From fund managers to chefs, Malta is increasingly attractive for Italians
Malta is luring an increasing number of Italians to work here - from financial managers to chefs, Bloomberg news agency reported today.
When money manager Simone Chelini left his Milan job last year to seek a hedge fund-friendly country, he rejected some obvious locations. “Luxembourg? Grey, flights are expensive. Ireland? Always rains.”
Instead, Chelini and his colleague Pietropaolo Rinaldi followed scores of Italians who’ve moved to Malta, lured by lower taxes, less bureaucracy and a Mediterranean climate. The number of Italian residents in Malta rose 30 per cent in the five years through 2009 to 1,539. That doesn’t count temporary workers or Italians without resident registrations.
“It’s close to Italy, it’s business friendly, we have a sea view from our office,” Chelini told reporters Marco Bertacche, Francesca Cinelli and Blanche Gatt.
He and his colleague joined a unit of Swiss wealth management firm GWM in March 2009 and, in June, opened the 7H Absolute hedge fund from an office in Portomaso.
Malta, Bloomberg said, is enticing Italians from fund managers to tile dealers.
“It’s easy for Italians to get jobs in Malta,” said Vito Calianno, 39, who deals in marble and stone tiles and first visited Malta from his home in Italy’s Puglia region 19 months ago.
He plans to move next month after finding “a cheaper way of doing business.” Calianno will open an Internet dealership in Malta for his company, where he says the start-up costs of €1,500 are about 10 times cheaper than at home.
Tourist arrivals to Malta from Italy have doubled to 160,000 a year since Malta joined the European Union in 2004 and they surged 28 percent during the first six months of this year. A Facebook group called “Italians who want to move to Malta,” has attracted 155 members in two years.
Malta, with a population of 413,000, is about the size of Florence, Italy’s eighth-largest city and its gross domestic product is less than 1 per cent of Italy’s. The island’s main trading partners are Italy, Germany and the U.K. The market capitalization of the Malta Stock Exchange index is the equivalent of about 3.6 billion dollars, compared with 320 billion dollars at the Milan exchange’s FTSE MIB index.
Malta is attracting investment funds, gaming and import-export companies because of lower taxes, wages and rents. “Our legislation is transparent and we have a quicker authorization process,” Joe Bannister, chairman of the Malta Financial Services Authority, said.
Malta offers rebates that can trim its fixed corporate- income tax rate to as low as 5 per cent from 35 per cent, while investment funds are exempt from the levy. The number of registered mutual funds in the country rose by one-third last year to 400.
“The fiscal regime has been one of the main drivers in creating an attractive environment for foreign investors,” Alan Camilleri, head of Malta Enterprise. Labour costs are 40 percent lower in Malta than Italy, he said. An office in a business center can be rented for €600 a month, according to instantoffices.com. That compares with Milan costs of at least €1,000 a month.
“Malta is the perfect location in terms of set-up costs and bureaucracy and the local regulator is much quicker,” said Chelini, who managed Unifortune Asset Management SGR’s Albatross fund with Rinaldi in Milan until January 2009. Albatross won the award of best-performing long-short Italian hedge fund in 2007 from Italian investment magazine Mondo Hedge.
Inquiries from Italian companies about moving to Malta have increased, said Reuben Buttigieg, a director of the Malta Institute of Management. Of the 51 companies that moved their headquarters to Malta last year, 16 were Italian, data from Malta’s Financial Services Commission show.
Casinos
The global financial crisis “has not affected the Maltese economy,” said Tiziana Carboni, 31, who came to Malta in May to work with the Maltese Italian Chamber of Commerce and may extend her stay. She handles at least three requests per day from Italian companies wanting to do business in Malta.
About one fourth of Italians working in Malta find jobs at restaurants, hotels or casinos, according to Malta employment data. Casinos such as the Portomaso and the Dragonara and online gaming companies are currently recruiting Italian staff. About a third of Portomaso Casino’s 200 employees are Italian, General Manager Gianfranco Scordato said. The company increased its personnel by 10 percent last year, with half of them Italian nationals and the rest Italian speakers.
