialising in cloud applications for businesses and accounting firms.

    Scope, as the first local and holistic born-in-the-cloud app specialist and cloud integrator, brings extensive expertise in identifying, implementing, and integrating cloud applications tailored for businesses and accounting companies.

    This partnership between MIA and Scope Limited also reflects commitment to driving innovation, knowledge sharing and professional development within the accounting sector. Both organisations are dedicated to leveraging their strengths to create new opportunities for their respective stakeholders, thus adding further value to this collaboration.

  • 29 Jan 2024 09:38 | Anonymous

    The Malta Institute of Accountants has formalised the reconstitution of its thirteen committees and focus groups, and twenty working groups for a new two-year term, ensuring a fresh influx of expertise and perspectives within its setup, joining forces with already established members. The new committee formations, effective this January, play a major contribution in supporting the activity of the MIA and fostering professional growth and excellence within the accountancy community.

    To mark this renewal, a networking event was held at Villa Arrigo, attended by over 160 members of these committees and groups, together with MIA Council members, management and staff, creating a platform for collaboration and exchange of ideas in preparation of the task ahead.

    These committees and groups play a pivotal role by backing up the Institute in shaping the industry landscape by producing technical documents, consulting with members, responding to consultation documents, organising CPE events and staying abreast of proposed EU and national legislation. Together, they also play a key role in enhancing the visibility and branding of the Institute and the accountancy profession itself, while contributing to efforts intended to increase awareness about this profession among the younger generation.

    The Committees cover core areas of the profession and various niches of the wider financial industry, including taxation, audit, sustainable finance, digital, ethics and financial reporting among others. On the other hand, the Focus Groups address the needs of specific communities within the accountancy profession, including Professional Accountants in Business, Small and Medium-sized Practitioners and the younger members.

    Maria Cauchi Delia, MIA Chief Executive Officer expressed her sincere appreciation towards the outgoing committee members who contributed significantly to the Institute's growth and success. She highlighted the extraordinary input of the committee members particularly by supporting the MIA in proactively putting forward recommendations and providing feedback for draft legislation as well as industry standards originating from Malta and abroad.

    In their previous term which came to its conclusion at the end of last year, the committees and groups totalled in excess of 500 hours of meetings, producing several technical documents, contributing to over 25 events and replying to some 25 consultation documents.

    She also extended a warm welcome to the new members within the Institute's committees, focus groups and working groups, acknowledging their commitment to the cause and emphasising the collective responsibility to drive positive change within the industry.

    Among the key areas of work for the two years ahead, Ms Cauchi Delia highlighted the commitment of the Institute to continue contributing towards the new financial services strategy as part of the activity of the Malta Financial Services Advisory Council, as well as leading its members through new realities determined by changes such as sustainability reporting, changes in taxation, the advent of new international standards as well as the digital transition.

    “Your willingness to offer your time and expertise speaks volumes about your passion for our shared mission. Working together we can bring tangible change, shaping the future of the accountancy profession in Malta," concluded Ms Cauchi Delia.

  • 19 Jan 2024 13:45 | Deleted user

    EFRAG issued the following 3 draft ESRS IG documents for public consultation:

    • Draft EFRAG IG 1: Materiality assessment implementation guidance here;
    • Draft EFRAG IG 2: Value chain implementation guidance here; and
    • Draft EFRAG IG 3: Detailed ESRS datapoints implementation guidance here and accompanying explanatory note here.

    MIA would like to invite its members to contribute to this consultation process by sending their feedback to technical@miamalta.org by 25 January 2024. Comments received will be taken into consideration when drawing up MIA’s consolidated feedback.

    Read more here.

  • 19 Jan 2024 13:08 | Deleted user

    The MFSA has released a Consultation Document on the National Implementation of Regulation (EU) 2022/2554 and Transposition of Directive (EU) 2022/2556 on Digital Operational Resilience for the Financial Sector.

    MIA would like to invite its members to contribute to this consultation process by sending their feedback to technical@miamalta.org by 30 January 2024. Comments received will be taken into consideration when drawing up MIA’s consolidated feedback.

    Read more!

  • 19 Dec 2023 14:40 | Anonymous

    Businesses need to think innovatively and break conventional boundaries to remain competitive in the face of widespread changes, particularly in the field of taxation. This key message echoed through the key speeches and exchanges during the Malta Institute of Accountants’ Annual Tax Conference.

    The Conference dissected various tax reforms emanating from both European and national level, including various elements of corporate tax, sustainability reporting disclosures as well as changes in VAT and Customs formalities. The agenda for the Conference was developed by the Institute’s Direct and Indirect Taxation Committees

    In her welcome speech, MIA Chief Executive Officer Maria Cauchi Delia said that the present fiscal changes sought to lead a global shift towards transparency, simplification and consistency. She detailed the Institute’s efforts throughout the past year to engage with stakeholders in Malta and abroad, respond to consultation documents related to major reforms and provide training to members.

