PwC's Short Reads - November 2024 Edition
1. ViDA adoption at a glance
At the Economic and Financial Affairs Council (ECOFIN) meeting on 5 November 2024, an agreement was reached for the adoption of the VAT in the Digital Age (ViDA) Directive.
2. Malta Budget 2025 - Economic Outlook
Government estimates that the deficit will amount to 3.5% in 2025, down from 4.0% in 2024 and 4.5% in 2023. While still high from a historical perspective, the deficit is expected to continue to decline, with the aim of reaching the 3.0% target by 2026.
3. Navigating company dissolutions in Malta
The voluntary dissolution of a Maltese company is a significant legal process that should not be underestimated. It requires a thorough thought process, previous year compliance obligations to be met, and strict adherence to legal obligations
4. 2023 - A year to remember for the banking industry
In September 2024, PwC Strategy& published its annual Retail Banking Monitor, outlining a comprehensive performance analysis of the recent trends of European retail banking. The analysis covers ~50 retail banks or banking groups across 15 countries, with a market share coverage per country ranging from 50% to above 90%.
5. The top 5 reasons to embrace lifelong learning in the corporate world
In today’s fast-paced corporate environment, the concept of lifelong learning has never been more critical. It does not only contribute to employees’ personal and professional development; there are also benefits even for the organisation which they form part of.
Here are the top five reasons why continuous learning should be part and parcel of your employees’ professional journey.
6. Why candidate experience matters in Talent Acquisition
Imagine this: Maria, an experienced accountant, is eager about a potential job opportunity with a reputable company. She starts the interview process with high hopes, but soon encounters slow communication, rushed interviewers, and vague feedback. Her initial excitement turns to frustration, leaving her with a negative impression that she shares with her network.
7. The Instant Payments Regulation
By virtue of Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 – also known as the Instant Payments Regulation (the “IPR”) – all payment service providers (PSPs) offering standard credit transfer services must ensure that they are equipped to send and receive euro payments within seconds, on a 24/7 basis, across the EU. Seven months have passed since the publication of the IPR, and like all new pieces of legislation, its introduction brings forth both a wide spectrum of positive outcomes, as well as new challenges which must be overcome to fully reap its benefits.
8. Year-end HR checklist - Your essential guide
As the year draws to a close, key management is gearing up to finalise critical tasks before the end of the year. HR professionals play an important role in ensuring a smooth year-end process by making sure that the organisation stays compliant with payroll taxes and employment laws, obtaining the necessary renewals and documentation, and monitoring upcoming changes to regulations.
9. CSRD: From compliance to strategic value creation
The Corporate Sustainability Reporting Directive (CSRD) is more than just a regulatory requirement; it represents a shift in how businesses are to incorporate sustainability into their strategies. As sustainability data becomes crucial for investors and stakeholders’ decision-making, CSRD is set to transform the way companies create value for both their shareholders and society.
10. The tax implications arising as a result of IFRS17
With effect from 1 January 2023, the new accounting standard IFRS17 ‘Insurance Contracts’ came into force, leading to a change in the recognition, measurement, presentation and disclosure of insurance contracts within the financial statements of those entities to which IFRS17 applies. Due to the principles arising from this standard, certain insurance entities had to re-calculate the value of their insurance contracts in line with new principles.
11. Addressing DORA contractual requirements
The Digital Operational Resilience Act (DORA) will start to apply on 17 January 2025. With the cut-off date now only weeks away, the clock is ticking for financial entities to address their regulatory requirements under the new EU regulation.
12. Omni-channel commerce transformation
Today’s customers are increasingly digital-first. Buying behaviours are evolving, and so are expectations. To win business today and keep it tomorrow, companies need to engage customers in ways that meet them where they are and anticipate needs without being intrusive. The most successful companies enable seamless, omnichannel commerce capabilities that build trust through convenient, frictionless experiences.
13. Are you making the best use of LinkedIn for your personal branding?
LinkedIn isn't just a social media platform for job seekers; it's a powerful tool for business leaders and professionals to connect, engage, and establish themselves as an authority. Users tend to recognise personal profiles as more credible than company pages, given the added level of authenticity, therefore proving to be a powerful platform for business leaders to thrive in their industry.
14. Building and using distinctive capabilities
Creating a strategy for building and using distinctive capabilities is crucial for businesses facing major strategic challenges today. Many companies struggle with a gap between strategy and execution, leading to missed opportunities and unclear strategic direction.
15. Transform Your Operations: IT Managed Services for All Businesses
In today’s digital age, technology is a cornerstone of success for businesses of any size. However, managing your organisation’s digital landscape can be complex and time-consuming, diverting resources away from strategic priorities. This is where IT Managed Services come into play, offering an efficient and cost-effective solution for companies looking to optimise their operations and drive growth.
16. Gaming and AML: Are you up to the challenge?
The outcomes of the first PwC Europe, Middle East and Asia (EMEA) anti-money laundering (AML) Survey carried out earlier this year bring into focus the evolution of AML-related risk and regulation and the effectiveness of the relevant controls. In this sense, respondents emphasised the importance of “upskilling”, “screening” and “transaction monitoring” as the key AML controls.
17. Stay ahead of the curve: Sanctions Compliance
The 14th Sanctions Package introduces significant restrictions, including prohibiting the provision of goods, services, or technology to Russian LNG projects and banning the importation of Russian LNG to or from EU ports. Additionally, EU banks are now barred from using the Financial Messaging System of the Central Bank of Russia (“SPFS”) or conducting business with third-country banks using SPFS.