Gianluca Lorefice, 37, owner and chef at the Tana del Lupo restaurant in Paceville, Malta, has seven Italians on his staff of 10. He moved with his family from Sicily to Malta after a holiday in 1996.
“Malta is much smaller in size than Sicily, but much bigger in opportunity,” Lorefice said. “It’s easier to do business here. Compared to Italy, you pay fewer taxes and credit is more easily available. In Italy there is so much bureaucracy, it stifles you.”
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Davide Dambro
Aug 16th 2010, 10:01
I read extreme comments that are making me have second thoughts about Malta...
...good, so let's see: I was born in south of Italy, but have lived in England, north of Italy, Spain and other places and have always paid taxes, put my skills at disposal of the locals, helped the community with charity actions and involvement in politics...and I was planning to do the same in Malta.
So, if the Maltese population doesn't want me because I steal their jobs, don't pay taxes, bring Mafia in, let me know...but if they want me to come because I bring money by renting a house and buying a car, I bring skills to be transferred to the locals, I organise free courses of advanced Italian for the Maltese friends who want to move to Italy for work, I bring my motivation to help the community, I do charity and I pay taxes regularly then let me know if you change your mind....
Vito Calianno
Aug 12th 2010, 09:18
Bongu,
mi chiamo Vito Calianno e sono stato citato in questo articolo.
So bene di essere un ospite nel vostro paese e, come tale, rispetto le vostre tradizioni e la vostra cultura (che, oltretutto, ammiro...)
Non sono un operaio che arriva a Malta togliendo lavoro a maltesi...a Malta intendo fare business per creare anche opportunità di lavoro e scambi culturali e commerciali con l'Italia.
Ho scelto Malta per il clima, per la sua storia, per la burocrazia ridotta e, sopratutto, per la sua gente...i maltesi.
A Malta ho incontrato persone serie, molto professionali e che mantengono i loro impegni.
Per un imprenditore serio (piccolo o grande che sia) la risorsa più importante è rappresentata dalle "risorse umane", non dal denaro.
Mi auguro di riuscire a fare bene e di meritare la vostra cortese ospitalità :)
Vito
Vito Calianno
Aug 12th 2010, 10:53
[Sorry for my english]
Bongu,
I am Vito Calianno and was quoted in this article.
I know I'm a guest in your country and I respect your traditions and your culture (which, moreover, I admire ...)
I'm not a worker who arrives in Malta for Maltese workers off work ... I intend to do business in Malta also to create job opportunities and cultural exchanges and trade with Italy.
I chose Malta for the climate, for its history, reduced bureaucracy and, above all, for his people ... the Maltese.
In Malta I met serious and very professional people who keep their commitments.
For a serious contractor the most important resource is represented by "human resources", not by money.
I hope to be able to do well and deserve your kind hospitality:)
Vito
angela sultan
Aug 12th 2010, 07:52
we were always a nation ready to accomodate foreigners and give ouir own people a hard time. try getting a job in italy.... no way .
most of us have to wait years for a deserved promotion
Leon Zawadzki
Aug 10th 2010, 22:55
Michael Seychell@
True, I am not Maltese, born in Scotland of a Polish father. Married to a very fine Maltese lady for the past 45years and still going strong. My dealing with Malta and the Maltese span over 47 years. For the past fifteen years I have worked in Malta and experienced many of the hardships that many lower paid workers have experienced. Spent years in the law courts seeking justice against an unscrupulous employer, wining the case only to have it overturned by a corrupt Maltese judge. I have also experienced the corrupt work practices that are carried out by a number of employers. I would also like to mention that I once ran a PN Club, not many foreigners can say that. Its not so much politic's that I enjoy knocking, it's people who do not appear to give a dam for anybody but themselves.
Muscat Pat
Aug 12th 2010, 08:26
"M Seychell.
