Category: Governance

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Will Brexit impact Maltese businesses?

Categories Employment, Residence, Malta, Governance, Brexit

Will Brexit impact Maltese businesses?

On the 29th of March, 2019, The United Kingdom is set to leave the European Union. Whilst very little has been negotiated so far, the EU and the UK are working hard to reach a trade agreement that will seek to limit disruption as much as possible.

When the UK leaves the EU in five months’ time it will be automatically treated as a third country and as such, different rules will apply on import, export, and migration.

If you or your business is actively engaged in the import or export of products from the United Kingdom, you will be obliged to declare these goods, even if you transport them through EU countries. Excise goods will also be affected and you will have to deal with EMC procedures as well as filing import/export declarations.

Furthermore, Malta is set to lose the UK as its strongest tax harmonisation ally, according to Marisa Xuereb, Director of Raesch Quarz LTD.

“The biggest risk for Malta as a whole and for Maltese businesses will come after Brexit when the island sits at the EU negotiation table without Britain.”

It seems that very few businesses have yet to prepare themselves for the worst case scenario which could result in serious fiscal challenges after the UK leaves. Despite Malta’s long-term special relationship with the UK, this is likely to become tense as Malta vies for co-location, or as an alternative to a UK base.

Issues also arise around the uncertainty of where British citizens who reside in Malta will stand in terms of residency and employment, as many based their applications on being EU citizens. The right to work and reside in EU member states and the effect that the UK withdrawing from the EU will have on the thousands of British expats in Malta, as well as the many Maltese in Europe, hangs at a balance.

Businesses that employ UK staff are advised to see what the outcome of ongoing negotiations are, whilst being reminded of the fact that Malta is still a part of the British Commonwealth, and as such, British citizens should not be treated as foreigners.

With just a few short months to go until the UK officially leaves, businesses, expats, and legal professionals will just have to wait and see how this monumental occurrence will impact businesses both here, and in Britain.

If you are interested to incorporate your company in Malta, E&S Group can help you. Send us an email on [email protected] for further information.

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Eurostat released high promising figures showing Malta’s surplus

Categories Economy, Malta, Governance, UN, Budget

Eurostat released high promising figures showing Malta’s surplus

On the day that the Finance Minister is expected to deliver his budget speech for 2019, the National Statistics Office (NSO) and the Eurostat released promising figures showing Malta having the highest surplus within the EU.

The report was released by Malta Today, stated that in 2017 Malta registered its highest surplus of €392.7 million. This is equivalent to 3.5% of the Gross Domestic Product (GDP). Moreover, the Gross consolidated debt has amounted to €5.7 billion equivalent to 50.9% of Malta’s GDP, which is less than the previous year by €64.3 million.

Statistics show that the total revenue generated by the Maltese government in 2017 stood at €4.4 million, which is a substantial increase of €554.3 million from that in 2016. Moreover, the total amount of expenditure compared to the previous year have amounted to €4 million resulting to an increase of €257.9 million.

The figures show that the gross consolidated debt have decreased by €64.3 million compared to last year, now standing at €5.7 billion, amounting to 50.9% of the GDP. This figure abides by the Maastricht Treaty set by the EU stating that all member states need to follow “sound fiscal policies, with debt limited to 60% of GDP and annual deficits no greater than 3% of GDP.”

This report has shown that Malta has reached a good surplus of 1.7%, which is higher than Cyprus, which holds the second place of surplus reaching 1.8%. This is followed by Sweden, Czechia, Luxembourg, the Netherlands, Bulgaria and Denmark, Germany, Croatia, Greece, Lithuania and Slovenia.

In a tweet Prime Minister Joseph Muscat wrote “#Malta had the highest fiscal surplus in the #EU in 2017, as confirmed by @EU_Eurostat. Data for first half of 2018 indicates similar trend. In #maltabudget19 we will continue rolling out our economic and social strategy -JM”

 

Tonight, Malta is anticipating the Budget measures that will be proposed by the government. If you interested to know what will be said during the budget follow this link to know more. If you would like to open up a company in Malta and need a professional guidance, drop us a line by sending us an email on [email protected] and we will ‘make things happen’.

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TOA Berlin –  The Future of Tech, Work, and Life

Categories Blockchain, Malta, Law, The Blockchain Island, Regulation, Conference, TOA, Governance

TOA Berlin –  The Future of Tech, Work, and Life

 

At the moment, Berlin is hosting an array of blockchain, Fintech and Satellite events to industries around the world. TOA Berlin is a B2B event aiming high to build new bridges across the world. The Berlin conference is gathering prominent stakeholders, to learn from one another, make connections, grow and inspire each other.

A panel of speakers took part in the TOA Berlin conference on the 20th of June. One of the talks was named: ‘Don’t burst my bubble! Will we succeed at decentralized governance?’, discussed various jurisdictions in developing a decentralised government. The panel discussed on how the Maltese government is taking a progressive approach towards the blockchain industry.

The TOA Berlin is bridging out to tech enthusiasts to understand this technology further. Technology helps businesses to improve and facilitate their workload. Opportunities arise when you have a functioning and understanding of technology. TOA believe is that industries across the world need to collaborate with each other, driving society forward.

 

To know more about ICO legislation in Malta please follow this link.

Contact us directly on +356 20103020 or by mail at [email protected] to find out more.

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