The government will be exploring the possibility of creating new sandy beaches with the probability of enlarging beaches in the South of Malta, Finance Minister Edward Scicluna announced.

Beaches shall include Rinella Bay in Kalkara, Fajtata in Marsascala and St Gorg’s Bay in Birzebbugia. Other works on these bays include regular cleaning, increased accessibility, installation of showers and general maintenance of the area.

Rinella will also be modernised with an extensive program envisaged for next year. The studios and tanks will receive a face-lift whilst government will also be increasing financial incentives for the film industry to attract more international productions to Malta.

Over the last year, Air Malta has seen a double-digit increase in the number of passengers month by month whilst at the same time the company closed off the financial year without any losses.

Modernisation of the Air Malta fleet is currently underway and the aim for next year is to consolidate and continue to better its operations. New routes are anticipated to increase the number of tourists to Malta by 250,000.

Government priorities for next year will include better connectivity between Malta and Eastern Europe by strengthening Malta’s representation and making a concentrated effort in the markets further away from Malta’s shores.

The initiative to clean, beautify, maintain and increase accessibility will continue throughout next year and will include the promenades of Msida and Gzira.

Tax Evasion and Money Laundering

On tax evasion, Scicluna said: “we did not and we do not intend to create opportunities that will help companies or foreigners that may live in Malta under any scheme to evade tax.”

He continued that government is in favour of investments that are profitable and for this reason, there will be zero tolerance to those that use Malta or its regulatory framework for their gain, through tax evasion.

The strategy against tax evasion is built on three pillars, Scicluna explained. The strategy includes cooperating with other countries like Malta that are committed against the abuse of tax systems. Government is also continuing to strengthen its regulatory framework and administration so as all tax is collected efficiently and in a timely manner.

Further transparency and accountability are being proposed on tax systems so as there is less opportunity for tax evasion.

Money laundering was also an item on the agenda for this year’s budget with Scicluna listing a number of strategies completed during this year.

In the coming months, the Development Bank has plans to offer new schemes and facilities to contribute to better investment from SMEs as well as infrastructure projects.

Fintech, Blockchain and Cryptocurrency

Malta Stock Exchange will be assisting small local companies that are developing in the information sector in the finance field. This sector is known as Fintech and is one of the largest sectors in Malta that has the potential for growth.

For this reason, Malta Stock Exchange launched the program ‘Fintech Accelerator’ which will help these startups financially.

Malta Stock Exchange will also continue to work on its vision to join forces with companies that operate in the blockchain and cryptocurrency sectors.

A ‘Consultative Body’ is also being launched to provide for an open channel between practitioners of the financial industry and government.

Government will also be presenting a law that will give legal personality to certain aspects of the blockchain technology. A document will be launched explaining how government is exploring a legal framework for disruptive technologies known as Artificial Intelligence and Internet of Things, that compliment blockchain.

‘Tech.mt’ is the name for the foundation that will be launched to take care of all aspects of technology, especially to increase the promotion of disruptive technologies outside Malta’s shores.

Pharmaceutical Industry

The Medicine Authority will continue to work to ensure the sector is patient centred whilst also continuing to work on the regulatory framework for medical cannabis to ensure that Malta has jurisdiction in this field.

The accessibility to medicines will remain a priority, Scicluna said.

Brexit

Malta Enterprise will be launching a scheme that will offer business advisory services to aid local SMEs whose main commerce comes from the United Kingdom.

Furthermore, several meetings are being set-up to help attract investment to Malta once Brexit takes place.

Assistance to Startups

A scheme entitled ‘start-up visa’ will be set up to assist the process for more foreign startups to chose Malta.