Your "European" credentials are second to none!
Joe Vella
Aug 10th 2010, 17:37
@ L Galea
Il Malti ix-Xoghl kollu jaghmlu? Mintiex tghid hazin. Anke ix-xoghol li taghhom KMB bil minumum wage u minajr id dritt ta l'strajk. Issemmi lil KMB, il CNI u l-PL, x'credu ghandhom .
lgalea
Aug 10th 2010, 18:06
Joe Vella għalmenu kienu tawhom xogħol mhux bħal issa meta x-xogħol qed jeħduhulhom il-barranin u ma jsibux jaħdmu. il-PL u KMB ġabu fabbriki u industriji, għamlu l-paga minimu għal kulħadd, taw 52 jum ieħor leave lill-ħaddiema għax taħt il-PN is-Sibt kien jum ta' xogħol, taw l-istess paga lin-nisa, taw il-maternity leave lin-nisa, taw il-vot mat-18 għax taħt il-PN kien mal21 sena, taw il-bonuses lill-ħaddiema u ħafna affarijiet oħra li taħtt l-ebda gvern NAzzjonalista ma qatt kienu ingħataw, anzi l-Gvernijiet Nazzjonalisti neħħew u qed ineħħu d-drittijiet kollha lill-ħaddiema bħal festi li kienu jaħbtu fi tmiem il-ġimgħa u li l-PL kien għamilhom jiżdiedu mal-leave tal-ħaddiema u Gonzi tiegħek ħadomlhom. Dak ifisser Gvern Nazzjonalista u l-ue għall-ħaddiema Joe Vella.
Francis Buhagiar
Aug 10th 2010, 16:28
I hope that theses Italians keep the Mafia out of Malta. The first time and I hope the last that I dealt with an Italian I had the surprise of my life.
I tried to acquire a product of an Italian firm I phoned at the agent in Malta and to my surprise I have found an Italian on the other side of the phone. I told him what I was looking for and asked for the price. He gave me a prise much more higher than it costs in Italy and other Maltese dealers use to sell this product. I showed him my disapproval with the prise he was offering and told him that I will get the product from Italy. On saying that he started molesting me and he told me that if the company send me the item I needed he will sue them for damages. I made some investigation about this guy and I found out that he was bullying other local agents who try to sell this product.
When I reported the case to the mother company in Italy they stood on his side.
I hope that someone will take care of these bullies.
C.Attard
Aug 10th 2010, 17:07
F Buhagiar, bullies are everywhere even in Malta! and Mafia has nothing to do with it so dont be stupid!
T Camilleri
Aug 10th 2010, 22:50
C.Attard how long do you think it will be before they start asking for il-pizzo if they have not started already?
Lawrence Cardona
Aug 10th 2010, 14:30
Finally we are saying that europeans are invading our country so Dr Karmenu Mifsud Bonnici was right they will come and take maltese jobs and to the peson that said untill they pay taxes they are welcome i can tell you that if you want to know how many are working illegaly you will never have that statistic cause these things in Malta are never revealed but you should go out on a saturday night around the clubs hotels etc etc not to mention the rest and you see with your own eyes like i did how many ppl you find well said Dr Mifsud Bonnici you where right from the begining people of Malta now lick what you voted for.
lgalea
Aug 10th 2010, 14:54
Lawrence Cardona everyone can now see that Dr KMB and the CNI were perfectly correct in everything that they said. And again they are perfectly correct in saying that to save Malta and ourselves we have to leave the crap eu and its petty dictators. Do not believe those who say that we cannot or that it is not in our interests to leave. It is in Malta's and the Maltese peoples interest to leave the eu colonialist dictatorship and yes, we can. Have a look at the CNI website www.cnimalta.org and see how they always spoke the truth and also see how we can leave the eu as evidenced by this European Parliament video http://www.europarltv.europa.eu/YourParliament.aspx?action=viewVideo&packageid=f5077c6b-3b92-4a1f-8271-c7a49c3bc6e8
You can also choose the subtitles in the Maltese languge. Just go to the window on the top left hand corner, click on the window and then choose malti and click the OK button and you will have the subtitles in Maltese.
