Local Update

An Amendment To The Companies (amendment) Act Was Published On 6 November 2015

The requirements of the new accounting directive were transposed in Legal Notice 289 of 2015 entitled Accountancy Profession (General Accounting Principles for Small and Medium-Sized Entities) Regulations, 2015, and in the Companies Act (the “Act”). The amendments to the Act are applicable to financial reporting periods beginning on or after 1 January 2016, except for the provisions of articles 6 and 20, which are applicable from 1 January 2016. Amendments include:

  • changes in the provisions applicable to small companies;
  • abridged accounts no longer possible (but simpler accounts required of small companies);
  • small companies need not prepare directors’ report;
  • small and private exempt companies need not file profit & loss account;
  • removal of the financial holding company exemption;
  • removal of extension of period allowed for laying accounts before general meeting (Form U);
  • Third and Fourth Schedules re-drafted (technical accounting detail removed); the new Fourth Schedule refers to a new report on Payment to Governments required to be prepared by Large companies and Public Interest Entities which are active in the extractive industry or the logging of primary forests;
  • changes to the Sixth Schedule about the directors’ report

Reduced Vat Rate For The Use Of Sporting Facilities

On the 4 January 2016 the Commissioner for Revenue announced that as detailed in the budget speech, the applicable VAT rate with effect from 1 January 2016 for the use of sporting facilities shall be 7%. The relevant legal notice will be published in due course.

Deloitte announces appointment of two new directors and a new principal

Deloitte announces appointment of two new directors and a new principal

Deloitte has announced the appointment of two new directors within the audit service line and a new principal within its Financial Services Industry function with effect from 1 January 2016. Mr Michael Bianchi and Mr Ian Coppini have been promoted to the position of director, whilst Mr Patrick Mangion has been appointed to the position of principal.

Both Mr Bianchi and Mr Coppini joined Deloitte in 2000 and have vast experience in audits of public and private entities engaged in a variety of industries. Currently both are largely engaged on Financial Services clients. Mr Mangion joined Deloitte in 1996 and has since been largely involved in the financial services sector. Patrick is a subject matter expert in asset management, representing Deloitte Malta at various fora. All three worked for brief periods in Deloitte’s overseas offices.

KPMG appoints five Directors

KPMG has appointed Alex Azzopardi, Claude Ellul, Simon Xuereb, Giselle Borg and Sarah Camilleri as Directors, with effect from 1 January 2016.

Mr Azzopardi, an accountant by profession and MIA member, joined KPMG Malta in 2005 after completing his Bachelor of Accountancy (Hons) Degree at the University of Malta. Following a number of years working within the Audit function, he joined the Risk Consulting Advisory team in 2013. Mr Ellul, accountant and MIA member joined KPMG’s Audit function in 2003. He has specialised in the financial services sector, in the banking segment in particular. He holds a Masters in Financial Services. Mr Xuereb, is a lawyer having obtained his LL.D in 2009 and subsequently obtained an adv. LL.M in International Taxation from Leiden University, Netherlands. Ms Borg works in the Audit department with an industry focus on insurance and pensions. She has led a variety of audit and assurance services in the insurance sector for over 12 years locally and overseas. Ms Camilleri joined the advisory department in 2013, to drive the Investment Service and Funds’ offering across Audit, Tax and Advisory within the firm. Sarah is also a committee member of the Malta Funds Industry Association, and a member of the IFSP.

KPMG Directors

From left to right: Alex Azzopardi, Claude Ellul, Simon Xuereb, Giselle Borg and Sarah Camilleri.

RSM Consolidates As A Leading Mid-tier Firm In Malta

With effect from 1 January 2016, Spiteri Bailey & Co merged with the member firm of RSM in Malta. The merged entity has 7 partners led by Managing Partner Maria Micallef, Conrad Borg, Vladimiro Comodini, Joe Ellul Falzon, George Gregory, Karen Spiteri Bailey and William Spiteri Bailey. The partners are supported by Gordon Micallef and Dr Timothy Zammit, Divisional Directors within the IT Advisory, and the Tax and Corporate service lines, respectively. RSM now employs a unique talent pool of around 100 qualified full time professional staff in different disciplines including accounting, law, IT, tax and risk management.

