Issue link: https://maltatoday.uberflip.com/i/250270
12 BUSINESS & FINANCE maltatoday, WEDNESDAY, 29 JANUARY 2014 PKF VAT study presented to Finance Minister PKF managing partner George Mangion accompanied by Tiziana Gauci recently presented a study on VAT which was compiled by PKF Malta with the collaboration of Professor Lino Sant to Finance Minister Edward Scicluna. The objective of the study was to assist MHRA in their pre-budget discussions with the authorities for a revision of the VAT tariff. Speaking at the presentation, Mangion said that, "in our study we showed how members of MHRA will not reduce prices but plough back the extra revenue to renovate their assets thus creating job opportunities and improve the local product which is facing high competition". Mangion added that: "The study illustrated the positive results on value added to the industry and irrevocably showed the level of elasticity of demand given that the government reverses the 40% increase (from 5% to 7%) in VAT rate on accommodation." George Mangion and Tiziana Gauci with Finance Minister Edward Scicluna Gas conversion scheme for cars, extended €200 grant for cars converted to use autogas Transport Malta is extending a scheme to incentivise vehicle owners to convert their vehicle's fuel system to Autogas. This environment-friendly budget measure is aimed at reducing the amount of emissions generated from road traffic. Subject to various conditions, the grant amounts to €200, which will be given upon the conversion to Autogas of an M1 motor vehicle used for private purposes.The scheme came into effect on 1 January 2014 and closes on 31 December 2014 or earlier, if the maximum of 750 claims has been reached. Applications are processed on a first come first serve basis. Persons who have converted their vehicle to Autogas in 2013 may still apply for the scheme. Applications for such scheme are available from the Driver and Vehicle Licensing Unit, Hornsworks Ditch, Floriana or downloaded from www.transport.gov.mt. Cruise passenger traffic down by 8.7% in fourth quarter 2012 Total cruise passenger traffic during the fourth quarter last year stood at 120,707, a decline of 8.7% over the corresponding period in 2012. There were 92 cruise liner calls during the quarter, up from 84 in the previous year. Transit passengers accounted for 93.4% of total traffic, and totalled 112,682. Around 1,085 passengers visited Gozo, while 1,682 passengers spent at least one night on board their berthed cruise liner. Visitors from EU member states accounted for 77.4% of total traffic, with the major markets being the United Kingdom, Germany and Italy. Total passengers from Non-EU countries numbered 27,242, of which 42.4% came from the United States. Despite the decrease in total traffic, an increase in the British, Australian, Canadian and American markets was recorded. On a gender basis, female passengers made up 53.1% of the total. The largest share of passengers fell within the 60-79 age bracket, followed by those aged between 40 and 59. Cruise passengers for 2013 stood at 431,397, a drop of 23.3% over 2012. Of these, 76.2% came from EU member states. Almost all EU markets recorded sharp decreases when compared to the previous year, with the exception of the British market, which advanced by 33.9%. Passengers from non-EU countries declined by 13.5% to 102,680. The majority of cruise passengers were female, totalling 229,867. Furthermore, most passengers were between 60 and 79 years old, followed by those aged 40-59, totalling 168,385 and 137,789 respectively. There were 286 cruise liner calls during the year, 36 less than the previous year. The average number of passengers per vessel stood at 1,508. Ammo City moves to SmartCity Malta Ammo City, the games company that showcases and runs online games from the net, has recently relocated to Malta and has chosen to set up its offices at SmartCity Malta. The company provides free online and DLC (downloadable content) games from many of the best developers including, Bethesda, Bigpoint, GoodGames Studio, Youda Games, Kongregate and many more. The online games include MMORPG, RPG, fun flash games, as well as shooting, puzzle, casino, war gaming, and driving games. The company's aspiration is to develop branded IP games, primarily for the children's market. Founder and CEO, Tim Chaney, heads the company and drives the ideology that is Ammo City. His vision is portrayed in the site, ammocity.com, and as the business tactician, he provides ongoing strategy that makes Ammo City the continued success that it has become. The right-hand man of the CEO, Andrew Spanswick is the CTO who provisions the full direction for technology and infrastructure, leaning on his several years' experience building companies from the ground up. Speaking about the reasons why Ammo City decided to relocate to Malta, Tim Chaney said: "They are many-fold. I like the spirit and goals of Malta Enterprise, as well as the vitality on the island, generally in terms of local youth education and training. I think Malta has started to create a name for itself as being open to advancement and young enterprise." "At SmartCity Malta there is a new spirit and determination of making the project great, not just for Malta but as well as a progressive European business hub which it has the potential of being. I look forward to seeing it in five years' time and being able to boast that Ammo City was one of the first games companies to take space there and share the vision," Chaney added. Download the MaltaToday App now