J. J. Borg
Aug 10th 2010, 15:25
KMB and CNI are about as relevant to Malta today as those bones in Ghar Dalam.
Joseph Attard
Aug 10th 2010, 15:28
Dawk ix xogholijiet li semmejt inti, fil maggoranza taghhom il Maltin ma jridux jaghmluhom.
lgalea
Aug 10th 2010, 15:54
J. J. Borg if you are so sure why not hold another referendum? Come on. Don't be CHICKENS
lgalea
Aug 10th 2010, 15:55
Joseph Attard il-Maltin ix-xoghħol kollu jagħmlu basta ma jkunux imħallsin bic-cheap labour.
J. J. Borg
Aug 10th 2010, 16:06
L. Galea: I'm happy with last referendum result. But YOU are more than welcome to organize another referendum if you wish. Go for it big boy!
Regarding KMB, some readers here may be old enough to remember his grand strategy for giving work to the Maltese: employ as many as you can in the public sector and let others worry where they can put them to work and where you can find the money to do so.
As I said earlier, KMB's message today is just about as relevant as the bones at Ghar Dalam
lgalea
Aug 10th 2010, 18:08
J. J. Borg persuade your Gonezi to hold another referendum Borg. But he won't because he is a CHICKEN because he knows that the vast majority want to get out of the crap eu. Yes, Borg, that's what Gonezi is a CHICKEN. But don't worry. We shall get out.
LGrima
Aug 10th 2010, 14:21
Just like any other economic factor when dealing with two economic partners, it would be interesting to know the other side of the coin as well - like for example, how many of our young people, and business people found employment / business opportunities in Italy
Vasilisa Brandenburg
Aug 10th 2010, 13:46
Far from good advert... what about maltese loosing their jobs? Is ETC keeping this under control? How many maltese could do the same job if not better?
Joe Grima
Aug 10th 2010, 13:38
I have always beleived that the Italian connection is certainly worth pursuing. The hydrofoil builder Carlo Rodriguez came to Malta to build his hydrofoils at Marsaxlokk in my time as Minister for Industry. We brought several movies from Italy that were made here. Then there was the agreemenet I signed with Filippo Maria Pandolfi, then Minsiter of Industry for the Republic of Italy, which, according to observers at the time, broke new ground for its innovative proposals . Incredibly enough, the greatest fan of that agreement was not my own Prime Minister but Minisiter John Dalli who put the agreement into practice soon after the '87 election. Mintoff suffered form the NIH syndrome. (NIH = Not Invented Here) The Italian route can be very advatageous for Malta if handled well and if the proper sifting is made by our authorities. With the good, the doubtful will attempt to insert themseves into our fabric. We must not be as suspicious as Mintoff was but careful nonetheless. That having been said, both Malta and italy have a great deal to offer each other.
MSciberras
Aug 10th 2010, 17:00
You more than anyone should know just how unreliable a partner Italy is, for the same reasons that prevent Italy from having the influence it should have - equivalent to France or Britian - both within the EU and the wider world. Mintoff, for once, was right to be suspicious. Only a year ago, official Italian government sources were fuelling an unbelievably vicious anti-Malta campaign in newspapers such as Il Giornale that went far beyond the disputes on illegal immigration. Berlusconi, as certain Maltese and Italian government officials can tell you, considers the island with the disdain common amongst many northern Italians for all that is south of Naples. Italians, with their dysfunctional country and state, have much to learn from Malta - as many realise when they come here. Less taxes, beauraucracy, possibility of actually finding a job..... As many companies investing in Italy realised (middlesea, Air Malta, others) Italy is a place where you lose big money. Politically, it is important that Malta never falls into the trap of having a 'special', exclusive relationship with this country; we need to deepen our political relations wih Germany and France and especially nurture our historically strong ties with the UK.
