The Minister for Finance Hon. Clyde Caruana yesterday presented the 2025 Malta Budget. 

Below please find a link to reports issued earlier today by some of the Institute’s Member Firms and Firms whose application to become a Member Firm is currently being processed by MIA:

• Deloitte
• PwC
• Forvis Mazars
• KPMG
• Tri-Mer
• EY
• CLA Malta

Throughout the year, the Malta Institute of Accountants has been heavily involved in a number of key projects and initiatives covering various policy areas that are changing the landscape within which businesses operate, hence having an impact on the Maltese economy and its attractiveness. These include the audit exemption for certain eligible entities, the necessary changes to the Companies Act, the transposition of the Corporate Sustainability Reporting Directive and the lack of resources. 

The Institute sought to identify fiscal measures that support these policy areas as well as the need to ensure that Malta remains an attractive jurisdiction and facilitates the ease of doing business, while also ensuring adherence to the applicable regulatory framework. In fact, the focus of the budget proposals for 2025, which were prepared following the necessary consultation with the Institute’s Committees and Groups, is more on the direct and indirect taxation measures that are necessary to address matters such as the need to simplify business processes and align requirements to enhance efficiency and effectiveness, while reducing inconsistencies that might have a counter effect on other efforts, such as increased compliance. The Institute also proposed fiscal measures to continue promoting initiatives related to environmental, social and governance matters in Malta.

The budget proposals of the Malta Institute of Accountants were presented to the Hon. Minister of Finance Clyde Caruana on Friday, 27^th September 2024.

The Malta Institute of Accountants (MIA) held its 60^th Annual General Meeting on 26^th  September 2024 at Villa Arrigo. During this meeting, seven of its members were elected to the MIA Council.

Fabio Axisa, David Delicata, Jonathan Dingli, Shawn Falzon, Christopher Portelli and Annabelle Zammit Pace, were re-elected on the Institute’s Council, while Norbert Tabone was elected for the first time. They join Edmond Brincat, Mark Anthony Bugeja, Thomas Galea, Paul Giglio, Ronald Mizzi, Lucienne Pace Ross and William Spiteri Bailey.

Opening the AGM, MIA President Mark Anthony Bugeja shared an extensive run-through of the Institute’s activity, highlighting sustainability, digitalisation, education and the fight against money-laundering as pivotal aspects of the MIA’s ongoing efforts to support the profession and the wider economy.

Mr Bugeja emphasised the crucial role accountants play in upholding trust and integrity in a rapidly changing global business environment. “Over these six decades, the world has undergone tremendous change, with advancements in technology, globalisation and a completely transformed business landscape. Yet, amidst this rapid evolution, accountants continue to represent trust and integrity, adapting their expertise to meet modern challenges while ensuring transparency, compliance, and sound decision-making - cornerstones that are just as vital today as they were 60 years ago”, he said.

He also highlighted the MIA's active role as a voice for the profession, responding to 34 consultations over the past year alone. These consultations involved legislative and regulatory frameworks impacting the profession, both locally and internationally. Feedback was provided on critical areas such as taxation, auditing standards and in the field of sustainability. The President acknowledged the work being carried out by MIA's 13 Committees and Groups, composed of over 160 members, who contributed over 137 hours of voluntary input to ensure that the profession’s interests are well-represented.

In details presented during the AGM, it was highlighted how the Institute delivered accredited training by organising 6 conferences addressing the specific needs of the different cohorts of the MIA members and through 126 online Continuing Professional Education events, ensuring members are equipped to meet the evolving demands of the profession. Additionally, through its #AccountsForYou educational campaign, the MIA engaged with over 1,500 students, fostering the next generation of accounting professionals through visits to schools as well as firms.

Members also cast their votes on a series of motions aimed at enhancing the Institute’s operational structure and governance.

