Archive for August, 2015

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Foreign direct investment flows reflect investors’ confidence

In on August 28, 2015 by NEWCO

Green payback

Figures published by Malta’s National Statistics Office (NSO) shows that inward Foreign Direct Investment (FDI) in Malta increased by €7.0 billion in 2014, following a further increase of €7.4 billion in 2013. This means that over two years, FDI in Malta increased by 14.4 billion.

It is also welcoming the fact that FDI inflows increased in all economic activities, with the financial and insurance activities being the main driver of the increase. Of particular note is the fact that investment in manufacturing registered a marked increase of €38 million in 2014 following a notable increase of €101 million in 2013. This contrasts with a fall of €78 million in 2012.

The Minister for Finance, Edward Scicluna commented that: ‘This strong inflow of FDI is one of the most important indicators of the confidence that foreign investors have in the prospects of our economy. This is the result of Government’s efforts to ensure fiscal sustainability, creating the right macroeconomic conditions while pro-actively seeking investment in new growth sectors.’

Source: www.gov.mt

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Special programme for United Nations Pensions 2015

In on August 26, 2015 by NEWCO

Malta

The Maltese government continues to demonstrate its capacity for continuous innovation where taxation is concerned, pinpointing niche markets in which Malta can be competitive, and creating products geared toward those markets. By doing so, it not only increases its tax base but also enhances the country’s image as a competitive jurisdiction that is constantly evolving and perfecting its tax regimes.

This time, the Maltese government has launched a new programme that grants special tax status to citizens from the EU/EEA (except Maltese nationals), Switzerland and other countries, who receive widow’s or widower’s pensions from the United Nations, as long as certain requirements are met.

Applicants for the programme can benefit from tax exemption on their pensions if at least 40% of this income is received in Malta. They can also benefit from an income tax rate of 15% on other income originating outside, and sent to, Malta, with the added bonus of being able to take advantage of the mechanisms eliminating double taxation. Other income and earnings generated in Malta will be taxed at 35% except for income resulting from the sale of property in Malta. In these cases, a withholding tax will apply.

More information about the programme and respective requirements can be found here: http://www.financemalta.org/sections/tax/financemalta-tax-articles/detail/special-tax-status-united-nations-pensions-programme-rules-2015.

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Portugal and Malta are among the best at preventing money laundering

In on August 25, 2015 by NEWCO

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Portugal and Malta are among the 12 best countries at preventing money laundering, out of a list of 152 countries released by the Basel Institute on Governance, an independent body headquartered in Switzerland.

Topping the ranking assessing money laundering risks is Finland, followed by Estonia, Slovenia, Lithuania and New Zealand. Malta and Portugal come in at 10th and 12th respectively, both being better-placed than many other European countries such as Denmark (15th), Belgium (23rd), the United Kingdom (28th), France (29th) and Spain (45th).

The index is compiled on the basis of the Institute’s own assessments, as well as from data from sources such as the World Bank, the World Economic Forum and Transparency International.

Compilation involves an analysis of the practices and devices in place in each country, particularly in the financial sector, in respect of the prevention of money laundering and the financing of terrorism. A check is also made as to whether or not the measures adopted are actually being fulfilled.

This is fourth edition of the Basel Anti-Money Laundering Index, the first having been released in 2012. Since then, says the Institute, it “continues to be the only research-based ranking of country money laundering/terrorist financing risk by an independent non-profit institution.”

The Basel Institute on Governance is an independent non-profit organisation specialising in the prevention of corruption and in public governance.

Headquartered in Switzerland, it works with public and private partners to combat corruption and other financial crimes and to improve the quality of governance worldwide.

Its partners include the World Bank, the United Nations Office on Drugs and Crime, the Organisation for Economic Co-operation and Development, the IMF, the European Council and Interpol.

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Fitch’s positive Outlook for Malta

In on August 24, 2015 by NEWCO

Malta

According to a press release from the Maltese Minister of Finance, Fitch Ratings has reaffirmed Malta’s ‘A’ Rating with a stable outlook, in its latest assessment report. Fitch also expressed its view that Malta’s economic growth will continue to outperform its Eurozone peers while at the same time public finances will continue to improve.

Fitch expects the fiscal deficit to continue in its downward trajectory mainly thanks to growth friendly consolidation. In this context, Fitch welcomes the Government’s commitment to ensure fiscal sustainability through the adoption of the Fiscal Responsibility Act, remarking how this ‘will help guarantee confidence in the fiscal targets’.

Fitch also acknowledged Malta’s strong economic growth on the back of falling unemployment, lower energy costs and steady credit growth. Fitch expects this economic performance to persist in the coming years underpinned by strong investment, sustained growth in services sectors, and a structural shift in the economy towards higher value-added activities.

The solid foundations and high liquidity in Malta capital markets were also noted by Fitch. The Rating Agency also remarked the positive institutional development during the last six month, with a single-supervisory framework now in place and the establishment of a resolution fund.

Minister for Finance, Prof. Edward Scicluna, remarked that “Fitch Ratings’ positive assessment in terms of both the economic and fiscal outlook confirms our confidence in our ability to continue attaining our ambitious budgetary targets. We are also pleased that the Government efforts to restructure government owned entities and pro-actively seeking to attract investment into new growth sectors are also being acknowledged.”

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Malta continues to lower fiscal deficit

In on August 3, 2015 by NEWCO

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The National Statistics Office (NSO) issued public finance data that confirms that Malta’s ambitious budgetary targets are well on track.

Minister for Finance, Prof. Edward Scicluna, commented: ‘The figures for the first half of this year confirm the ability of this Government to attain its fiscal commitments. Over the course of the last two years, this Government proved able to progressively lower the fiscal deficit by employing a growth-friendly consolidation approach. This not only helped Malta to exit from the Excessive Deficit Procedure but also to be one of the fastest growing economies in the Euro Area’.

Data for the first six months shows that revenue increased by 13.6 per cent, on the back of strong increases in private income and expenditure spurred by increased confidence and a buoyant labour market. In fact, in spite of the lower income tax rates, revenue from income tax increased by almost €40 million while VAT revenue increased by more than €10 million, reflecting the robust growth in private consumption.

Data also shows that the consolidated fund deficit for the first half of 2015 declined by over €107 million over the same period last year.

To further increase transparency and accountability, for the first time ever, the Ministry of Finance will be publishing a Half-Yearly Report in which it will present extensive details on the fiscal developments over the course of the first half of this year.

Source: gov.mt

 

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