Leon Zawadzki
Aug 10th 2010, 13:20
Wake Up Mr Micheal Seychell, this has nothing to do with spin but facts. Yes businesses are flocking to set up in Malta, not because of the low start up cost, low business taxe's or the environment or even the weather climate. Businesses are coming to Malta for one reason only , as Mr Alan Camilleri, head of Malta Enterprise states quite clearly "labour cost are 40 percent lower in Malta than in Italy" To put it bluntly, cheap labour is the prime motive for moving to Malta.
Many worker are still on minimum or low wages and are having to take up additional part time work just to keep up with the ever increasing cost of living. This is putting unjustifiable pressure's on the families resulting in many cases of broken homes, unruly children, separation, drug addiction and in some cases suicide. The Government is well aware of, and openly states that keeping our labour cost low, creates more opportunity for enticing business investments into Malta. But is the price worth it. So much for the saying " For The Family and The Environment ". How about the saying " For Richer For Poorer "
Michael Seychell
Aug 10th 2010, 15:38
From your surname it is deduced that you are not Maltese and nor Italian, but in all probability an EU citizen form an ex Soviet Sattelite Country, where even today some of them have not reached our standard of living despite having joined the EU.
Having stated this as an EU citizen your are welcome here if you are contributing to our economy, more so if you are an enterpreneur or you have specialised qualifications.
Yes our wages - and pensions - are lower than those applicable to most of the EU countries, but so are the living expenses, and the the taxes paid in these countries, including Income Tax; VAT; and Labour related taxes, whilst most EU countries have inferior Social and Educational Benefits than those enjoyed in Malta by our families.
After all substantial number of Maltese citizens are working in variuos EU states not only in the various EU institutions, but also in different economic sectors, and these are earning high wages and of course paying higher taxes.
Finally my main point was that despite the general perception by the Maltese that we are drowning in bureaucracy, foreign enterpreneurs have a totally different opinion.
Michael Seychell
Tal-Pieta
Lina Caruana
Aug 10th 2010, 12:59
I hope this kind of business will create a set up for " work from home " perspective which reduces expenses to business dealers and increases work opportunities and they will boost the economy . Work from home is excellent for mothers with young children who prefer to stay at home until their children are older, people with problems of mobility including certain disabilities ,and the elderly. This increase to the workforce will also increase pension contributions. a step forward towards the solution of the pension problem. There are several women and elderly already trained who can take up such jobs instead of being work inactive.
Johnnie Bowdler
Aug 10th 2010, 12:59
Whatever the reasons for these individuals and companies setting up in Malta I have two comments to make: The first is that Malta chose to enter the EU despite strong advice against it from many quarters. Having joined the club, people and capital are free to move between other member states. This includes the Maltese, who have started to emigrate in noticeable numbers to Belgium, Italy, the UK etc to seek work as is their right. No-one in these countries as far as I know complains about the Maltese foreigner taking their jobs, but if they do I am the first to condemn it. Secondly, if the Maltese complain about 'foreigners' setting up business under their noses, why don't they start doing the same business themselves? Well? Finally, providing Italians - or other 'foreigners' - are law-abiding citizens, then Malta should welcome them with open arms. The Italians in particular bring art, science, know-how, colour, music and jollity to an otherwise seriously inwardly-looking island. And please don't be discriminatory.
N.Borg
Aug 10th 2010, 12:22
it is a good advert BUT it carries a huge problem for the Maltese locals.....because this means less jobs for the locals!! .....but i guess thats the price of joining the EU!
Cyrus Engerer
Aug 10th 2010, 12:46
This is great news for more employment in the country, which also results in more people contributing towards Social Security and thus hopefully strenghtening future pensions. Stduies show that unless we get more workers from outside the EU, it would be difficult to sustain safe pensions in the future.
While there currently are 4 workers sustaining a pensioner, by 2060 there will be 1.5 workers for every pensioner.
