PKF Malta

George Mangion has over thirty years experience in accounting, taxation, financial and consultancy services.
George is a regular contributor to local newspapers on business, i-gaming and e-Commerce. He writes articles weekly on the Business Times, contributes to a few articles on Sunday Times, Malta Today, The Times, The Malta Economic Update etc. He has also lectured and delivered presentations at numerous seminars and conferences worldwide.

Published on the Business Today, issue Wednesday, 29 October 2008
The international scene is riveted by bad news of a US recession linked to the unprecedented bankruptcy of Lehman Brothers and the massive bail-out of two national mortgage icons Freddie Mac and Fanny Mae. It was not a sweetener that a massive $700 billion was carved out to bail out toxic debts in US banks. Concurrently, it pours and it rains as banks in Europe are paying the price for lax controls on dubious lending traits and giddy profits.

Published on the Business Today, issue Wednesday, 15 October 2008
As an emerging economy within an enlarged eurozone, Malta has enjoyed rapid growth in 2007. This is commendable. But this year the island ‘s progress is dented by the spreading global credit crunch and a possible recession in the US and in the UK. Will our banks need bailing out? Not likely as they rank 10th soundest in the list published by World Economic Forum. This conviction obviates the need of a bailout fund which has been de riguer in many economies.

Published on the Business Today, issue Wednesday, 08 October 2008
There has been a strong protest from institutions attending the MCESD meeting this month where the proposed new water and electricity tariffs were presented by Minister Gatt. Due to some disarray and prolong disagreements, it is expected that more meetings will ensue so that a happy compromise can be reached to equate the needs and obligations of the industry, hotels, services and last but not least the welfare of employees.

Published on the Business Today, issue Wednesday, 24 September 2008
Now a year after the onset of the so-called credit crunch and Malta’s financial system seems to go unscathed. The worrying thing about the crunch for us is that there are still people who insist on clinging to the view that it will never hit us much like the famous ostrich example hiding its head in the sand. Many commentators have predicted that it will bypass and not impact Malta.

Published on the Business Today, issue Wednesday, 17 September 2008
The merits of uprooting regressive taxes have recently hit the headlines again. The prime minister promised prior to elections to paint our taxes green. The idea is to smoothen down direct taxes and replace them with a new code based on environmental impact. This was linked to a drastic cut in car registration taxes. A task force was to be entrusted with executing this reform but little or nothing has ensued so far.

Published on the Business Today, issue Wednesday, 10 September 2008
A lot of attention has been given to air pollution of late. Hence the controversy of testing buses and heavy vehicles for their exhaust emissions and the use of correct fuel mix. Equally, many books have been written and theories discussed in academia on the need to properly account for the cost of sustainable environmental wellbeing, but local journalism on the subject is sparse.

Published on the Business Today, issue Wednesday, 03 September 2008
Last month, during a press conference announcing the signing of the USA double-taxation treaty Finance Minister Tonio Fenech pointed out the success achieved of late by Malta’s ability to attract investment from abroad. He mentioned, among others, projects such as Smart City and numerous other international organisations in the financial, manufacturing sectors.

Published on the Business Today, issue Wednesday, 27 August 2008
Recently, Finance Minister Tonio Fenech launched a public consultation process on the National Reform Programme (NRP) covering the years 2008/2010. This follows the previous NRP based for three years to 2008 previously introduced by Censu Galea, then Minister for Competitiveness and Communications. The first NRP was groomed to serve as a roadmap for plotting Malta‘s economic progress, particularly with regards to employment prospects, investment in knowledge and innovation, energy and a cleaner environment.

Published on the Business Today, issue Wednesday, 30 July 2008
July is usually associated with holidays and a quiet front on the business scene. This July more activity seems to hit the news headlines. Following quite a ruckus on the aftermath of the transport strike we follow with expectation the privatisation of Malta Drydocks. The latter comes with a price tag of about €100 million in accumulated debt which needs to be absorbed by government.

Read Article..

Published on the Business Today, issue Wednesday, 23 July 2008
This month, the shares of mortgage giants Fannie Mae and Freddie Mac fell on news, with the possibility of them facing government bailout. The issue is important to the financial markets and the national economy because both hold more than $5 trillion in mortgages. Fannie Mae and Freddie Mac have awoken to the fact that they own trillions in worthless debt, which will need to be owned (or rather bought) by the U.S government.
Read Article..

