Local Update

MIA Issues Tech 01/04

In July the MIA published a new set of guidance notes, TECH 01/14 – Interaction between the amendments to IFRS 10, IFRS 12 and IAS 27 regarding investment entities and the Seventh Directive.

The guidance note concludes that since in Malta all incorporated entities are required to adhere with adopted IFRS (unless an entity qualifies and chooses to adopt GAPSE), a reporting entity that falls within the scope of the Seventh Directive would also be captured by the 2002 IAS Regulation and the reporting entity would have to give due consideration to both the Directive and the Regulation.

Any contradictions between the two are resolved using the concepts of lex specialis and lex posteriori, and, based on the concept of lex specialis, legislation that is deemed to be more specific than the Accounting Directive, the IAS Regulation would apply. In the particular case covered by the guidance note, a parent company that would prepare separate financial statements in compliance with the amendments to IFRS 10, 12 and IAS 27, shall be deemed to be compliant both with the Seventh Directive and the IAS Regulation.

This guidance note is applicable to financial statements for which the amendments to IFRS 10, IFRS 12 and IAS 27 regarding investment entities have become applicable that is 1 January 2014 (unless an entity elects to early apply these amendments).

Deloitte Malta wins ‘Malta Tax Firm of the Year 2014’

On 21 May 2014, Deloitte Malta was awarded ‘Malta Tax Firm of The Year 2014’ by the International Tax Review during the 10th European Tax Awards dinner held at the Dorchester Hotel in London. Chris Curmi collected the award on behalf of the firm. Malcolm Booker, CEO of Deloitte Malta said ‘We are very pleased to have won this award as it reaffirms our position as Malta’s leading tax practice which is internationally recognised for its excellence. This is the third time that Deloitte Malta has won this award.’

The Deloitte network won a total of 15 awards in International Tax Review’s European Tax Awards. Awards were given to firms that demonstrated innovative client work in Europe between January 2013 and January 2014. Deloitte in Central & Eastern Europe, Cyprus, Malta, Spain, Switzerland, and Turkey won Tax Firms of the Year, and Deloitte in Austria, Baltic States (Latvia, Lithuania, and Estonia), Belgium, Luxembourg, Poland, Sweden, and Switzerland were named Transfer Pricing Firms of the Year, in their respective countries. Deloitte Spain also won the European Banking Deal of the Year as well as the European Financial Services Tax Deal of the Year.

“Deloitte continues to lead the way in the transformation of the tax profession,” said Dan Lange, Deloitte Touche Tohmatsu Limited, Managing Director, Tax & Legal. “Deloitte places great emphasis on helping businesses tackle their most challenging issues and on delivering an exceptional client experience. The outcome of these awards is recognition of our success in both of these areas and we are proud of these achievements.”

During the last year Deloitte Malta has continued to innovate and contribute to Malta’s development as a jurisdiction in an increasingly sophisticated tax environment. Among recent innovations in 2013, Deloitte Malta set up a Malta tax desk in New York, launched the Deloitte Malta Tax Bundle Online, developed a short video entitled ‘Malta – Ready for business’, and visited over 46 cities to promote Malta as a business location. The Malta tax practice of around 70 professionals also includes individuals from 7 different countries that give an insight into the nuances of cross-border transactions with their home country. The tax practice is led by Marc Alden who commented ‘Our growth and success allows us to offer interesting careers in tax to young lawyers and accountants and we encourage those with a potential interest in this area to visit our website to find out more about our graduate, LLB, LLD, ACCA and ACA programmes.’

EY Malta Poised For More Growth

Over the last few years, EY Malta has seen an exceptional year on year increase of its revenue. In this light, the firm has just conducted a substantial organisational review to mirror this success story as well as to embark on an ambitious plan – Vision 2020.

The move positions the firm to handle its larger presence in the market, to face corresponding demands and to achieve higher targets in the coming years.

Effectively, EY Malta has four service lines – Transaction Advisory Services, Advisory, Assurance and Tax comprising 17 units, each with its own head. Supporting the firm’s 5 Partners, these new appointees have been empowered to act within the realm of their area of expertise to expand the client base as well as continue to give excellent service throughout. Amongst the key sectors at the cutting edge of the change are insurance, banking, asset management, financial crime, EU advisory, project finance and lead advisory.

True to its mission to create tomorrow’s leaders, EY Malta is valuing and entrusting its pool of rising leaders in each field and motivating them to grow the EY brand, locally and abroad. Always, with our clients’ best interests as the benchmark.

Ronald Attard, Country Managing Partner: “We have thought long and hard about this move and we are certain that it puts us on the right track to continue delivering the goods. Precipitated by our exceptional year on year increase in turnover, this restructuring will mean that our clients, old and new, small and large, shall be receiving a suite of more streamlined, objective-driven and top-notch services.

As the firm’s Country Managing Partner I strive to keep up a high momentum of productivity while insisting on unwavering focus on our clients’ key interests. This internal culture produces leaders who can be trusted to face the market with confidence and with the right level of expertise. I am extremely proud of my new leadership team and I have no doubt that they will continue to give the best possible services to our clients.

The synergy of the firm’s high rate of growth and its globally integrated structure have rapidly moved it to the cutting edge of our sector, both locally and abroad. Today, EY Malta’s ethos, places its partners and managers at home everywhere, from Manhattan to Msida to Milan.”

EY Malta

Nexia BT Specialist Advisory Partner, Anita Aloisio, Wins The Top Entrepreneur Of The Year Award 2014

Nexia BT Specialist Advisory Partner, Anita Aloisio, won the overall honour of MSV life Top Entrepreneur of the Year Award 2014. She was also awarded the Corporate Financier of the Year Award.

The annual event, organised by a leading Malta Business Magazine, the Economic Update, was held on the 16th of May 2014, at the 5 Star Intercontinental Hotel. The Gala Dinner brought together some of Malta’s top business people, all competing for The Economic Update’s most prestigious nominee awards, which celebrated the entrepreneurial achievements of individuals and companies both locally and internationally.

During the evening, winners were carefully selected for each award category by a panel of independent and professional judges, consisting of seven of Malta’s most influential business men and women. Anita, who was nominated for the Corporate Financier of the Year, was one of four female nominees, amongst a total of eighteen nominees. The scoring points for the evaluation process were based on a combination of entrepreneurial spirit, innovation, achievements through last year, a 30-second video clip, and a double page spread feature of interview questions. This year the event was broadcasted on TVM2.

Nexia BT

“I am extremely grateful for this award and its recognition” admitted Anita Aloisio, “I always believe that what is worth doing is worth doing well, and for this I’m grateful towards my family for their love and patience and the partners at Nexia BT for their continued support. My heartfelt appreciation is also extended to all Nexia BT staff for their efforts and commitment.”

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