Malta

Ernst & Young has been operating in Malta since the early 1990s. We are in a position to draw on all the cumulative experience and resources of Ernst & Young worldwide and offer the full range of professional services.

The Malta Enterprise Corporation (Amendment) Act

This summary gives an overview of the Malta Enterprise Corporation (Amendment) Act, 2007 approved by Parliament on the 19 October 2007 as Act No. XXIII of 2007. The Goverment has announced an investment of circa Lm19 million in industrial assistance and improvement to business competitiveness. This amount will be divided amongst enterprises by means of the new assistance rules developed by Malta Enterprise under the Malta Enterprise Corporation Act ('the Act') and its Regulations due to come into force on 1 January 2008. Click here ( , 114 kb) to download the pdf.

---

Malta - a significant financial services centre

Malta has recently featured for the first time as a financial centre 'that might become significant' in the Corporation of London's Global Financial Centres Index. According to the Index 'Dubai, followed by Shanghai, continued to score well among respondents who identified them as the two centres most likely to increase in importance over the next two to three years, followed by Malta and Singapore.'

---

Grand Harbour Upgrading

There are significant plans for the upgrading of the natural grand harbour in Valletta. This could serve as an opportunity for wider and more substantial application of the Private Public Partnerships concept on the island.

---

New Cabinet

Following general elections there was a revamp of the Cabinet making it leaner and more efficient in meeting the challenges of maintaining the pace of improvement to the island's economy, achieving a surplus budget by 2010 and making the financial services sector contribute 25% of the national Gross Domestic Product by 2015.

Capital Gains on Transfer of Shares & Securities

This technical update will seek to throw some light on the technical issues governing the tax on transfers of shares and securities. This technical update is meant to help understand the auditr's responsibilities arising out of the Capital Gains Rules. The update shall also serve to highlight best practice according to agreed guidelines between MIA and IRD with regarg to such assurance engagements. View the related pdf here. ( , 152 kb)

Budget for 2008

Government will be introducing a number of incentives to business in 2008 which will replace the current incentives under the Business Promotion Act. It will also be investing over €45 million in industrial assistance to enterprises which invest in job creation. International business and business development through training will also be promoted. Government also announced details of the revision of personal tax bands which will result in a decreased tax liability. Click here ( , 132 kb) to download our Tax Alert on the budget for 2008.

---

Doing Business in Malta 2007

This updated edition compiles necessary information and provides relevant analyses in a user-friendly format on the challenges and opportunities facing business in Malta. It extensively deals with aspects of economic climate, investment environment and foreign trade, forms of enterprises, taxation, financial reporting and auditing, as well as many other matters of interest for investors looking at doing business in Malta. Click here ( , 4993 kb) to download the 2007 edition.