Published on the Business Today, issue Wednesday, 16 July 2008
At a visit to Dublin last year, I was startled by the apparent wealth and affluence enjoyed by all - from taxi drivers to restaurant owners. Naturally, this state of affairs has fuelled a property boom with spiraling prices. Last May, I also attended a Captive Conference organised by PKF Risk Management at the Four Seasons Hotel and I noticed a marked change.

Read Article..

Published on the Business Today, issue Wednesday, 9 July 2008
The government is set to start a process for the privatisation of Malta Shipyards. At a recent press conference Dr Gonzi said that between four and five companies expressed interest in buying into Malta Shipyards. Most were from North Europe but there had also been interest from companies in Russia, China, Japan and America.

Published on the Business Today, issue Wednesday, 18 June 2008
It was a sunny in Dublin last Thursday, when I finally had my luggage delivered 24 hours late by Air Malta. The mishap happened en route from Heathrow to Dublin as all our baggage (including conference material ) were mistakenly send to Italy instead. Not much joy when we are preparing to launch an international Captives conference.

Published on the Business Today, issue Wednesday, 30 April 2008
Last Saturday, In-Nazzjon came out with the headline that Malta’s economic future looks bright. This follows the publication of a study on small and medium sized companies in Malta penned by the international organisation BusinessEurope. The report was entitled Spring 2008 Economic Outlook for Malta, a study conducted in collaboration with the Federation of Industries based on information received from their members.
Read Article..

Published on the Business Today, issue Wednesday, 16 April 2008
Let me dwell on the subject of taxes and see how Malta has used this financial tool to attract international business and generate wealth. Many agree that the past 20 years have seen a measured yet invigorating growth as a financial centre. A lot of water has passed under the bridge.I remember clearly how 1988 ushered the birth of MIBA as a new institution heralding the start of an offshore regime.

Published on Business Today, issue 6th Feb 2008
The scandals that rocked the accountancy profession show no sign of dying away. Over the last few years public confidence in the auditing of company accounts was seriously shaken by corporate scandals such as Enron in the US, Dutch retailer Ahold, Italian Parmalat and Societe Generale in France....

Read Article..

Published on the Business Today, issue 21st November 2007
You will be forgiven if you think that after the announcement of the 2008 budget both political parties are being accused of promising too much. The Opposition is keen to launch its own promises based on four additional proposals whose true financial cost has been put in doubt.

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Published on Business Times - 26 September 2007
It has only been a few weeks since the Draft Solvency II Framework Directive was published by the European Commission on 10th July. It lays out a new framework of capital requirements and promotes transparency and tougher risk management among insurers across European Union member states.

Read Article..

Published on The Accountant Summer 2007 issue
One may ask if this was tempting heavens when each jurisdiction is known to protect its own patch in the lucrative financial services sector. The answer is quite the opposite, as the comparative study was well researched and each country had equal opportunity to showcase its unique qualities.

Published on Business Today, issue 8th August 2007
Last week Times of Malta reported that taxpayers were still undecided about the amnesty granted by government in order to regularise their tax status. The assumption is that many of these people will not have declared the principal neither the interest accruing on those assets nor, in many cases, the undeclared earnings constituting the provenance of money invested in local banks.
Read Article..



			Publications
			George Mangion has over thirty years experience in accounting, taxation, financial and consultancy services. George is a regular contributor to local newspapers on business, i-gaming and e-Commerce. He writes articles weekly on the Business Times, contributes to a few articles on Sunday Times, Malta Today, The Times, The Malta Economic Update etc. He has also lectured and delivered presentations at numerous seminars and conferences worldwide.





