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The financial sector, the world over, is constantly evolving and we hope to keep all of our esteemed clients informed and up-to-date through our website. We also attend a number of international conferences and exhibitions and it would be our pleasure to meet during one of our trips. We encourage you to sign up to our newsletter to receive updates.
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GM Corporate and Fiduciary Services Ltd. 147/1, St. Lucia Street, Valletta VLT 1185, Malta. |
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+(356) 2123 5341 |
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info@gmint.com |
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GM Group, based in Valletta, offers corporate services to a variety of international and local clients.
Established over forty years ago, our group combines experience with an eagerness for constant improvement and development. We are convinced that continuous learning and training is the key not only for the successful business but they are also crucial for the continued development of our employees.
We are currently looking for a Junior Client Accountant to take responsibility of the overall accounting processes related to a number of our corporate clients. You will report directly to the Client Accounting Manager.
Your daily tasks and responsibilities will include among others:
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Liaising with external parties such as clients, banks, suppliers, auditors and/or government authorities;
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Compile, copy, sort, and file records of office activities, business transactions, and other activities;
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Maintain and update filing, inventory, mailing, and database systems;
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Complete work schedules, manage calendars and arrange appointments;
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Prepare invoices & credit notes on behalf of corporate clients;
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Inputting data in Sage or other software;
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Chasing debtors via e-mail & telephone;
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Executing bank payments on behalf of corporate clients;
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Bank, VAT, creditors and other accounts reconciliations;
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Preparation of management accounts and/or financial statements;
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Preparation and submission of VAT Returns and recapitulative declarations;
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Preparation and presentation of progress reports for senior management review;
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All other activities related to the above-mentioned duties that may arise.
Requirements
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Excellent communication skills and fluency in business English;
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Proven experience as a junior accountant;
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Qualifications (ACA, ACCA or CIMA) is a plus but not required;
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Partially Qualified Accountant or candidates currently studying towards the qualification shall be given preference. Candidates willing to enrol into further education will also be considered;
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Advanced proficiency in Excel is a must;
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Experience with Sage is desirable but training will be provided;
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Great attention to detail;
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Flexibility and proactivity are highly valued.
If you have strong team spirit and you are looking for a new challenge where you can contribute to building new processes while learning new things and developing further skills, we are the right opportunity for you.
GM Group actively supports further studies and training of our employees. We are all encouraged to participate in various seminars and courses and in case of formal education, the company offers the possibility to apply for the study leave.
If you are interested, send us an email to hr@gmint.com with your updated CV and a covering letter. Selected candidates will be contacted over the phone and informed about the next steps.
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GM Group, based in Valletta, offers corporate services to a variety of international and local clients.
Established over forty years ago, our group combines experience with an eagerness for constant improvement and development. We are convinced that continuous learning and training is the key not only for the successful business but they are also crucial for the continued development of our employees.
We are currently looking for a Junior Accounts Officer to take responsibility of the overall accounting processes related to our shipping department. You will report directly to the Accounts Manager and closely cooperate on daily basis with the Head of Shipping Division.
Your daily tasks and responsibilities will include among others:
-
Liaising with external parties such as clients, banks, suppliers, auditors and government authorities;
-
Compile, copy, sort, and file records of office activities, business transactions, and other activities;
-
Maintain and update filing, inventory, mailing, and database systems;
-
Complete work schedules, manage calendars and arrange appointments;
-
Prepare and send invoices and credit notes to clients;
-
Inputting data in Sage or other software;
-
Chasing debtors via e-mail and telephone;
-
Executing bank payments;
-
Bank, VAT, creditors and other accounts reconciliations, including designing of the reconciliations;
-
Preparation of month-end reports including periodical management accounts for review;
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Preparation and submission of Vat Returns and recapitulative declarations;
-
Preparation and presentation of ad-hoc statistics for management review;
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All other activities related to the above-mentioned duties that may arise.
Requirements
-
Excellent communication skills and fluency in business English;
-
Proven experience as a junior accounts clerk;
-
Qualifications (ACA, ACCA or CIMA) is a plus but not required;
-
Partially Qualified Accountant or candidates currently studying towards the qualification shall be given preference. Candidates willing to enrol into further education will be considered as well;
-
Advanced proficiency in Excel is a must;
-
Experience with Sage is desirable but training will be provided;
-
Great attention to detail;
-
Flexibility and proactivity are highly valued.
If you have strong team spirit and you are looking for a new challenge where you can contribute to building new processes while learning new things and developing further skills, we are the right opportunity for you.
GM Group actively supports further studies and training of our employees. We are all encouraged to participate in various seminars and courses and in case of formal education, the company offers possibility to apply for the study leave benefit.
If you are interested, send us an email to hr@gmint.com with your updated CV and a covering letter. Selected candidates will be contacted over the phone and informed about the next steps.
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On 29 April 2020, theFinancial Intelligence Analysis Unit (FIAU) issued a notice to Subject Persons for the extension of deadline for the registration on the STR Submission System – goAML. Further to the previous notice issued by the FIAU on the 24th April 2020 related to the registration on the new STR Submission system (goAML), the FIAU understands that the current situation related to COVID-19 is effecting the ability of a number of subject persons to respond in a timely manner and is therefore extending the deadline to Wednesday 13th May 2020.
