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IMF report highlights Malta’s economic resilience and calls for urgent corporate tax reform
The International Monetary Fund has affirmed Malta’s remarkable rebound from the pandemic,highlighting the country’s significant resilience against the upheavals triggered by Russia’s incursioninto Ukraine in its 2023 concluding statement. With weaker external demand and waning post-pandemic pent-up demand, the IMF said that growth is normalizing but is still expected to be amongthe highest in Europe. The IMF adds that Corporate income tax (CIT) reform is increasingly urgent inlight of the EU’s Directive on OECD Pillar II. It stressed the importance of developing a well-structuredroadmap for a phased implementation of the CIT reform to provide both international and domestictaxpayers with certainty.
Debt surges further by end October – NSO
By the end of October 2023, Malta’s debt reached €9.68billion, marking a substantial increase of €942.9 million compared to the same period in 2022,according to data released by Malta’s National Statistics Office. The surge in debt was primarilyattributed to a substantial increase in Malta Government Stocks, accounting for €1,401.2 million.
MDA appoints Leon Chetcuti, son of former President, as CEO
The Malta Developers Association (MDA)appointed Leon Chetcuti, son of developer Sandro Chetcuti, as its new CEO. Sandro Chetcuti had previouslyserved as the MDA’s president until 2021, stepping down and being succeeded by Michael Stivala. LeonChetcuti confirmed his recent appointment via Facebook, expressing appreciation to the MDA for entrustinghim with this role. Previously a council member within the MDA, Leon secured the second-highest number ofvotes during the lobby group’s AGM last month. Upon his appointment as CEO, he resigned from his councilposition.
Morning Briefing
Government refuses to negotiate with MUT unless strike is called off
Discussions between the MUT and Government remain stalled after the latter said it would not negotiate unless the industrial actions are called off.Despite suspending negotiations, Minister Grima said that government is still open to negotiations, but only if MUT ceases its industrial action. Meanwhile Government said that on Monday, children can still be sent to schools, as these will only offer supervision services to students. Students who do not attend school will be excused and will not need to present notes or medical certificates.
Moreover, schools will not be offering transport services, as the Breakfast Club and Klabb 3-16 services will also not be available. (Maltatoday)
Church asks parents not to send students to school on Monday
Parents of students enrolled in Church schools have been asked Archbishop’s Delegate for Catholic Education to refrain from sending their children to school on Monday in light of the teachers’ strike, unless it is called off. The Church emphasized this plea, expressing a profound sense of responsibility toward students’ health and safety. Church schools will remain physically open to welcome employees who may opt not to participate in the strike. (Times of Malta)
NGO concerned at plans to adds further marinas
Moviment Graffitti expressed deep concern regarding reports of the government’s intention to attract additional superyachts to Malta and pursue a land reclamation project in the country. The NGO said thatit firmly opposes the idea of exploiting our coastline and seas for private gains, considering these areas as crucial spaces for public recreation and enjoyment. According to the NGO, Maltese lands and waters should cease being exploited solely for the advantage of a select few at the expense of the broader public. The proposed strategy, they assert, will only further diminish the limited space available for the public’s peaceful recreation. (The Malta Independent)