			Requiem for a recession ---------------------------------- Published on the Business Today, issue Wednesday, 29 October 2008 The international scene is riveted by bad news of a US recession linked to the unprecedented bankruptcy of Lehman Brothers and the massive bail-out of two national mortgage icons Freddie Mac and Fanny Mae. It was not a sweetener that a massive $700 billion was carved out to bail out toxic debts in US banks. Concurrently, it pours and it rains as banks in Europe are paying the price for lax controls on dubious lending traits and giddy profits. Read Article..
			Lead us not into recession ------------------------------------- Published on the Business Today, issue Wednesday, 15 October 2008 As an emerging economy within an enlarged eurozone, Malta has enjoyed rapid growth in 2007. This is commendable. But this year the island ‘s progress is dented by the spreading global credit crunch and a possible recession in the US and in the UK. Will our banks need bailing out? Not likely as they rank 10th soundest in the list published by World Economic Forum. This conviction obviates the need of a bailout fund which has been de riguer in many economies. Read Article..
			Recession may force oil price to $50 --------------------------------------------------- Published on the Business Today, issue Wednesday, 08 October 2008 There has been a strong protest from institutions attending the MCESD meeting this month where the proposed new water and electricity tariffs were presented by Minister Gatt. Due to some disarray and prolong disagreements, it is expected that more meetings will ensue so that a happy compromise can be reached to equate the needs and obligations of the industry, hotels, services and last but not least the welfare of employees. Read Article..
			Mortgage madness -------------------------- Published on the Business Today, issue Wednesday, 24 September 2008 Now a year after the onset of the so-called credit crunch and Malta’s financial system seems to go unscathed. The worrying thing about the crunch for us is that there are still people who insist on clinging to the view that it will never hit us much like the famous ostrich example hiding its head in the sand. Many commentators have predicted that it will bypass and not impact Malta. Read Article..
			Taxation without tears -------------------------------- Published on the Business Today, issue Wednesday, 17 September 2008 The merits of uprooting regressive taxes have recently hit the headlines again. The prime minister promised prior to elections to paint our taxes green. The idea is to smoothen down direct taxes and replace them with a new code based on environmental impact. This was linked to a drastic cut in car registration taxes. A task force was to be entrusted with executing this reform but little or nothing has ensued so far. Read Article..
			Green credentials ------------------------- Published on the Business Today, issue Wednesday, 10 September 2008 A lot of attention has been given to air pollution of late. Hence the controversy of testing buses and heavy vehicles for their exhaust emissions and the use of correct fuel mix. Equally, many books have been written and theories discussed in academia on the need to properly account for the cost of sustainable environmental wellbeing, but local journalism on the subject is sparse. Read Article..
			Poker feud - no holds barred ----------------------------------------- Published on the Business Today, issue Wednesday, 03 September 2008 Last month, during a press conference announcing the signing of the USA double-taxation treaty Finance Minister Tonio Fenech pointed out the success achieved of late by Malta’s ability to attract investment from abroad. He mentioned, among others, projects such as Smart City and numerous other international organisations in the financial, manufacturing sectors. Read Article..
			Enter the second NRP ------------------------------- Published on the Business Today, issue Wednesday, 27 August 2008 Recently, Finance Minister Tonio Fenech launched a public consultation process on the National Reform Programme (NRP) covering the years 2008/2010. This follows the previous NRP based for three years to 2008 previously introduced by Censu Galea, then Minister for Competitiveness and Communications. The first NRP was groomed to serve as a roadmap for plotting Malta‘s economic progress, particularly with regards to employment prospects, investment in knowledge and innovation, energy and a cleaner environment. Read Article..
			Not so much a silly season ------------------------------------ Published on the Business Today, issue Wednesday, 30 July 2008 July is usually associated with holidays and a quiet front on the business scene. This July more activity seems to hit the news headlines. Following quite a ruckus on the aftermath of the transport strike we follow with expectation the privatisation of Malta Drydocks. The latter comes with a price tag of about €100 million in accumulated debt which needs to be absorbed by government. Read Article..
			Bailing out US mortgages ---------------------------------- Published on the Business Today, issue Wednesday, 23 July 2008 This month, the shares of mortgage giants Fannie Mae and Freddie Mac fell on news, with the possibility of them facing government bailout. The issue is important to the financial markets and the national economy because both hold more than $5 trillion in mortgages. Fannie Mae and Freddie Mac have awoken to the fact that they own trillions in worthless debt, which will need to be owned (or rather bought) by the U.S government. Read Article..
			Lisbon out of focus --------------------------- Published on the Business Today, issue Wednesday, 16 July 2008 At a visit to Dublin last year, I was startled by the apparent wealth and affluence enjoyed by all - from taxi drivers to restaurant owners. Naturally, this state of affairs has fuelled a property boom with spiraling prices. Last May, I also attended a Captive Conference organised by PKF Risk Management at the Four Seasons Hotel and I noticed a marked change. Read Article..


