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2 NEWS 6.10.2022 Through the Wage Supplement Scheme, €825 million in support was provided to firms and businesses to substantially cover partial wage costs in order to reduce the burden during COVID-19 restrictions and thus, prevent redundancies. The scheme was initially launched in 2020 and tapered out up to May 2022, aimed at helping firms and businesses during the recovery period. Businesses could also apply to postpone the payment of taxes such as VAT and income tax through the tax deferral scheme. Starting from June 2022, the scheme's beneficiaries could pay the eligible taxes monthly over 30 months until the end of December 2024. During this period, the interest on the deferred tax is suspended. covid-19: liquidity support measures THE Malta Institute of Accountants held its 58th Annual General Meeting at the MIA's Head Office, during which seven of its members were elected to its Council. e members are Fabio Axisa, David Delicata, Jonathan Dingli, Shawn Falzon, Ivan Grixti, Christopher Portelli and Annabelle Zammit Pace. ey join Charmaine Baldacchino, Ed- mond Brincat, Mark Bugeja, Noel Mizzi, Lucienne Pace Ross and William Spiteri Bailey on the council. Fellows of the Institute participated at this year's AGM physically for the first time in three years, during which they were also called to vote on a series of statutory changes proposed by the Council to improve and strengthen the operations of the same organisation. Addressing his first AGM as Council President, David Delicata gave a run- through of the past twelve months dur- ing which the Institute was increasingly involved at a national level, supporting authorities on matters of national poli- cy, through recommendations, feedback and advice particularly on proposals for new legislation and regulations emanat- ing from international institutions. Delicata highlighted the MIA's central role in supporting the National Coordi- nating Committee during the author- ities' year-long effort to secure a timely exit from the FATF's grey-listing. "As a result of this contribution, the MIA is becoming every day an even more re- spected and trusted partner at a national level, strengthening the role of the pro- fession in the process", he added. Delicata expressed particular thanks to the Institute's members, particularly to the over 100 fellows who take an active role in the MIA's committees and groups to painstakingly go through extensive regulatory proposals, debating and pro- viding feedback which the Institute then relays to the authorities. e President explained how, in this context, the MIA seeks to find the right balance with push- ing for the necessary regulatory develop- ments while ensuring that this is not un- duly prescriptive on the profession. He referred to other areas in which the MIA is focusing its efforts, including the implementation of ESG standards and the constant challenge relating to the availability of resources. On the latter, he highlighted the MIA's two-pronged approach, proposing short-term solu- tions to facilitate the recruitment and re- tention of third country nationals while investing long-term through the recent- ly-launched second edition of the #Ac- countsforYou campaign. During the first meeting of the same Council held shortly after, the four Of- ficers of the Council were elected. Da- vid Delicata was re-elected as the Insti- tute's President, while Mark Bugeja was elected as Vice President, Lucienne Pace Ross as Secretary and Jonathan Dingli as Treasurer. Institute of Accountants appoints seven new members to Council KURT SANSONE CLYDE Caruana has acknowledged the economic recipe based on importation of labour of which he was a "cheer lead- er" is unsuitable for the next decade. e Finance Minister said a new economic model was required when speaking at the launch of a labour force skills survey by the National Statistics Office. Caruana said the survey would pro- vide the data on which government economic policy for the next 10 years will be based. "I was a cheer leader of government policy that favoured a growth in human resources to enable this country to ex- pand its productivity," Caruana said, adding that this encouraged more peo- ple to work and helped reduce depend- ency on social benefits. However, he also admitted that the same recipe adopted over the past 10 years is unsuitable for the type of eco- nomic development the country should aim for in the next decade. "People are expecting from the gov- ernment, not only economic growth but economic development; it is not just a question of having more money in your pocket but having a better qual- ity of life in all its totality," Caruana said. e minister said to achieve this jump in the quality of life, the model for economic development had to change from that adopted in the previous two legislatures. He said people were now clamouring for a better quality of life. "If we adopt the same recipe; in the morning, rather than being stuck for one hour in traffic, we will be stuck for one-and-a-half or two hours; the tour- ism sector will invest in hotels that will remain empty and this will apply to other sectors eventually," he reiterated. Caruana said that no government can guarantee prosperity if it is not based on research. A skills census was promised in the last budget but Caruana explained that since this was a first exercise of its kind, the NSO recommended a survey. It intends to assess the skills of the workforce and provide data on the gaps the country has. Caruana had spoken about the need to emphasise quality jobs last year when announcing a consultation exercise on a new jobs policy for the country. Mal- ta needs a better-skilled workforce to ensure improved incomes, he had said, but added the country still needed for- eign labour. After 2013, the Labour government kick-started the economy by adopt- ing policies that encouraged people to work, while at the same time opening the floodgates for foreign labour to boost the workforce. e country registered record growth and public finances also turned to black but the rapid growth in population and subsequent development came with so- cial, environmental and infrastructural consequences. New economic model needed for next 10 years, finance minister warns Finance minister Clyde Caruana

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