PwC's Short Reads - September 2024 Edition
1. How businesses in Malta can reclaim VAT incurred in other EU countries
The 8th Directive refund is a mechanism for businesses operating within the EU to reclaim Value Added Tax (VAT) incurred in EU Member States where they are not established. This procedure is particularly beneficial for businesses that frequently engage in cross-border transactions, ensuring that they are not unfairly burdened by VAT costs in countries where they do not have a presence or VAT registration.
2. Ensuring true sustainability: Strategies to overcome greenwashing challenges
As the EU embarks on its ambitious climate strategy, and as Member States reflect this in local energy and climate action plans, the same will be expected of the business community. A sustainability strategy should therefore seek to prioritise decarbonisation while incorporating social elements such as diversity, equity and inclusion, employee well-being, social responsibility and ethical supply chains.
3. A reminder regarding accounting compliance deadlines
Under Article 163 of the Companies Act (Cap 386), companies are required to maintain proper accounting records. After each accounting period, companies must submit their annual accounts to the Malta Business Registry (MBR).
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4. Workers are ready for change. Are leaders ready to engage them?
PwC’s 2024 Global Workforce Hopes and Fears Survey investigated the current sentiments and perceptions of employees worldwide regarding change and transformation, by surveying over 56,000 participants from 50 countries. The findings were conflicting; more than half of workers feel overwhelmed by the quantity of change happening at the workplace, but the majority of employees also feel optimistic about their organisations’ future due to recent changes. 44% of respondents do not understand why things need to change, but 77% were ready to adapt to new ways of working.
5. How continuous change drives the shift from financial solutions to ERP systems
In today’s fast-paced business environment, continuous change demands continuous innovation, particularly in how businesses manage their operations and financial processes. The transition from a financial solution to a comprehensive Enterprise Resource Planning (ERP) system is a common evolutionary step for companies aiming to stay competitive. This shift is often triggered by the growing complexities of modern businesses making traditional financial systems insufficient to meet broader organisational needs.