Joann Bugeja
Aug 10th 2010, 12:57
Maltese nagging to the extreme !!!
Joe Vella
Aug 10th 2010, 13:42
@ N. Borg
It means more Jobs for the locals because more wealth is being created. Period. God Bless the EU.
Jacqui Gatt
Aug 10th 2010, 14:15
The locals now have the opportunity to work and extend their businesses in any EU member countries. There are equal opportunities for all EU citizens and I think that's only fair....
lgalea
Aug 10th 2010, 18:09
Joann Bugeja you're also nagging Joann.
lgalea
Aug 10th 2010, 12:17
Remember how prior to the eu referendum the Maltese people were assured that no one from the eu will be coming to take their jobs? www.cnimalta.org
Joe Vella
Aug 10th 2010, 13:08
@ l. Galea
They are not taking away no one's jobs. They are creating opportunities for others and creating wealth in the process that goes along to support our Social Welfare System in Malta. Perhaps the CNI, the PL and others like you would still prefer the "Korpi tax-Xoghol", which didn't contribute one cent to the GDP. All the "Korpi tax-Xoghol" did was sucked what ever little productivity that was being generated at the time. The rest is history, we all know the results of the Economic Policies that were followed by your friends in the CNI and PL.
Joe Muscat
Aug 10th 2010, 13:28
Further more before the EU referendum I was promised unlimited excess to the EU.
ps. I have since moved to Germany.
J Apap
Aug 10th 2010, 13:59
Look. Its everytime there is something on the EU, people within the CNI come out and warn us. The article says nothing to me. The Maltese say "Min hu l-aqwa Ihawwel". Now if your scared and want to live alone in the corner of a dark room, suit yourself. Myself and others, who believe that we actually have a future within the EU, are fighting to prove ourselves right.
S. Zammit
Aug 10th 2010, 14:19
Jekk int tajjeb bizzejjed ghandek id-dritt tiehu ta barra, jekk le tort tighek. Missek irsistejt aktar ghall-esperjenza u studju.
lgalea
Aug 10th 2010, 15:02
Joe Vella whatever you and the eu lackeys say or do we shall get out of the crap eu colonialist dictatorship. Our social services were never threatened until the PN and the eu got their hnds on them.
Joe Muscat people always had their chance to move elsewhere it they wanted and there was no need to become an eu colony.
J Apap thank you for showing us what the eu really is. Min hu l-aqwa jħawwel, liġi tal-ĠUNGLA.
S. Zammit daqshekk tistmahom lil ħutek Maltin u Għawdxin li forsi ma setgħux jew ma kinux kapaċi jitgħallmu? Imissek tistħi tgħid li int Malti.
J Apap
Aug 10th 2010, 16:20
@LGalea
Serjament ma nistax nifhem l-argument tieghek. Dejjem kienet kwistjoni ta "Min hu l-aqwa ihawwel". Taht il-gvernijiet Nazzjonalisti u Laburisti, dejjem kienet hk kienet - forsi bxi ftit (ironikament) preferenzi lhemm u lhawn.
Jaqaw ic-cni ser tibdel id-dinja? jew in-natura tal-bniedem?
S. Zammit
Aug 10th 2010, 16:35
@I. Galea: Dak int li tistmahom ta' neqsin u int imissek tisthi, ghax kontra tieghek jien nemmen li kulhadd kapaci jitghallem, id-differenza hija biss bejn min hu ghazzien u min mhux.