			Dry Pockets ----------------- Published on the Business Today, issue Wednesday, 9 July 2008 The government is set to start a process for the privatisation of Malta Shipyards. At a recent press conference Dr Gonzi said that between four and five companies expressed interest in buying into Malta Shipyards. Most were from North Europe but there had also been interest from companies in Russia, China, Japan and America. Read Article..
			Eire- dont cry for me ------------------------------ Published on the Business Today, issue Wednesday, 18 June 2008 It was a sunny in Dublin last Thursday, when I finally had my luggage delivered 24 hours late by Air Malta. The mishap happened en route from Heathrow to Dublin as all our baggage (including conference material ) were mistakenly send to Italy instead. Not much joy when we are preparing to launch an international Captives conference. Read Article..
			An Ode to Shipbuilding -------------------------------- Published on the Business Today, issue Wednesday, 28 May 2008 Returning from a business trip in Asia last week I was impressed by the growth of their economies and the inventiveness of their politicians. Armed with a low cost of living, they are exploiting their comparative cost advantage in many sectors – such as in tourism, luxury residential and office space, manufacturing, shipping, large scale crop production and financial services. Read Article..
			Isle of Milk & Honey ---------------------------- Published on the Business Today, issue Wednesday, 30 April 2008 Last Saturday, In-Nazzjon came out with the headline that Malta’s economic future looks bright. This follows the publication of a study on small and medium sized companies in Malta penned by the international organisation BusinessEurope. The report was entitled Spring 2008 Economic Outlook for Malta, a study conducted in collaboration with the Federation of Industries based on information received from their members. Read Article..

			Called to account ------------------------- Published on the Business Today, issue Wednesday, 16 April 2008 Let me dwell on the subject of taxes and see how Malta has used this financial tool to attract international business and generate wealth. Many agree that the past 20 years have seen a measured yet invigorating growth as a financial centre. A lot of water has passed under the bridge.I remember clearly how 1988 ushered the birth of MIBA as a new institution heralding the start of an offshore regime. Read Article..
			Tax without tears ---------------------- Published on the Business Today, issue Wednesday, 26 March 2008 The merits of uprooting regressive taxes have recently hit the headlines prior to elections mainly in the manifestos of the smaller parties. The new prime minister contemplates this in a mood to paint our taxes green. In fact the fair isle of Gozo is destined to be morphed into an ecological paradise. This calls for a concerted use of renewable energy and better protection of the environment. This is all very desirable. Read Article..
			Epitaph on a marketeer --------------------------------- Published on the Business Today, issue 27th February 2008 Little was written about the loss of Sir John Harvey-Jones in Malta’s financial press when he passed away on 9th January 2008 at Hereford County Hospital. Sir John Harvey-Jones, ex-chairman of ICI became a TV business guru associated with an eccentric look of long unkempt hair, colourful ties and a bonhomie smile. Undoubtedly, he portrayed himself as a outwardly confident and charismatic leader. Read Article..
			Can the credit crunch hit us? ---------------------------------------- Published on Business Today, issue 13th Feb 2008 As an emerging economy, Malta, within an enlarged eurozone, enjoyed rapid growth in 2007. This is commendable. But are we set to withstand the spreading global credit crunch and a possible recession in the US? The answer is given in a recent International Monetary Fund (IMF) report. Read Article..
			Are audit firms over-regulated ------------------------------------------ Published on Business Today, issue 6th Feb 2008 The scandals that rocked the accountancy profession show no sign of dying away. Over the last few years public confidence in the auditing of company accounts was seriously shaken by corporate scandals such as Enron in the US, Dutch retailer Ahold, Italian Parmalat and Societe Generale in France.... Read Article..
			Taxing consumption not work ----------------------------------------- Published on the Business Today, issue 21st November 2007 You will be forgiven if you think that after the announcement of the 2008 budget both political parties are being accused of promising too much. The Opposition is keen to launch its own promises based on four additional proposals whose true financial cost has been put in doubt. Read Article..

			Insurance industry welcomes Solvency 11 ---------------------------------------------------------- Published on Business Times - 26 September 2007 It has only been a few weeks since the Draft Solvency II Framework Directive was published by the European Commission on 10th July. It lays out a new framework of capital requirements and promotes transparency and tougher risk management among insurers across European Union member states. Read Article..
			Malta – an ideal captive insurance destination ---------------------------------------------------------------- Published on The Accountant Summer 2007 issue One may ask if this was tempting heavens when each jurisdiction is known to protect its own patch in the lucrative financial services sector. The answer is quite the opposite, as the comparative study was well researched and each country had equal opportunity to showcase its unique qualities. Read Article..
			Carrot and Stick ----------------------- Published on Business Today, issue 8th August 2007 Last week Times of Malta reported that taxpayers were still undecided about the amnesty granted by government in order to regularise their tax status. The assumption is that many of these people will not have declared the principal neither the interest accruing on those assets nor, in many cases, the undeclared earnings constituting the provenance of money invested in local banks. Read Article..



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