“In an ever-changing world, accounting networks are essential to improve competitiveness and to increase capability to deliver a fuller and more relevant service to clients,” Parliamentary Secretary in the Finance Ministry, said during the IGAF Worldwide European Members Meeting currently being held in Malta. IGAF Worldwide is an international network of accounting and consulting firms which ranks among the top 20 international accounting and consultancy networks in the world. The meeting was brought to Malta by IGAF local members Spiteri Bailey & Co. Accountants, Auditors & Business Advisors.
Mr Fenech said that the Maltese unique full imputation tax system, strict due diligence, versatile human resources, and state of the art e-commerce infrastructure combine to secure the essential substance required by the EU Code of business conduct.
“In further enhancing Malta as a support base for international business development and private wealth management the focus has consistently been that of quality not quantity. We are not in the corporate volume business but in the business of relationship management. The importance of reputation in a small community has always kept our professionals and service providers vigilant in ensuring full compliance with local laws, international standards and best practices,” he said.
The Parliamentary Secretary added that Malta’s economic outlook is not only positive; it is set for far greater opportunities provided by its membership of the European Union. He insisted that historically, Malta’s success arose from the stability and security that has been the hallmark of our national development.
“EU membership has enhanced Malta’s trade relations within the enlarged EU, and provides Malta-based firms with full and immediate access to the many other countries with which the EU has concluded free trade agreements. EU membership provides greater certainty for overseas investors attracted to Malta; certainty in terms of the applicable laws, in terms of standards and, in the near future, certainty in terms of currency. EU membership also means the certainty of the incentive structure offered to investors.”
Mr Fenech also referred to the advantages for companies that wish to operate from Malta and stated that whether it is marketing, sales and distribution, project management, customer training or after sales support, it can be done most effectively from Malta and at a lower cost than most alternative solutions.
The over 70 delegates attending the IGAF Worldwide European Meeting were also addressed by Spiteri Bailey & Co. Managing Partner William Spiteri Bailey, as well as by IGAF Worldwide Officials Jeremy Bowler and Jens Aarup. The delegates discussed various issues such as the Sarbanes-Oxley situation, as well as the EU 8 Directive, which is expected to bring about major changes in the accounting and auditing profession.
Spiteri Bailey & Co. is a full member of IGAF Worldwide and offers comprehensive services in the financial consulting, accounting, auditing and assurance, advisory, secretarial and management fields. The IGAF Worldwide network comprises of 7,400 professional staff, including 900 partners, in 355 offices situated in 60 countries worldwide.