Crowe Malta

📘 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧𝐢𝐧𝐠 𝐎𝐮𝐫 𝐈𝐅𝐑𝐒 𝐄𝐱𝐩𝐞𝐫𝐭𝐢𝐬𝐞 𝐓𝐡𝐫𝐨𝐮𝐠𝐡 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐨𝐮𝐬 𝐋𝐞𝐚𝐫𝐧𝐢𝐧𝐠

As part of our ongoing commitment to audit quality and technical excellence, we recently held in-house IFRS seminars at our premises, delivered by IFRS specialist Mr. Paul Zammit.

The session was attended by our audit team and focused on strengthening professional judgement and ensuring robust application of key accounting standards relevant to audit engagements.

Key topics covered included:

- Amortised Cost of loan receivables and Expected Credit Losses, with a focus on audit implications and risk assessment

- Impairment of Assets, including estimation uncertainty and audit challenges

- Presentation and Disclosure in Financial Statements and its impact on financial statement transparency as per IFRS 18

Continuous technical training is essential to maintaining high-quality audits, ensuring regulatory compliance, and delivering reliable and transparent financial reporting for our clients.

𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 – 𝐌𝐚𝐥𝐭𝐚 𝐁𝐮𝐝𝐠𝐞𝐭 𝟐𝟎𝟐𝟔

Here’s a summary of the main measures announced: 👇

💶𝐅𝐚𝐦𝐢𝐥𝐢𝐞𝐬 & 𝐒𝐨𝐜𝐢𝐚𝐥 𝐒𝐮𝐩𝐩𝐨𝐫𝐭
• COLA increase of €4.66/week.
• All Pensions to rise by €10/week.
• Additional €3.50/week for 7,000 pensioned widows.
• Higher tax-free income bands for parents using the Parent or Married tax computations.
• €250 annual increase in child allowance for families earning under €30,000.
• Extended 1.5% stamp duty rate on succession of family business shares.
• Therapy rebate for children with disabilities increased to €1,000/year (up to age 23).

🏢 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 & 𝐄𝐦𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 𝐌𝐞𝐚𝐬𝐮𝐫𝐞𝐬
• Micro-Invest tax credit now covers 65% of eligible costs (cap €65,000). Gozo enterprises continue to benefit from a 20% bonus, reaching €85,000 total aid.
• 60% tax credit on qualifying business investments.
• Employers with staff employed over 4 years to receive 65% wage increase support for two years (up to €780/year). Gozitan employers: 80% support, up to €960/year.
• Self-employed individuals now entitled to Parental, Bereavement, and Miscarriage Leave.

🏠𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 & 𝐇𝐨𝐮𝐬𝐢𝐧𝐠
• First-Time Buyers Grant renewed: €1,000 per year for 10 years.
• Stamp duty exemption on the first €200,000 of a buyer’s first property made permanent in legislation.

🌱𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭𝐚𝐥 & 𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬 - 𝑮𝒓𝒆𝒆𝒏 𝑮𝒓𝒂𝒏𝒕𝒔
• A new scheme offering €5,000 annual grants for individuals under 30 who give up their driving license for five years.
• Existing grants for electric vehicles and scrappage schemes extended.
• Introduction of a €1,500 annual grant for individuals acquiring a motorcycle and relinquishing their car license.

🧠 𝐃𝐢𝐠𝐢𝐭𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧 & 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧
• Accelerated tax reductions over 2 years for investments in: Artificial Intelligence, Digitalization, Modernization, Automation & Cybersecurity.
• 175% tax deduction on eligible Research & Innovation (R&I) expenditure to encourage consistent investment in technology, knowledge & innovation.
• Plans to make Artificial Intelligence (AI) accessible to all by offering free courses, national certifications, hands-on sessions, and free subscriptions to AI services.

💶Economic & Strategic Priorities
• Projected real GDP growth: 4.1% in 2026.
• Deficit expected to fall below 3% of GDP.
• Debt-to-GDP ratio forecast at ≈ 47.4%.

Last Friday, Crowe Malta came together for a fun and memorable evening at Ostrica Restaurant to celebrate the Mamma Mia event! 🎶✨

It was a fantastic change to unwind, share laughs and strengthen the connections that make our team so special. Good food, great company and a bit of Abba spirit - what more could we ask for?🍝💃

To our team members who couldn’t make it this time, you were truly missed ❤️

🌍 𝑻𝒉𝒊𝒏𝒌𝒊𝒏𝒈 𝒐𝒇 𝒔𝒆𝒕𝒕𝒊𝒏𝒈 𝒖𝒑 𝒂 𝑪𝒐𝒎𝒑𝒂𝒏𝒚 𝒊𝒏 𝑴𝒂𝒍𝒕𝒂? 𝑲𝒆𝒚 𝑺𝒕𝒆𝒑𝒔 𝒕𝒐 𝑪𝒐𝒏𝒔𝒊𝒅𝒆𝒓

1️⃣ 𝗖𝗼𝗺𝗽𝗮𝗻𝘆 𝗧𝘆𝗽𝗲
💼Decide between a private or public limited liability company based on your business objectives.