    MIA President Mark Bugeja highlighted the stronger collective push towards enhanced compliance and enforcement. He called on accountancy professionals and businesses to take the upcoming changes in their stride and seek to transform such challenges into new opportunities for growth.

    A number of panel discussions delved into detail and provided insights into impending changes related to direct and indirect taxation. With regards to indirect taxation, the panel addressed issues related to the Intrastat Declarations, Recap Statements, Budget Implementation Bill, Central Electronic System of Payment information (CESOP), and the applicability of the newly introduced 12% VAT Rate. The discussion on direct taxation focused on the Unshell Directive and its requirements, as well as on the Subject to Tax Rule (STTR), this being one of the key components of Pillar 2. A separate discussion addressed the expectations in terms of required documentation and timelines with regards to Transfer Pricing.

    The Conference also included an insightful exchange on where tax related issues are likely to become relevant to disclosures under the Corporate Sustainability Reporting Directive (CSRD). This discussion addressed issues such as the Carbon Border Adjustment Mechanism (CBAM) and the Emissions Trading System (ETS), while also making reference to the Blue Economy and how this presents further opportunities for the country.

    The event was also addressed by Mr Joseph Caruana, Commissioner for Tax and Customs, who provided details on the transformation of Malta’s fiscal systems, which had the objective of sustaining public financing through efficient collection of taxes while ensuring increased attractiveness and competitiveness of the Maltese jurisdiction through reduced bureaucracy.

    Mr Christopher Magri, Director General Customs Operations, gave details of how Customs Department was investing in technology and Artificial Intelligence to allow it to focus on the highest risk and ensure collection of taxes and duties which are due, while enhancing its role as protector of the Maltese and European frontier.

    The Tax Conference was also addressed by the Minister for Finance and Employment Hon. Clyde Caruana who urged firms to seek innovative ways to increase their productivity, this being the way forward in the way of constant changes pushed from the European Union and beyond. His Opposition counterpart, Hon. Jerome Caruana Cilia focused on the need to enhance and improve Malta’s attractiveness while demonstrating a commitment to fairness which ensures that local businesses, regardless of size or industry, have equal opportunities to thrive.

  • 15 Nov 2023 11:01 | Anonymous

    The Malta Institute of Accountants has welcomed 157 new accountants as members after completing their respective qualifications through ACCA and the University of Malta over the previous academic year.

    MIA CEO Ms Maria Cauchi Delia welcomed the new members to the Institute, describing it as a 4,000-associate strong platform which gives the profession a strong voice and its members the opportunity to exchange knowledge and experience, build contacts and receive support throughout their career. She encouraged new members to consider the various opportunities for participation offered by the Institute, particularly through its different committees and working groups, including the Young Members Group.

    MIA President Mark Bugeja called on new members to stand for integrity, to uphold the highest ethical standards, and to strive to earn the trust of those who depend on the profession’s expertise. Recalling historically notorious cases of corporate misconduct, he highlighted the critical role of accountants and auditors in ensuring accurate financial reporting and enhancing public trust in business.

    Mr Bugeja also called on accountancy professionals to embrace life-long learning. “The advent of cutting-edge technologies, such as automation, artificial intelligence and data analytics, underscores the importance of ongoing education. These advancements are reshaping the profession and staying current with technological trends is essential for professionals to effectively harness these tools in their work”, he argued.

    During the course of the event, the Institute recognised the achievement of the top University of Malta graduate and ACCA affiliates in the presence of Prof Emanuel Said, the Dean, and Dr Lauren Ellul, the Head of Department, of the Faculty of Economics, Management and Accountancy at the University of Malta and Ms Magda Krupa Hernandez, ACCA Director Europe, Middle East and Americas.

    These were Alessandro Mommo (1st in Malta Overall Performance September 2022 ACCA Top Affiliate), Darren Rapa (1st in Malta Overall Performance December 2022 ACCA Top Affiliate), Kimberly Galea (1st in Malta Overall Performance March 2023 ACCA Top Affiliate), Noor E-Mohammad Mustun (1st in Malta Overall Performance June 2023 ACCA Top Affiliate) and Annie Caruana (Best University of Malta Accountancy student).

    Ms Krupa Hernandez expressed her pride at the ACCA’s partnership with the Institute and the teams which worked together to make the joint examination scheme practical and relevant. She called on new graduates to celebrate the moment but appreciate that this is not their final career peak but the beginning of a successful and rewarding process.

