Issue link: https://maltatoday.uberflip.com/i/1511621
5 NEWS 16.11.2023 FROM PAGE 1 MDB will pass on the EIB's favoura- ble financing conditions and a longer repayment period to final beneficiar- ies, enabling entities that plan to in- vest in sustainable projects to make major financial savings. Through this agreement, the EIB will be leveraging on MDB's market positioning, local outreach, and ability to channel funds in Malta. Investments eligible under this programme include a wide range of green initiatives such as electric ve- hicle charging infrastructure, solar photovoltaic installations, energy efficiency in both public and private buildings, as well as waste recycling projects. Moreover, in addition to the €30 mil- lion financing, a separate agreement between the two institutions will en- able MDB to benefit from the EIB's advisory services to expand its envi- ronmental sustainability capacity and financing. The EU bank's advisory services — developed under the Green Gate- way programme launched by the EIB and the European Commission — will help MDB build capacity in sourcing and assessing the eligibility of green projects while supporting them in re- porting to the EIB. This partnership will not only have a positive environmental impact but will also support employment in Mal- ta by financing small-scale private and public investments throughout the country. EIB Vice-President Gelsomina Vigli- otti said: "This agreement underscores the EIB's commitment to fostering sustainable economic growth and en- vironmental responsibility in Malta. The advisory services provided under the Green Gateway will be crucial to support MDB's commitment to boost- ing the green transition of SMEs, local authorities and communities across the country, enhancing climate action and economic development." MDB Chairman Prof Josef Bonnici stated: "As Malta's only promotional bank, MDB is committed to contin- ue helping the local economy to grow sustainably. Thanks to MDB's collab- oration with the EIB, MDB will be in a better position to roll out schemes and support businesses and public sector entities to contribute towards Malta's climate-related targets." EIB, MDB partnership will finance small- scale private and public investments e operation will promote sustainable mobility, renewable energy production, energy efficiency, and recycling Embrace tech to address resource shortages and enhance compliance, accountants insist TECHNOLOGY can be a major en- abler for firms as well as for author- ities and regulators, a key tool to address skills shortages, reduce the administrative burden and contrib- ute towards a compliance-based cul- ture in the Maltese jurisdiction. This was a key message emerging during the Malta Institute of Accountants' (MIA) annual Digital Conference. Introducing the event, MIA CEO Maria Cauchi Delia argued that in a world where skills and human re- source shortages continue to afflict the financial services industry and beyond, the use of technology and automation can fill in the gaps and al- low accountancy and auditing profes- sionals to upskill and focus on more specialised tasks. She highlighted how innovative EU legislation, in- cluding CSRD, requires electronic format reporting, putting the onus on authorities and firms to step up the digital transformation process to ensure compliance, simplification and quality. MIA President Mark Bugeja ex- plained how technology can enhance fiscal morality and public trust while enabling level playing field and the equitable distribution of resources, ultimately contributing to the stabil- ity and prosperity of economies and the overall well-being of society. These views were echoed by the Commissioner for Tax and Customs, Joseph Caruana, who explained how as part of the Malta Tax and Customs Administration (MTCA) strategy, the organisation is investing heav- ily in its technology infrastructure to build a new risk analysis system which exploits Artificial Intelligence and machine learning. He explained that MTCA is investing in technolo- gy to simplify compliance and make it easier to do business in Malta, thus sustaining the well-being of the Mal- tese-economy. The MIA Digital Conference, host- ed with the support of the MIA's Dig- ital Committee and Indirect Taxation Committee, placed emphasis on the impact of requirements stemming from VAT in the Digital Age pro- posal, known as ViDA, with a par- ticular emphasis on digital report- ing and e-invoicing and how these impact taxpayers, businesses as well as regulators. This matter was also discussed through the international perspective, with the participation of high-level officials from Poland and Italy also sharing their country's ex- perience. Besides competitiveness and growth, representatives from indus- try and regulators also addressed the issue of how analytics and data gov- ernance can be leveraged for optimis- ing Value Added Tax performance. Participating experts showcased how analytics provide insights into finan- cial transactions and market trends, aiding informed decision-making. Simultaneously, robust data gov- ernance ensures data accuracy and compliance, reducing errors and en- hancing overall VAT management efficiency. Several speakers encouraged partic- ipants to reflect on the developments in the digital world and the account- ancy industry, and to identify and plan to act upon the key changes that will impact businesses, particular- ly because of data-driven processes and compliance by-design. Failure to do so, would have dire financial con- sequences, and a heftier price to pay than that required to embrace change.