2️⃣𝗥𝗲𝘀𝗲𝗿𝘃𝗲 𝗡𝗮𝗺𝗲
📑Ensure availability and obtain approval from the Malta Business Registry (MBR).

3️⃣𝗣𝗿𝗲𝗽𝗮𝗿𝗲 𝗗𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝘀
📝Draft the Memorandum and Articles of Association and collate shareholder and director details.

4️⃣ 𝗗𝗲𝗽𝗼𝘀𝗶𝘁 𝗦𝗵𝗮𝗿𝗲 𝗖𝗮𝗽𝗶𝘁𝗮𝗹
💶A minimum of €1,165 is required for a private limited company (20% paid up).

5️⃣ 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿 𝘄𝗶𝘁𝗵 𝗠𝗕𝗥
🏛Submit all documents for formal registration.

6️⃣ 𝗢𝗯𝘁𝗮𝗶𝗻 𝘁𝗮𝘅 𝗶𝗱𝗲𝗻𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗻𝘂𝗺𝗯𝗲𝗿
🆔Mandatory for tax compliance.

7️⃣𝗩𝗔𝗧 & 𝗦𝗼𝗰𝗶𝗮𝗹 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆
% Depending on the nature of your business activity.

8️⃣𝗢𝗽𝗲𝗻 𝗮 𝗰𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗯𝗮𝗻𝗸 𝗮𝗰𝗰𝗼𝘂𝗻𝘁
🏦Essential for operational and regulatory purposes.

At Crowe Malta, we make the process smooth — from setting up your company to handling tax, accounting, and compliance so you can focus on your success.

📩 Get in touch today to kick-start your business journey!

📢 𝐓𝐡𝐞 𝐑𝐨𝐥𝐞 𝐨𝐟 𝐚 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐲: 𝐖𝐡𝐚𝐭 𝐄𝐯𝐞𝐫𝐲 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐎𝐰𝐧𝐞𝐫 𝐢𝐧 𝐌𝐚𝐥𝐭𝐚 𝐒𝐡𝐨𝐮𝐥𝐝 𝐊𝐧𝐨𝐰 📢

A Company Secretary is more than just a legal requirement—a Company Secretary is the backbone of your business’s compliance and governance.

🔎5 Reasons Your Business Needs a Company Secretary 🔎

1️⃣ Stay compliant with Maltese laws and avoid fines.
2️⃣ Keep your statutory records organised and up-to-date.
3️⃣ Smooth organisation of board meetings and AGMs.
4️⃣ Ensure accurate filing with the Malta Business Registry.
5️⃣ Access expert guidance on corporate governance.

💡 𝑾𝒉𝒚 𝒊𝒕 𝒎𝒂𝒕𝒕𝒆𝒓𝒔: Without a qualified Company Secretary, your company could face legal risks, penalties, and missed deadlines!

Crowe Malta Horwath Malta is a member of Crowe Global. Crowe is one of largest accounting network in the world, having over 200 independent accounting and advisory firms in over 140 countries. Our list of services can be found on https://www.crowe.com/mt/services

🎄✨ 𝑭𝒆𝒔𝒕𝒊𝒗𝒆 𝑺𝒆𝒂𝒔𝒐𝒏 𝑪𝒍𝒐𝒔𝒖𝒓𝒆 𝑵𝒐𝒕𝒊𝒄𝒆 ✨🎄

Our office will be closed from 𝐌𝐨𝐧𝐝𝐚𝐲, 𝟐𝟑𝐫𝐝 𝐃𝐞𝐜𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟒, 𝐮𝐧𝐭𝐢𝐥 𝐅𝐫𝐢𝐝𝐚𝐲, 𝟑𝐫𝐝 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟓 (both days included) for the festive season. This time will allow us to recharge and gear up for an exciting and productive year in 2025!

As we celebrate the holidays, we want to express our warmest regards and gratitude to all our clients and collaborative partners for your unwavering support throughout the year.

🎅🌟𝑾𝒊𝒔𝒉𝒊𝒏𝒈 𝒚𝒐𝒖 𝒂 𝑯𝒂𝒑𝒑𝒚 𝑪𝒉𝒓𝒊𝒔𝒕𝒎𝒂𝒔 𝒂𝒏𝒅 𝒂 𝑷𝒓𝒐𝒔𝒑𝒆𝒓𝒐𝒖𝒔 𝑵𝒆𝒘 𝒀𝒆𝒂𝒓! 🌟🎅

May your holiday season be filled with joy, love, and success. We look forward to working with you in the year ahead!

