PwC's Short Reads - April 2024 Edition
1. A quick look at cookie compliance
The EU’s complex cookie regulatory framework requires hands-on technical and regulatory expertise for ongoing compliance. Our Privacy & Data team explores the different regulatory aspects to keep in mind for businesses to get digital privacy up to speed.
2. Addressing IFRS 17 challenges
IFRS 17 may be live, but for many, it has introduced significant complexity and manual activity back into the finance and actuarial functions. First and foremost, successfully implementing, integrating and, most importantly, getting strategic technology solutions compliant has led to a proliferation of tactical manual workarounds.
3. Maximising outcomes with hybrid training rooms
As the business landscape evolves and technology continues to advance, the importance of continuous learning and skill development cannot be overstated. Traditional classroom-based training methods are no longer enough to meet the changing demands of a global and digitally connected workforce. Therefore, organisations are increasingly turning to digital learning solutions.
4. PwC Malta releases its Economic Outlook for 2024
PwC Malta has released its Economic Outlook for 2024, providing insights into global economic trends and projections for the coming fiscal years. The report highlights a forecasted slowdown in global growth for FY24, with a marginal pick-up anticipated in FY25.
5. The Green Mobility Scheme
Malta Enterprise has recently launched a new incentive scheme, the Green Mobility Scheme, intending to encourage and incentivise businesses to invest in sustainable transportation and the relevant infrastructure.
6. What is the Cyber Resilience Act?
The EU's Cyber Resilience Act (CRA) mandates unified cyber security standards for products with digital elements, covering hardware and software. Compliance requires risk assessments, vulnerability management, and continuous security updates throughout a product's lifecycle.
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7. The strategic advantage of outsourcing accounting functions
Outsourcing accounting functions offers businesses expertise, technology access, and cost savings. It lets companies focus on core objectives and adapt to market changes swiftly. By streamlining operations and relying on external professionals, businesses achieve efficiency and competitiveness in a dynamic market.
8. 27th Annual Global CEO Survey
The 27th Annual Global CEO Survey investigates what it takes for companies to succeed by reinventing themselves in the face of existential threats, including technological disruption such as Generative Artificial Intelligence (AI).
9. Establishing yourself as a thought leader in today’s business landscape
Maintaining a competitive edge while also fostering client loyalty in our current business environment requires a conscious effort to position your brand or business as a thought leader within the industry. Whether done through active engagement on social media platforms like LinkedIn, curated newsletters or sharing insightful articles via your company website, the dissemination of expertise-driven material is a crucial aid to business success.
10. Simplified pricing method for low-value-adding intra-group services
Malta's Transfer Pricing Guidelines, issued in January, simplify pricing for low-value-adding intra-group services, aligning with OECD and EU standards. These services are supportive but not core to the group's business, encompassing routine financial, HR, administrative, and IT tasks.
11. Guidelines on the application of the 12% VAT rate
New VAT guidelines clarify the reduced 12% rate on specific supplies from 1 January 2024. It applies to credit management by third parties, short-term hiring of pleasure boats in Malta, and certain human body care services. Exemptions and standard rates remain for other cases.