    Prof Emanuel Said elaborated on how today’s accountancy and audit professional play a much more significant role, as determined by evolving international standards, the forces of globalisation, mounting social expectations and demands for accountability, transparency and green credentials at many levels. Prof Said also placed emphasis on the need to secure stakeholders’ trust. “In any career choice we need to keep ethical values at the fore of our minds. It is not just what is legal, but what is right, fair and for the common good”, he remarked.

    During the event, the MIA also celebrated this year’s winners of the Kevin Mahoney Award for exceptional voluntary work and sense of altruism. The award was awarded to Berta and Kevin Vella, who set up a foundation after the untimely death of their young daughter to help sick children with necessary medication and equipment as recommended by the Pediatricians at Mater Dei.

  • 15 Nov 2023 10:58 | Anonymous

    Technology can be a major enabler for firms as well as for authorities and regulators, a key tool to address skills shortages, reduce the administrative burden and contribute towards a compliance-based culture in the Maltese jurisdiction. This was a key message emerging during the Malta Institute of Accountants’ (MIA) annual Digital Conference.

    Introducing the event, MIA CEO Maria Cauchi Delia argued that in a world where skills and human resource shortages continue to afflict the financial services industry and beyond, the use of technology and automation can fill in the gaps and allow accountancy and auditing professionals to upskill and focus on more specialised tasks. She highlighted how innovative EU legislation, including CSRD, requires electronic format reporting, putting the onus on authorities and firms to step up the digital transformation process to ensure compliance, simplification and quality.

    MIA President Mark Bugeja explained how technology can enhance fiscal morality and public trust while enabling level playing field and the equitable distribution of resources, ultimately contributing to the stability and prosperity of economies and the overall well-being of society.

    These views were echoed by the Commissioner for Tax and Customs, Mr Joseph Caruana, who explained how as part of the Malta Tax and Customs Administration (MTCA) strategy, the organisation is investing heavily in its technology infrastructure to build a new risk analysis system which exploits Artificial Intelligence and machine learning. He explained that MTCA is investing in technology to simplify compliance and make it easier to do business in Malta, thus sustaining the well-being of the Maltese-economy.

    The MIA Digital Conference, hosted with the support of the MIA’s Digital Committee and Indirect Taxation Committee, placed emphasis on the impact of requirements stemming from VAT in the Digital Age proposal, known as ViDA, with a particular emphasis on digital reporting and e-invoicing and how these impact taxpayers, businesses as well as regulators. This matter was also discussed through the international perspective, with the participation of high-level officials from Poland and Italy also sharing their country’s experience.

    Besides competitiveness and growth, representatives from industry and regulators also addressed the issue of how analytics and data governance can be leveraged for optimising Value Added Tax performance. Participating experts showcased how analytics provide insights into financial transactions and market trends, aiding informed decision-making. Simultaneously, robust data governance ensures data accuracy and compliance, reducing errors and enhancing overall VAT management efficiency.

    Several speakers encouraged participants to reflect on the developments in the digital world and the accountancy industry, and to identify and plan to act upon the key changes that will impact businesses, particularly because of data-driven processes and compliance by-design. Failure to do so, would have dire financial consequences, and a heftier price to pay than that required to embrace change.

  • 13 Oct 2023 10:53 | Deleted user

    The Malta Institute of Accountants (MIA) has highlighted simplification, efficiency, reduced bureaucracy to facilitate business, compliance and competitiveness as top priorities in a set of proposals presented to the Hon. Minister for Finance and Employment Clyde Caruana, in view of the upcoming Budget 2024 and beyond.

    The initiatives presented to the Minister included a combination of policy measures and fiscal incentives, which address industry bottlenecks. The proposals seek to improve administrative processes to enhance compliance and correctness whilst benefiting the business community and taxpayers, as well as the overall quality of the Maltese jurisdiction.

    While elements having a direct impact on members of the accountancy profession continued to be central to the Institute's proposals, several of the recommendations put forward also look at the wider economic system and aim to serve the broader interests of both the business community and individual taxpayers.

    The MIA highlighted the importance to continue strengthening further the relationship between accountancy professionals and the Malta Tax and Customs Administration (MTCA). This collaboration encompasses ongoing dialogue, consultation and the publication of guidelines, which are essential to improve the ease of doing business in Malta while ensuring adherence to the applicable regulatory framework.

    The Institute also reaffirmed the need for stronger consideration of sustainability in policy development. Addressing the skills and resource gap challenge currently impacting the profession, MIA representatives insisted that solutions should focus on attracting and retaining foreign professionals to maintain, and further create, value added to the industry and the wider economy.

    These recommendations were presented by MIA representatives to the Hon Minister Clyde Caruana during a meeting held at the Ministry for Finance and Employment. Prior to the meeting, the Institute had consulted extensively with its Committees and Groups in drawing up such proposals.

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