Warm regards
The Crowe Team

📚𝑶𝒏𝒈𝒐𝒊𝒏𝒈 𝑷𝒓𝒐𝒇𝒆𝒔𝒔𝒊𝒐𝒏𝒂𝒍 𝑫𝒆𝒗𝒆𝒍𝒐𝒑𝒎𝒆𝒏𝒕: 𝑻𝒓𝒂𝒊𝒏𝒊𝒏𝒈 𝒐𝒏 𝑨𝒖𝒅𝒊𝒕 𝑪𝒐𝒏𝒄𝒍𝒖𝒔𝒊𝒐𝒏 𝒂𝒏𝒅 𝑹𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈

𝗖𝗿𝗼𝘄𝗲 𝗠𝗮𝗹𝘁𝗮 has conducted yet another insightful training session for our audit team, this time focusing on 𝗔𝘂𝗱𝗶𝘁 𝗖𝗼𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻 𝗮𝗻𝗱 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴.

The session, aligned with the requirements of the International Standards on Auditing (ISAs), was once again expertly delivered by 𝗠𝗿. 𝗥𝗲𝗻𝘇𝗼 𝗙𝗮𝗿𝗿𝘂𝗴𝗶𝗮 as part of our ongoing commitment to continuous professional development.

📖𝑨𝒖𝒅𝒊𝒕 𝑻𝒓𝒂𝒊𝒏𝒊𝒏𝒈 𝑺𝒆𝒔𝒔𝒊𝒐𝒏 𝒐𝒏 𝑹𝒊𝒔𝒌 𝑨𝒔𝒔𝒆𝒔𝒔𝒎𝒆𝒏𝒕 𝒂𝒏𝒅 𝑹𝒊𝒔𝒌 𝑹𝒆𝒔𝒑𝒐𝒏𝒔𝒆

𝐂𝐫𝐨𝐰𝐞 𝐌𝐚𝐥𝐭𝐚 provided in-depth training session to the audit team on 𝐑𝐢𝐬𝐤 𝐀𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐑𝐢𝐬𝐤 𝐑𝐞𝐬𝐩𝐨𝐧𝐬𝐞, in line with the requirements of the International Standards on Auditing (ISAs). This valuable training was delivered by 𝐌𝐫. 𝐑𝐞𝐧𝐳𝐨 𝐅𝐚𝐫𝐫𝐮𝐠𝐢𝐚, whose expertise greatly enhanced our team's understanding and application of these critical auditing principles. Renzo Farrugia

At 𝐂𝐫𝐨𝐰𝐞 𝐌𝐚𝐥𝐭𝐚, we prioritise the growth and proficiency of our audit team. Our commitment to upholding global audit standards is unwavering, and this session is part of our continuous effort to strengthen the quality and reliability of our audit practices.

📕A Study conducted by Crowe Malta commissioned by the Association of Catering Establishments: 𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐚 𝐫𝐞𝐝𝐮𝐜𝐞𝐝 𝐕𝐀𝐓 𝐫𝐚𝐭𝐞 𝐨𝐧 𝐭𝐡𝐞 𝐜𝐚𝐭𝐞𝐫𝐢𝐧𝐠 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲.

Salient points of the study:
📌Analysis of those EU member states which impose a VAT rate on catering services below the 18% VAT rate applied in Malta
📌Analysis of the reform of the VAT rates as per Council Directive (EU) 2022/542
📌Overview of the regulatory framework of the Catering Sector in Malta
📌Analysis of the main costs to run a catering establishment
📌The impact of reduced rate from 18% to 7% applicable to qualifying catering establishments only
📌Overview of SWOT analysis in relation to the proposed reduced VAT rate

Crowe Malta Horwath Malta is a member of Crowe Global. Crowe is one of largest accounting network in the world, having over 200 independent accounting and advisory firms in over 140 countries. Our list of services can be found on https://www.crowe.com/mt/services

📢𝐌𝐢𝐜𝐫𝐨𝐈𝐧𝐯𝐞𝐬𝐭 𝟐𝟎𝟐𝟒📢

⏱Last deadline for companies & self-employed to submit their applications for the MicroInvest Scheme 2024 is 𝟮𝟳𝘁𝗵 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟰

💶Scheme offers 𝘁𝗮𝘅 𝗰𝗿𝗲𝗱𝗶𝘁𝘀 to support undertakings (inc. start-ups, family business & self-employed) to invest in their business, to innovate, expand & develop their operations.

Get in touch with us to explain the eligibility criteria and guide you through the application process.

📎Fact 08: EU IFRSs vs GAPSME: 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑨𝒔𝒔𝒆𝒕𝒔 - 𝑰𝒎𝒑𝒂𝒊𝒓𝒎𝒆𝒏𝒕

📎Fact 07: EU IFRSs vs GAPSME: 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚

𝐂𝐨𝐬𝐭 of 𝐢𝐧𝐭𝐞𝐫𝐜𝐡𝐚𝐧𝐠𝐞𝐚𝐛𝐥𝐞 inventories