Accountancy professionals are calling for a cohesive strategic direction that firmly places competitiveness at the heart of Malta’s agenda, urging a unified action plan to consolidate diverse initiatives toward a shared objective. This key message emerged during the Malta Institute of Accountants’ annual tax conference, which addressed emerging trends in taxation that are transforming not only the profession but also reshaping the financial industry and the wider Maltese economy.
MIA CEO Maria Cauchi Delia emphasised that the international landscape is increasingly prioritising competitiveness, particularly regarding fiscal and environmental sustainability and the urgent need to address the skills gap – challenges faced both in Malta and across Europe. She highlighted the Institute’s commitment to continue working with authorities and developing proposals that benefit not only the accounting profession but also the broader industry, focusing on efficiency and elimination of obstacles to business. While welcoming national plans to establish longer-term economic strategies, she called for the need for policy makers to start having a tangible plan on the way forward, after taking into consideration the input of industry and professional representatives, to ensure meaningful progress.
MIA President Mark Bugeja noted how the European drive for more harmonised tax systems has reduced individual nations’ ability to maintain complete fiscal independence, making the fostering of a stronger competitiveness culture locally even more imperative.
The conference, taking place the day after the announcement of Malta’s Budget 2025, set the perfect stage for timely discussions on various issues highlighted by the Minister for Finance, particularly with regards to fiscal measures. In parallel, different panel discussions addressed EU tax policy developments, which continue to change the business landscape creating new challenges and opportunities for the profession and beyond.
Various speakers called for more business-friendly approaches to address regulatory and reporting pressures that currently challenge enterprises. Panellists also emphasised the importance of clear guidance from the authorities that will contribute towards enhanced compliance. It is imperative that Malta’s competitiveness is taken into consideration during the process leading to the issuance of such guidance keeping in view that this will have an impact on the extent to which foreign direct investment is attracted to Malta.
The MIA Tax Conference brought to the fore several elements from the fiscal domain, including latest developments on matters such as Qualified Refundable Tax Credits (QRTCs), with professionals emphasising the urgent need for further information in this regard given that QRTCs are crucial to continue attracting foreign direct investment, fiscal measures associated with ESG, Transfer Pricing, Pillar II, the Anti-Tax Avoidance Directive and the SME Directive. Specialised breakout sessions allowed for an in-depth discussion on matters specific to family businesses and on the interplay of tax with ethics, technology, sustainability and AML.
The Conference was also addressed by the Commissioner for Tax and Customs Joseph Caruana who highlighted the government’s plans to digitalise tax processes and establish a large taxpayer office to streamline compliance, enhancing tax collection while ensuring fairness. Mr Caruana also expressed his appreciation for the healthy relationship with the Malta Institute of Accountants, describing the MIA’s role as a key stakeholder in the local fiscal landscape.
The MIA’s Tax Conference was organised with the contribution of the Institute’s Direct Taxation and Indirect Taxation Committees and supported by Scope Solutions.