During the first meeting of the new Council held shortly after the AGM, the four Officers of the Council were re-confirmed in their respective positions - Mark Anthony Bugeja as President, Lucienne Pace Ross as Vice-President, Jonathan Dingli as Secretary and Annabelle Zammit Pace as Treasurer.

As The Malta Institute of Accountants, we always strive to offer the best possible opportunities and benefits to all our members.

We are delighted to announce the recent collaboration with APS Bank.

This agreement will be of benefit not only to MIA members who are current customers of APS Bank but also those members who are looking for an alternative bank for their Home or Personal Loan or for their everyday banking requirements.

The benefits enrolled for MIA members can be accessed here.

Should you have any queries or you wish to start benefiting from such benefits, kindly contact the APS team at alexia.cesare@apsbank.com.mt / swataradvances@apsbank.com.mt.

The accountancy and auditing profession is called to play a wider role in achieving the nation’s net zero targets and in facilitating the transition towards a more sustainable economy. This reality is backed by an ever-growing realisation by stakeholders that companies do not operate in isolation but are part of a dynamic ecosystem where their actions impact the planet and people.

The centrality of the accountancy profession in taking a leading role in driving organisations towards sustainable outcomes emerged during a conference hosted by the Malta Institute of Accountants targeted at small and medium-sized practitioners.

Mark Anthony Bugeja, MIA President, highlighted the cultural shift which is transforming the global economy. “Employees, investors, customers have changed the way they go about many aspects of their life. A significant shift has taken place in the way people look at the corporate world, what they expect from it, the standards they expect it to follow”. In this context, he added, the accountancy professional takes a central role in leading this transformation through advice and effective reporting.

With this enhanced role putting further pressure on the availability of human resources, MIA CEO Maria Cauchi Delia shared the Institute’s proactivity in enhancing the country’s ability to attract increasing numbers of accountancy and auditing professionals. The Institute has shared various proposals with authorities in terms of facilitating the recruitment and retention of third country nationals while investing further in its #AccountsForYou campaign to reach out to the younger generation and help develop keener interest in the industry and this profession.

Ms Cauchi Delia also gave details of the constant exchanges with authorities and regulators, through which the Institute puts forward necessary recommendations and shares feedback on proposed regulatory developments in the interest of the profession and beyond.

The Conference also covered the latest developments in banking and in the realm of tax, with discussions focusing on elements such as corporate tax reform, Pillar II, transfer pricing and succession planning with its fiscal implications. In this context, tax experts noted the deferment of any major changes to corporate tax for a further six-year period but insisted on the need to strengthen further the financial jurisdiction to ensure its competitiveness in the year ahead, anticipating the inevitable fiscal reform.

In consideration of the increasing role played by voluntary organisations as a social backbone to communities, the event featured a fireside chat with Mr Jesmond Saliba, the Commissioner for Voluntary Organisations (VOs), who shared insights associated with the wide-ranging reform in the sector. The Institute provided extensive feedback relating to reform of this sector, re-iterating its calls for a level playing field in terms of expectations associated with financial reporting.

The Conference was hosted with the organisational backing of the MIA’s Small and Medium Practices Group was supported by Thomson Reuters and Scope Solutions.

Investment in digital tools and skills is fundamental in addressing the twin challenges of talent scarcity and regulatory requirements, and is key in enhancing the nation’s competitiveness in the years ahead. The need for such investment is also increasingly required to strengthen the organisations’ ability to meet expectations in emerging areas such as sustainability while creating added value for shareholders and stakeholders.

This was a key underlying theme which emerged strongly by both regulators and business operators during the second  Conference organised by the Malta Institute of Accountants (MIA) this year, and which addressed key challenges impacting the profession.

Introducing the event, MIA Chief Executive Officer Maria Cauchi Delia said that accountancy professionals play a key role as drivers in creating added value within the operations of the companies they work for. She called for further investment in technology and digital tools and skills, which are fundamental to reduce administrative burdens while addressing talent shortage which afflicts the Maltese economy at the present time.

