Family businesses are historically one of the main pillars supporting the Country’s economy. These businesses are undergoing a period of heavy turmoil in view of challenges relative to succession planning, challenges relative to technological shifts inducing shifts in customer spending patterns, and the cultural shift the Country is facing relative to increased Tax Compliance requirements.
Malta has been undergoing a period of heavy investment in the upgrading and the strengthening of the legal framework, and of Governmental agencies and structures, aimed at matching the standards of performance and compliance practiced by the sister member states of the European Union. A simple statistic to highlight the magnitude of investment is in the increase in workforce in the FIAU. This unit went from a force of 20 elements in 2015 to a complement of 98 in 2020, and an overall target of 157 team members.
But are family businesses aware of the repercussions of such investment? Are Maltese businesses onboard to ride on this cultural shift the Country needs to experience in such a short period of time?
Non-compliance with fiscal legislation is no longer an option. People need not only decide to do business in a better way, but more importantly everyone needs to step up the game in terms of organisation.
The Financial Management Team at NOUV is fully focused at enabling local entrepreneurs tune their daily doings towards achieving full compliance and consequently reduce the risks, disruption and costs incurred due to non-compliance issues.