Issue link: https://maltatoday.uberflip.com/i/800760
7 in Castille Square to commemo- rate Malta's hosting of the Val- letta Summit on migration late last year cost €277,152. So does the Flame portray that "journey to take destiny into its own hands leading to it having the current presidency of the European Council" - geddit? We were once a British colony, now we rule the EU. Whatever symbolism the Mal- tese administration want to im- bue this bronze creation with, the Facebook outcry already speaks volumes: a charred tree, an oversized conifer... a coral that would be better suited in an aquarium, are some of the reac- tions online. A debate on Malta's artistic commissions and how these get to occupy public spaces, seems to be well in order. flame for Castille Thousands submitting late accounts to MFSA maltatoday, SUNDAY, 19 MARCH 2017 News YANNICK PACE AT least 18% of some 48,000 companies in the Maltese registry which are obliged to file audited accounts, have missed at least one deadline for their filings. Acknowledging that these com- panies are in breach of the law, the MFSA said it holds companies to higher regulatory standards than EU counterparts who can exempt companies from filing annual ac- counts. The statistic includes several companies no longer operating, "abandoned" by shareholders, or owned by non-resident sharehold- ers who "haven't kept contact with their Maltese representatives." Of those operating normally, smaller companies tend to be the ones filing delay beyond their deadline. "Small companies usual- ly depend heavily on the assistance of their external accountants or auditors for the preparation and submission of annual accounts to the registry," an MFSA spokes- man said. Companies that do not file au- dited accounts in time suffer a pal- try penalty of €25 annually, with a daily 50c fee for late or non-sub- mission, which actually adds up to around €200 a year. The penalty is enforced irrespective of company size, and engaging an accountant or auditor could cost anything up- wards of €1,000. But the current penalty, set in 1996, has not been changed since. The daily fine, applicable for each set of annual accounts not filed, can over the years accumulate to a substantial amount. But with the MFSA's power limited to admin- istering a fine, there's little – other than increasing fines – it can do to enforce the rules. 4,100 bottles and counting, Joseph Calleja's wine cellar is the hallmark of the Maltese tenor's serious interest in the vine