lgalea
Aug 10th 2010, 22:48
S. Zammit għall-informazzjoni tiegħek jien nistma lil kulħadd għax kulħadd huwa meħtieġ u ħadd mhu għar-rimi imma mhux kulħadd kapaċi jitgħallem daqs ħaddieħor. Ma naħsibx li kulħadd kapaċi jilħaq engineer, tabib, professur, eċċ imma xorta waħda m'għandhom xejn inqas minn ħaddieħor, għandhom dritt jaħdmu u ma jiġux ikkalpestati għax se hemmhekk ikunu jistgħu jaslu. Toqgħodx iġġib l-iskuża ta' għażżenin u m'humiex għax il-Maltin kapaċi jaħmlu kull xogħol. Li ma jagħmlux huwa li jkunu lsira ta' min iħaddimhom u jaħdmu għal pagi miżerja kif tridhom l-ue u l-Gvern Nazzjonalista għax huma kapitalisti li qatt ma ħamlu lill-ħaddiema. Taf min jistmahom ta' neqsin u jmissu jistħu Zammit? Min irid iħalli l-ħaddiema barranin jeħdulhom xogħolhom bl-iskuża li l-Maltin ma jridux jagħmlu dak ix-xogħol Zammit, u inti jmissek tistħi mhux jien li rrid li jkunu l-Maltin li jaħdmu f'pajjiżna mhux il-barranin minflok il-Maltin.
J Apap jekk bejn il-Maltin kien hemm min hu l-aqwa jħawwel kienu l-Maltin bejniethom għalkemm mhux sewwa u kien il-PL li ta' drittijiet lill-ħaddiema biex ma jibqgħux ikkalpestati minn min iħaddimhom. Ara issa huma l-barranin li qed iħawwlu bl-iskuża tal-freedom of movement.
M borg
Aug 10th 2010, 12:00
as long as they pay their taxes, vat, SC etc they are welcome...particular emphasis on the construction market namely: tile laying, painters, electricians and plumbers!
T Camilleri
Aug 10th 2010, 12:22
M borg and when your tiles start getting loose, your paint falling off, your electricity wiring burns up and your plumbing starts leaking all over then go to Italy to try and find the person who made it. Same applies to those in fund management. When they leave you holding the wrong end of the stick try to find them in Italy or somewhere else they had shifted. As those who employed foreigners and illegal immigrants to do some job because they charged less than Maltese workers and see how they curse the moment that they did so. As the saying goers, when you pay peanuts you only get monkeys.
michael seychell
Aug 10th 2010, 11:57
The general perception in Malta is that our bureaucracy is stiflling the economy, and our Taxes are the highiest in the European Union - As Joe Muscat had he will confirm this!.
This news item is a conmfirmation that perception is what it is, or in simpler terms perception = hearsay generally started by irresponsible persons in this case the opposition, which is spinned and spinned until gullible people swallow it down their throats, tand these generally include persons who should know better.
A case in point is that there is a perception that in Malta we have circa 60 % on the brink of poverty, when this figure shoul read less than 14%.
Having stated this even if it were I% - or even 1 person, the government and its society in general are duty bound to work hard to eradicate not only financial poverty but also all forms of other poverty.
michael seychell
Tal-Pieta
Charles Zammit
Aug 10th 2010, 12:12
'Malta offers rebates that can trim its fixed corporate- income tax rate to as low as 5 per cent from 35 per cent, while investment funds are exempt from the levy.'
Any doubt were tax collection is being sourced from? Of course John the citizen laments about high taxes. Taxes paid by businesses are quite different from those paid by ordinary citizens.
D Galea
Aug 10th 2010, 12:16
I wish what you just said was real. When talking about taxes one has to relate them to wages. It is true that most European countries have higher tax rates, but the difference in wages is far steeper. As for the italians who come to work in Malta, apart from stating the reasons above one should also admit to defrauding the Italian Government. One has to know that a great percentage of Italian workers in Malta pay no taxes in Malta at all due to recieving wages in cash and remain undeclared and apart from this recieve unemployment benefits in Italy. A far cry from Fair competition with Maltese buisnesses!
Joann Bugeja
Aug 10th 2010, 11:54
This is surely a positive advert for Malta....
Paul de Leonardo
Aug 10th 2010, 22:40
One thing that business suffers from in Malta is its small population. The only way forward is to bring in as many people as possible as long as they work honestly and pay their taxes.; wherever they may come from. My main business is done with foreigners. If it wasn't for them we would be eating each other.