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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.

Grant Thornton Malta mobilized some 60 members of its team at several cleanup sites simultaneously as part of the firm’s annual CSR event. Malta’s Grant Thornton Save the Ocean initiative is part of an international campaign focused on keeping trash out of oceans, bays, rivers and lakes. In Malta’s case, the cleanup activities were carried out in Pretty Bay, St Peter’s pool, Xorb l-Ghagin, St Thomas Bay, Fomm ir-Rih, Sliema, Bahar ic-Caghaq and Pembroke.

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.

Grant Thornton’s partner responsible for tax and regulatory services, Dr Wayne Pisani, has recently been appointed as President of Malta’s Institute of Financial Services Practitioners, taking over the role from Ms Juanita Bencini.

The Malta Financial Services Authority (MFSA) has released a Consultation Paper on the proposed introduction of a Financial instrument Test relating to its ongoing cryptocurrency regulation. The new consultation paper describes the introduction of a 'Financial Instrument Test' that would legally define virtual tokens.

How about €30,000 to finance your great business idea? The PowerUp! competition offers a €30,000 cash prize to European startups with a focus on energy, mobility, cleantech & cybersecurity projects.

Grant Thornton is committed to giving back to the local community by supporting organisations whose shared goal is to improve the lives of individuals from all walks of life. As part of their ongoing Corporate Social Responsibility efforts, Grant Thornton Malta’s team has recently collected €1,000 which is going towards efforts of the local Down Syndrome Association in its mission to promote awareness about Down Syndrome.

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.

Malta’s rating has been raised to A3 positive from A3 stable by credit rating agency Moody’s – the highest it has ever been - following an audit published last Summer. DBRS also improves Malta's credit rating to high.

SizweNtsalubaGobodo and Grant Thornton South Africa have begun a process to fully integrate as one truly representative national professional services firm under the brand name “SizweNtsalubaGobodo Grant Thornton”.

Malta government has launched a consultation paper covering the framework relating to distributed ledger technology, ICOs and cryptocurrency exchanges and wallet providers dealing in such assets.

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%.

The AST Group p.l.c. €1.835 million 5.5% 2028 Prospects MTF bond was admitted to Prospects MTF, a market regulated as an MTF and operated by the Malta Stock Exchange. The Group will use the proceeds of the bond to finance the acquisition of a multipurpose vessel.

The IFSP conference took place today at Xara Lodge with an exceptional attendance from Malta’s leading financial services industry players. Running with the theme efficiency and innovation.

Grant Thornton has recently confirmed its support and attendance at the forthcoming Nextgen Payments Forum - the ultimate gathering for senior executives involved in financial transactions and digital payments operations.

The protection of personal data is harmonized within the EU by the General Data Protection Regulation (GDPR) replacing the previous Data Protection Directive. What are the main changes?