The Malta Chamber of Commerce, Enterprise and Industry’s SME Committee is organising an information session on Monday to give an overview of the changes in the VAT system which the European Commission proposed in the VAT Action Plan issued earlier this year.
This plan is meant to lead to the creation of a single EU VAT area which can support a deeper and fairer single market, and help to boost jobs, growth, investment and competitiveness.
According to the Commission the objective of the proposed changes is to reform the intra-community VAT system to make it simpler for businesses to use, reducing compliance costs and undue complexity for SMEs. The system must also be more efficient, particularly exploiting the opportunities of digital technology and must also combat the growing risk of fraud.
Joseph Sammut from the VAT Department will be delivering the presentation, which will be followed by a Q&A session.
The seminar will be held at the Chamber in Valletta on Monday at 1.30pm. Attendance is free but registration is required. This can be done by sending an e-mail to cheryl.cardona@maltachamber.org.mt, providing contact details, or phone on 2203 2304, 2123 3873.
IHI €40 million bond approved
International Hotel Investments has received approval for its €40 million unsecured bonds, maturing in 2026.
The interest of four per cent will be payable annually in arrears.
The company and its subsidiary Island Hotels Group had earlier this month resolved to redeem its €24.8 million 6.25 per cent Bonds 2017-2020 on April 9, 2017, this being the first early redemption date provided in the 2010 prospectus.
IHG, in the meantime, resolved to redeem its €14 million 6.5 per cent bonds 2017-2019 on July 1, 2017, this being the first early redemption date provided for in its 2009 prospectus.
The company is giving preference to holders of the existing IHI Bonds and IHG bonds, who may apply for bonds by surrendering them in favour of the company and also by subscribing for additional bonds in cash. The minimum subscription in terms of this bond issue is €2,000.
Maltco wins Malta Gaming Award
In the first edition of the Malta Gaming Awards, Maltco Lotteries was awarded the Malta Gaming Award for Corporate Responsibility of the Year 2016, beating stiff opposition from fellow finalists LeoVegas and Unibet,
Maltco Lotteries is certified by the World Lottery Association’s Responsible Gaming Framework and by the European Lotteries Responsible Gaming Standards, the highest standards attainable in the global gaming industry.
Maltco Lotteries ensures that everyone involved with its portfolio of games is fully conversant with its responsible gaming principles. It also contributes €50,000 towards the Responsible Gaming Fund and has undertaken a programme to train over 600 Maltco agents and their assistants on responsible gaming.
‘Accountants need new skills’ – Azzopardi
Accountants were expected to make professional judgements and to remain relevant, needed to master new skills, particularly when it comes to ICT, digital and social media, the president of the Malta Institute of Accountants Franco Azzopardi has warned.
“The accountants of tomorrow will need a dynamic combination of honesty, independence, technical acumen and soft skills to succeed in a constantly growing market,” he said.
The MIA held its biennial conference at the Corinthia Hotel at St Georges Bay yesterday. The theme of this year’s event was ‘Disruptive Innovation: Adapting for your Tomorrow’ and focused on the multifaceted challenges faced by the accountancy profession in an ever- evolving, and often unstable, socio and economic realities.
The MIA is a non-profit organisation and the largest professional association in Malta, representing some 3,000 accountants and over 800 accountancy students. It registers some 10 per cent growth in membership each year.
This year’s conference brought together a pool of multidisciplinary professionals, from accountants and finance specialists, to business owners, psychologists, ICT specialists and academics, to debate the future of accountancy, “away from the stereotypical ‘number crunching’ image which one typically (and erroneously) associates with this industry”.