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Travel and tourism Malta’s travel and tourism sector review

2018 was an exceptionally good year for Malta’s tourism industry as the number of inbound tourists reached a record 2.6 million, reflecting an increase of 14.3% over the previous year.

News round up Forecasting the future

Even if many believe the world is getting harder to predict, that hasn’t stopped international publications from trying to forecast the year ahead. Here we round up some of the predictions making headlines around the world

Tax Direct to indirect taxation

How manage the hidden complexities of indirect taxation? It’s not just the immediate demands of VAT/GST that are complex and challenging, but the extent to which it forms part of wider shifts in how businesses are taxed.

Finance The evolutionary progress of money

Progress in finance has facilitated the exchange of value to an automated process, but behind the scenes it has been a centuries’ long process to get where we are today.

Growth iQ Who's embracing in the latest finance technology?

Only around half of businesses have a clear strategy and business case for enhanced digital transformation within the finance function. Is your organisation ready to make better business decisions?

Blockchain Malta leading the blockchain revolution

Many predict that DLT is reinventing and transforming key industries and creating new business models, making every transaction transparent, democratic, decentralized, efficient and secure. The belief in blockchain’s potential is so widespread that financial and tech entities have invested an estimate of $1.4 billion in 2016, which is expected to go up to $2.1 billion in 2018.

Artificial Intelligence How Artificial Intelligence is changing the world

AI has slowly been working its way into businesses. Business Intelligence (BI) systems generate and automatically process a wealth of digital data providing the necessary metrics to efficiently run an organization. Machine learning and AI solutions have the potential to further crunch such data creating unprecedented opportunities for improvement across health, lifestyle, transportation, education and practically every human activity.

Blockchain How blockchain is revolutionising finance

No doubt that blockchain technology presents many opportunities that will keep transforming the financial space. The disruptive technology is exponentially opening up international markets the same way the internet transformed access to information. For those that recognize what blockchain technology has to offer, its potential has no barriers, both for entrepreneurs and consumers who will be able to gain access to any service or assets they need where they are and when they need them.

Budget Malta Budget 2019

Monday 22 October 2018 marks the presentation of the 2019 budget of this government aimed at stimulating economic growth, reducing government debt and delivering a budget surplus year on year.

TAX Taxing the digital economy

Commerce is increasingly digital. Yet, the global tax system is still geared to the needs of a traditional ‘bricks and mortar’ economy. The OECD’s Base Erosion and Profit Sharing (BEPS) Action Plan recognises the need for modernisation and has achieved quite a lot since the issue of its reports in October 2015. However, specific recommendations on digital taxation have been limited and the OECD’s calls for an international consensus on the way forward have so far been unheeded.

Not for Profit Fundraising: adapt your message and medium to your audience

The most recent edition of the Charities Aid Foundation’s World Giving Index(i) reports a global decrease in giving over the previous 12 months. This slowdown is particularly marked among Western countries including the US, Australia, the Netherlands, Germany, Norway and the UK.

IFRS Accounting for cryptocurrencies

Cryptocurrency is digital or ‘virtual’ money, which uses cryptography to secure its transactions, to control the creation of additional currency units, and to verify the transfer of assets. Cryptography itself describes the process by which codes are written or generated to allow information to be kept secret.

INTERNATIONAL BUSINESS REPORT Skills concerns hit new high

Global business concerns over a shortage of skilled workers hit a record high in the second quarter of 2018, according to research from Grant Thornton’s International Business Report (IBR). Some of the world’s largest economies, drivers of global trade, report significantly higher fears. Business leaders struggling to recruit skilled staff should consider automating processes where skilled worker problems are most acute.

INTERNATIONAL BUSINESS REPORT Revenues rise but investment remains flat

The dip in optimism suggests that the global economic cycle may have peaked. Business leaders should therefore consider using increased revenue to structurally invest at this stage of the cycle to ensure long-term prosperity.

Insolvency in retail Will online shopping make retail giants extinct?

Looking at the Maltese scenario, in 2017 only 18% of respondents sold their products online and of these, the majority said that total online sales accounted to less than 10% of their total sales. Yet for the 19% of those who sell online, online sales accounted for more than 50% of their sales, which is a remarkable percentage.

IFRS Accounting for cryptocurrencies

The popularity of cryptocurrencies has soared in recent years, yet they do not fit easily within IFRS’ financial reporting structure. In this Viewpoint we explore the acceptable methods of accounting for holdings in cryptocurrencies while touching upon other issues that may be encountered.

International Business Report (IBR) Women in Business 2018

The percentage of businesses around the world with at least one women in senior management has increased significantly, rising from 66% in 2017 to 75% in 2018. However, at the same time the proportion of senior roles held by woman has marginally declined.

Family Businesses 1.5% reduced duty on intra-family donations. Don't miss out.

The introduced Family Business Act in 2017 saw the introduction of an incentive scheme for family businesses, whereby donations of marketable securities and business property used in a family business would be subject to a reduced duty rate of 1.5%, from the standard 2% or 5%.

GrowthiQ Talent: essential tips to future-proof your business

SMEs may look to automate as they try to future-proof their businesses, but data from Grant Thornton's IBR suggests finding talent is a bigger issue. Read more.

Tax Taxation in real-time: Gearing up for blockchain

The question is no longer whether blockchain will disrupt the tax system, but how far, how fast and how to ensure your business is up to speed. Putting the hype aside, what does blockchain really mean for tax compliance and management within your business? What are the main risks and opportunities? How can you begin preparing for the shake-up ahead?

Funding Finding the funds to make it all happen

With the rapid pace of change in the local business scenario, today’s entrepreneurs are dealing with more complexity and facing new challenges when it comes to sourcing finance for their business ventures.

GDPR Taking stock of GDPR – 10 key changes it will bring about

When it comes to the way companies handle and protect data, things are soon going to change thanks to a new set of rules that are stepping into force as of May 2018. Better known as the General Data Protection Regulation (GDPR) –the new legal framework is meant to harmonise data protection standards across the 28 EU member states and is expected to ultimately reduce compliance costs, complexity, risks and uncertainty and ensure that people’s data is adequately protected.

MERGERS AND ACQUISITIONS Reducing risk in cross-border transactions

Cross-border merger and acquisition opportunities are increasing as healthy company financials in many economies drive an appetite for deals. However, while cross-border transactions can generate new market opportunities, they often bring heightened risk and a range of challenges.

Budget Malta Budget 2018

Monday 9 October 2017 marked the presentation of the first budget of this government’s legislature, one which focused primarily on social welfare. Interestingly, no new income, corporate or excise taxes were announced.