This view was shared by other speakers. In fact, it was  noted that with Malta approaching full employment and an ageing workforce, it required a major effort to allow technology to take over several jobs, to allow firms to channel their resources to more productive, higher value-added activities.

Representatives from various regulators  acknowledged the increasing regulatory challenges impacting Maltese organisations, while highlighting that most of these changes are being driven from a European or international level. The different regulators highlighted their effort to invest in technology to facilitate the regulatory process, while emphasising the importance for businesses to ensure compliance.

Various discussion panels led to lively debates, including with public interaction, on issues such as sustainability, the advance of AI in supporting business development, as well as the role of accountants and Chief Financial Officers in driving value creation – hence the transition to Chief Value Officer,  elements which are also intrinsically tied with Malta’s competitiveness efforts. These panels featured top officials from some of Malta’s top businesses in various industries. Various business leaders expanded on the role of technology, both in driving organisational efficiency, enhancing data-driven processes and improving regulatory compliance.

A final stakeholder panel brought together representatives from banks in search of solutions to strengthen relationships between the profession and the banking industry, with the latter being seen as a key stakeholder for industry growth and success.

The Conference was organised with the support of the MIA Professional Accountants in Business (PAIB) Group and supported by Scope Solutions, Softline Computer Systems Ltd and APS Bank.

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.

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. 

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.

The Malta Institute of Accountants host AML Conference 2024

Industry stakeholders need to work together and push in the same direction to ensure the enhanced reputation of Malta’s jurisdiction, which is a fundamental element in strengthening the country’s competitiveness. This message found widespread support among accountancy and auditing professionals, industry operators as well as key regulators during the Malta Institute of Accountants’ AML Conference 2024, hosted in collaboration with the Financial Intelligence Analysis Unit (FIAU).

Representatives from key stakeholders including the FIAU, MFSA, the Malta Tax and Customs Administration, the Malta Business Registry and the National Coordinating Committee on Combating Money Laundering and Funding of Terrorism participated and shared their insights and outlook in panel discussions and fireside chats during this event which brought a spotlight on the latest developments in the AML world.

Welcoming participants, MIA President Mark Bugeja noted that all stakeholders stand to benefit from the success and improved reputation of our financial services jurisdiction. “Beyond the legal ramifications, fostering a compliance culture within businesses is indispensable for safeguarding their reputation and preserving public trust”, he argued. Ms Maria Cauchi Delia, the Institute’s CEO appealed for professionals, firms and regulators to work together to strengthen Malta’s fight against money-laundering, insisting that collaboration was fundamental to achieve success on this front.

The AML Conference featured an in-depth analysis and discussion on the recently-published National Risk Assessment (NRA) for Malta, with key speakers highlighting the need for subject persons to incorporate the risks outlined in this updated NRA into their risk assessments, and to thoroughly review and update controls, policies, and procedures as needed to address and mitigate the identified risks.

After discussing the bigger picture, the Conference proceeded to address specific elements impacting the industry, such as corporate governance as well as supervision and enforcement, all of which play an important role in enhancing safeguards against both money-laundering and terrorism financing.

Further discussions focused on the new European legislative and regulatory initiatives in the pipeline, particularly the Single Rulebook and the establishment of AMLA, the new EU-wide anti-money laundering authority, providing a European perspective to developments which will transform the AML landscape over the years ahead. Indeed, most of the new rules, together with the supporting technical standards and guidelines, will be applicable in three years’ time, putting an onus on practitioners to prepare accordingly.

The AML Conference wrapped up with a case-study analysis during which panellists examined feedback from real-life situations, highlighting the significance of conducting thorough checks during onboarding, understanding a client’s business model and the origin of wealth, and the importance of continuous monitoring.

The MIA AML Committee contributed to the organisation of the AML Conference 2024, which was supported by Citadel Insurance, Thomson Reuters, Domain Academy and FinXP.