Archive for October, 2016

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PERES – Special Program for Reducing Government Debt

In on October 25, 2016 by NEWCO

legal-1302034_1280-1

On November 3 Decree-Law nr. 67/2016 was published, approving the Special Program for Reducing Government debt (Portuguese acronym PERES), which allows extraordinary settlement of debts to the Tax and Customs Authority and/or to the Social Security institute that have not been paid within their regular time limit – until May 31, 2016 for tax debts and until December 31, 2015 for Social Security debts.

According to the legislation approved by the Cabinet and announced by the government, taxpayers (individual and corporate) who are in default may pay the amount they owe in full until the 20th of December, thus benefiting from a complete pardon of interest owed and court costs, or they can agree to an installment payment plan with a maximum duration of 11 years (150 installments) with interest and without requiring pledging of a guarantee.

Those who wish to partake in this extraordinary settlement of debts to the Taxation Authority (tax debts) or to the Social Security Institute (social security debts) must do so electronically on the respective online portals up until 20 December 2016.

This new framework for extraordinary settlement has a new characteristic, namely that it is directed at taxpayers who wish to settle their situation even though they lack the financial capacity to pay their debts all at once. The government’s goal by doing this is to create a situation whereby companies who owe money to the state can still remain economically viable, while also helping families whose available income does not allow them to pay off accumulated debt.

NEWCO is at your disposal to answer any questions you may have regarding this program.

(updated 04/11/2016)

 

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Malta has risen in the world competitiveness ranking

In on October 11, 2016 by NEWCO

Malta

According to the Global Competitiveness Report (2016-2017) of the World Economic Forum (WEF), Malta improved its performance, rising eight spots (40th) over last year (48th) out of 138 countries.

The Global Competiveness Index (GCI), published yearly by the WEF, measures competitiveness between countries, comparing the “level of productivity” of economies by cross-referencing criteria such as: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, market efficiency, labour market efficiency, financial market efficiency, available technology, size of internal and external markets, and sophistication of the production and innovation processes.

In this year’s ranking, Switzerland is in first place for the eighth consecutive year, followed by Singapore and the United States of America, countries which are normally in the top spots of these rankings. Out of the twenty top spots, nine are held by EU countries (Netherlands, Germany, Sweden, United Kingdome, Finland, Denmark, Belgium, Austria and Luxembourg).

Malta is ranked 40th in the GCI, having performed well in health and primary education (18th), available technology (20th) and macroeconomic environment (21st).

In health and primary education, its best rankings were in categories pertaining to life expectancy (16th) and the quality of primary education (19th). The most significant results regarding available technology were attained due to Internet bandwidth (3rd), regular broadband internet subscriptions (7th) and technology transfers (21st). As regards macroeconomics, Malta ranked as the best country with respect to annual percentage change in inflation (1st).

Malta’s success is largely due to the coherence of its economic strategy, which is very much based on macroeconomic soundness and the attraction of foreign investment. Read our recent interview with one of the key players in this success story – Kenneth Farrugia, President of FinanceMalta – published on our blog.

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