RSM Consolidates As A Leading Mid-tier Firm In Malta

From left to right: William Spiteri Bailey, Vladimiro Comodini, George Gregory, Gordon Micallef, Maria Micallef, Joesph Ellul Falzon, Karen Spiteri Bailey, Conrad Borg and Dr Timothy Zammit.

APS Bank appoints Marcel Cassar as its new chief executive officer

APS Bank’s board of directors has appointed Marcel Cassar as CEO with effect from 1 January 2016. Mr Cassar succeeds Edward Cachia who will retire early this year. Mr Cassar, has previously held a number of senior positions, recently acting as first executive president and CEO with Fimbank plc, the Malta-based international trade finance group. He previously held senior executive roles with Lombard Bank Malta plc (1996-2000), the MFSA (1991-1996) and Price Waterhouse (1987-1991). Mr Cassar is an MIA member and sits on the Institute’s PAIB and disciplinary committees.

Marcel Cassar - Chief Executive Officer, APS Bank

Marcel Cassar, Chief Executive Officer, APS Bank.

QAU Head retires

Marcel CoppiniMr Marcel Coppini’s term of office as Head of the Quality Assurance Unit (QAU) in Malta came to an end on 8 January 2016. Marcel helped set up the QAU way back in 2006, which Unit, he headed ever since. Marcel has seen the QAU and the EAIG evolve and grow into what we know them today and since 2006, he has worked closely with other European and International audit regulators as well as other stakeholders within the profession (FEE, IFAC, IAASB, IASB, ESMA, IOSCO, World Bank etc). In the field of international financial regulation, his experience with IFIAR saw this entity grow with membership of independent audit regulators from all around world.

Marcel Coppini is an FCCA, a fellow of the Malta Institute of Accountants and holds a practising certificate in auditing.

Nexia BT and E-Cubed Consultants merge to create a unique Financial, Economic and EU Affairs Advisory Practice

Nexia BT recently announced the merger of its Advisory Practice with E-Cubed Consultants Limited. A new Economics and EU Affairs Division will be formed under the leadership of Dr Gordon Cordina as partner and Ms Stephanie Vella as director. It will operate in synergy with the Advisory Practice, which will continue to be led by Ms Anita Aloisio. The advisory team will rise to 40 highly qualified and proficient professionals holding and studying at the PhD and Masters level. The firm also appointed four new directors: Mr Tim Dambrauskas and Mr Oliver Zammit within the International Client Services Department, Ms Stephanie Vella within the Economics and EU Affairs Division and Mr Darren Bugeja within the Audit Department. The firm has strengthened its financial accounting and audit technical team with the appointment of Ms Michelle Vassallo Pulis, who also offers technical help-desk support to Nexia BT’s clients.

Alert Group to integrate into Deloitte Malta

Deloitte Malta recently announced that an integration agreement was signed with the Alert Group, set up in 1998. Over the past 17 years it has grown at a steady pace and has established itself as a leader in the field of Information and Communications Technology attracting high-quality, committed professionals and investing in their training, development and growth establishing itself as one of the leading providers of ICT services in Malta. As part of this integration, Ms Claudine Cassar joined Deloitte Malta as a Director as of January 2016. Ms Cassar, together with Mr Damian Heath and Mr Ludwig Micallef and around 38 colleagues became part of Deloitte Malta. All Alert staff will join the existing Deloitte staff complement bringing the total head count of Deloitte Malta up to 468. Alert Communications will continue to operate out of their premises in Qormi and will initially rebrand as ‘Alert Digital by Deloitte’. Alert Solutions will relocate to Deloitte Place at Mriehel and operate as part of Deloitte Solutions.

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