Corporate taxation reform shelved – Minister / Malta News Briefing – Friday 16 September 2022

Reading Time: 4 minutes

Updated 1505 – Corporate Tax Reform shelved

Government has announced that for the time being it is shelving a planned overhaul of company taxation. Finance Minister Clyde Caruana said this morning that this decision was taken in the light of waning international appetite for a global minimum corporate tax. Speaking during the launch of the Pre-Budget Document, Caruana said that “Malta will not jump the gun” given that the international momentum for a minimum corporate tax has been lost. Earlier this year, the Minister had signalled that Government was considering a new corporate tax regime following international pressure to introduce an effective minimum corporate tax rate of 15%. (Maltatoday)

Inflation reaches 7%

Inflation has reached 7%, another 0.2% increase in August, with food and drinks pushing the largest increase. According to fresh data released by the National Statistics Office (NSO), the monthly rate went up from 6.8 per cent in July to seven per cent in August with the 12-month moving average rate stood at 4.3 per cent.

Updated 1200

Government to top-up funds to fight energy, food inflation – Minister: Government intends to top-up its spend to further cover energy and food prices next year, according to Finance Minister Clyde Caruana. Addressing the launch of the traditional pre-budget document, Caruana revealed that the government will spend around €608 million to fight inflation, while keeping finances in check. He forecasted that government’s financial position will be 5.8% in the red this year, saying that some 3% of this can be attributed to the repercussions of war in Ukraine.

Six-year-old in danger after drinking sea water: A six-year-old Syrian girl was airlifted to Malta but is in danger of dying after drinking sea water during the attempted crossing of a group of asylum seekers in distress from Libya to Europe. The news was first revealed by the Italy’s Guardia Costiera as there was no statement by the Armed Forces of Malta. Quoting medical sources, the Times of Malta said that the girl’s condition remains critical, and that she is yet to regain consciousness as the seawater she drank during the crossing caused acute sodium poisoning, severe dehydration, electrolyte imbalances and several brain thromboses. (Times of Malta)

UPE dissatisfied with Fabri’s appointment as ITS GM: The Union of Professional Educators has expressed its dissatisfaction following the appointment of Frank Fabri as general manager of the Institute of Tourism Studies, which it described as ‘suspicious on many levels’. Fabri was forced to leave from his previous employment as Permanent Secretary at the Ministry of Education after a contract awarded to the then Minister’s partner was described as an ‘abuse of power’. In politics, transparency is a rare commodity, and Frank Fabri’s appointment raises suspicions on many levels, the UPE said. (The Malta Independent)

Morning Briefing

Kenneth Farrugia appointed BOV CEO

The Board of Directors of the Bank of Valletta has announced that Kenneth Farrugia will be the bank’s new Chief Executive. He assumes the position after Rick Hunkin whose contract as Chief Executive expires next November. Mr Farrugia has been an employee of the Bank of Valletta for thirty seven years where he held several senior positions and is currently Chief Retail Banking Officer. (TVM)

Journalist name crops up in TM bribery allegations

A ONE TV journalist featured in chats investigated in a corruption case concerning three Transport Malta officials as a possible candidate for whom help was solicited to get his driving licence, the Court of Justice was told. Police, however, have not yet questioned the people behind the requests for assistance which triggered criminal charges against Clint Mansueto, a director at Transport Malta, as well as his subordinates Raul Antonio Pace and Philip Edrick Zammit. (Times of Malta)

PN urges action on appointment of Standards Commissioner and Ombudsman

PN leader Bernard Grech took Government to task for what he described as ‘dragging the feet’ on the appointment of a new Standards Commissioner and an Ombudsman, accusing him of dragging his feet. The Opposition leader said Abela’s reluctance to engage in meaningful dialogue on these constitutional posts was because the Prime Minister wanted to keep doing as he pleased. Speaking on party radio. “The country needs working institutions and it cannot do without a Standards Commissioner and an Ombudsman. Robert Abela is dragging his feet since he wants to keep on doing as he pleases,” Grech said. (Maltatoday)

Once you're here...

%d bloggers like this: