PwC's Short Reads - June 2024 Edition
1. As the "first ever comprehensive legal framework on Artificial Intelligence" how does the EU AI Act work?
Artificial Intelligence (AI) is fast becoming a staple technology in our private and professional lives. From general use cases such as text creation and image generation to more specific business functions (such as analysing customer trends for sales teams, or supporting legal counsels in categorising contractual risks), AI technology has sparked a wave of transformation across several industries.
2. Finalisation of the EU's AML/CFT Package that was presented in July 2021 to strengthen the combatting of financial crime
As of 24 April 2024, the final elements of the Package of legislative proposals were agreed upon by co-legislators (with the creation of AMLA also being tackled), and the Package was adopted by the European Parliament. Moreover, the EU Council formally adopted the Package on 30 May 2024, with the next step being the publication of the texts in the Official Journal of the EU and subsequent entry into force.
3. The deadline to apply for the Digitalisation and the Equipment and Machinery grant schemes has been extended until the end of the year
SMEs play a pivotal role in driving economic development in Malta, accounting for over 82% of local employment and making up 99.8% of the business landscape in Malta. In order to continue facilitating positive growth and in light of the challenges faced over the past few years, where many businesses have had to re-think their business strategies, the EU is providing funding through a number of grant schemes for a range of products for entities that qualify as eligible enterprises.
4. Does your company build from its strengths, instead of searching for growth wherever it may happen? Does it have the right to win?
Today the business environment is rapidly changing and facing uncertainty, with constant pressure to compete. In this context, it is easy for leaders to overlook a basic principle: Build from your strengths. When you understand what you’re great at, by designing your strategy from your capabilities, you can define how you want to compete to shape your future.
5. PwC Malta's Real Estate Survey 2024: What are the key developments in the Maltese real estate industry?
PwC Malta is releasing the fifth edition of its Real Estate survey, which was carried out during Q4 of 2023. This market research exercise was carried out through an online survey which addressed the resident population of the Maltese islands.
6. How can businesses address growing demands on ESG? Chief Sustainability Officers (CSOs) are the answer
As businesses face growing demands for climate action and accountability on Environmental, Social and Governance (ESG) issues, sustainability is high on the corporate agenda. Yet, integrating sustainability across all aspects of an organisation remains a complex challenge.
7. We've examined half a billion job ads to uncover AI's impact on jobs, wages, skills and productivity
PwC’s 2024 AI Jobs Barometer investigated the impact of Artificial Intelligence (AI) on productivity, skills, jobs, and wages by analysing over 500 million job advertisements across 15 different countries which comprise over 30% of global GDP. The study focused on ‘AI-exposed’ industries and jobs, which means jobs in which AI can be readily used for some tasks, such as financial analysts and customer service agents.
8. The EU's Country-by-Country Reporting Directive took effect in Malta from 22 June 2024 onwards
The EU’s public country-by-country reporting (Public CbCR) Directive (the Directive), has been transposed into Maltese legislation on 17 May 2024.
Based on the newly published law, the Public CbCR will take effect in Malta for accounting periods beginning on or after 22 June 2024. For in-scope multinational enterprises (MNEs) who prepare their consolidated financial statements on a calendar-year basis, Public CbCR first applies from 1 January 2025.
9. Malta is poised to be a leader in the AI technological revolution. Learn more in PwC Malta's AI Business Survey
Highlighted in our annual Intelligent Digital conference, AI & Trust: Transforming Industries, Shaping Futures, and the ongoing AI Business Survey, Malta is starting to recognise the pivotal role data plays in harnessing the full potential of AI and driving meaningful innovation and transformation. Additionally, the importance of data was examined through the lens of offering organisational insights and establishing the proper frameworks and standards for a successful AI journey.
10. How the CCCP impacts international trade, streamlines operations and enhances global supply chain efficiency
The Customs Centralised Clearance Procedure (CCCP) is a pivotal mechanism in international trade, designed to streamline customs operations and enhance efficiency in the global supply chain.
At its core, CCCP allows Authorised Economic Operators (AEOs) to declare goods electronically at a single customs office, known as the Office of Lodgement. This office is typically located in the operator’s country of establishment, regardless of where the goods physically enter or exit the EU customs territory.
11. What are the new trends that have emerged from the IFRS 17 annual fiscal reports of FY23?
IFRS 17 is now fully in force and quite a few insurance companies have reported under the new standard for their 2023 annual financial reports. This report covers the analysis of financial statements in FY23, outlining any new trends that have emerged and any similar themes to the findings in interim 2023.