The full text of the notice can be viewed here
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On 28 April 2020, the Malta Business Registry issued a reminder notice to Subject Persons in relation to the Register of Beneficial Owners. By virtue of Legal Notice 158 of 2019 the Companies Act (Register of Beneficial Owners) Regulations (“the Regulations”) were amended on 12th July 2019. The amendments to the Regulations transpose certain provisions of the Fifth EU Anti-Money Laundering Directive. The Malta Business Registry reminds Subject Persons that following the coming into force of the Regulations, subject persons in terms of the Prevention of Money Laundering and Funding of Terrorism Regulations providing services in or from Malta, have an added obligation under sub-Regulation 12(2) (Measures to ensure adequate, accurate and current information) of the Regulations. Sub-Regulation 12(2) of the Regulations obliges subject persons to report to the Registrar of Companies any discrepancies they find between the information available to them and the beneficial ownership information held in the register of beneficial owners kept by the Registrar of Companies.
The full text of the notices can be viewed on
https://cfr.gov.mt/en/News/Pages/2020/Year-of-Assessment-2020-Tax-Returns-for-Companies.aspx and
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The Commissioner for Revenue published the Online Application for the Registration of a Fiscal Unit in terms of the Consolidated Group (Income Tax) Rules which is available as from 18 May 2020 on the income tax portal of the Commissioner for Revenue.
The Commissioner for Revenue has also published guidelines on the registration process. These are available here.
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(Expatriates Unit & Central Visa Unit)
Following the outbreak of the COVID-19 and in the interest of the public health, Identity Malta is limiting its front office services while encouraging the public to make use of its online platforms. Online services offered by the Expatriates Unit and the Central Visa Unit include:
- Expatriates Unit
Third Country Nationals (TCNs):
- Requests for renewals and change in employment of TCNs should be submitted online via Identity Malta’s online platform at https://singlepermit.gov.mt (following the employer’s registration on onlinesinglepermit.ima@gov.mt).
- Live-in TCN carers and healthcare professionals whose single permit is about to expire should send an email to medical.ima@gov.mt to obtain a three month extension.
- Family members & applicants for Temporary Residence Permits may submit new applications or renew their permits by sending an email to noneu.ima@gov.mt.
In accordance with last month’s Government’s announcement, no new single permit applications are being accepted save for highly skilled workers and medical professionals. In such instances, the single permit applications should be submitted online.
EU, EEA & Swiss Nationals:
New applications and renewals for EU, EEA and Swiss nationals may be sent to eu.ima@gov.mt provided that the national concerned has either i) been in Malta for three months and has not yet registered his/her residence, or ii) whose residence document has expired. Family members of EU, EEA and Swiss nationals may also apply by sending an email to the above-mentioned email address.
UK nationals:
The issuance of new residency documents to UK nationals residing in Malta is currently suspended. Existing residency documents shall remain valid until new residency documents are issued. Queries may be sent to Brexit.ima@gov.mt.
2. Central Visa Unit
The public may only attend the Central Visa Unit by appointment. Appointments may be booked by sending an email to visa.ima@gov.mt.
Requests for new visas shall only be accepted in exceptional circumstances (including family members of EU citizens, healthcare and elderly care professionals).
The above information is based on Identity Malta’s Directive as issued on 16th March 2020 [1].
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Persons falling with this category comprise:
- Full-timers and Part-Timers in the private sector
- Staff unable to work from home and are not being paid by their employer during their absence
- Staff who have not reached retirement age
The above-mentioned eligible persons can apply for the Medical Benefit scheme being managed by the Department of Social Security.
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Assistance to Businesses for the Implementation of Teleworking
Amidst the possible disruptions being imposed by the Covid-19 situation, business - both large and small - should be seriously considering teleworking arrangements for their employees to enhance business continuity and mitigate the risk of loss of business in the event of an escalation of the unfolding situation at a global level.
Malta Enterprise agreed to provide Financial Assistance to companies to invest in new Teleworking arrangements through a call for applications which is being issued under the Business Development and Continuity scheme. This initiative was announced by the Prime Minister on 14th March.
COVID-19 Facilitating Teleworking Activities for Business
- This call supports employers and self-employed individuals to invest in technology that enables teleworking and to partially cover the costs of teleworking solutions.
- Support shall be limited up to €500 per teleworking agreement and €4,000 per undertaking. The grant shall be awarded against 45% of the eligible cost. This call is eligible for costs incurred between 15th of February and 8th May 2020.
- In order to be eligible, the employee should not have had an active teleworking agreement prior to the 15th of February 2020. All costs must be incurred after this date
Further Information :
Call to facilitate teleworking activities
This call for application is being issued as provided for in Clause 3.1.2 of the Business Development and Continuity scheme. The prevailing rules governing this call shall be those stipulated in Version 4.0 of the Incentive Guidelines of the Business Development and Continuity Scheme as published on 1st January, 2020.
This call is being designed to facilitate employers providing teleworking arrangements to their employees who can carry out their work from their residence. The call shall support employers to invest in technology that enable teleworking and to partially cover the costs of teleworking solutions.
1. Eligibility
The call is open to all undertakings irrespective of size and sector. The support will be given to employers who incur eligible telework expenses pursuant to a telework agreement. The aid will only be considered if the role of the employee can be addressed through teleworking and when a formal teleworking agreement is in place and connects to the work place via a VPN (or similar) solution.
2. Extent of Aid (Support that may be approved)
The total support under this call shall be capped at €2,000,000 and shall be limited up to €500 per teleworking agreement and €4,000 per undertaking.
Applicants should note that the de minimis regulation limits the total support per single undertaking to €200,000 undertaking over a period of three (3) rolling fiscal years, and to €100,000 for undertakings engaged in Road Freight Transport.
Any single undertaking may apply for the maximum support as allowed by the Regulation. To this effect, the applicant needs to consider the total de minimis aid awarded to the single undertaking through other schemes (even if these are not administered by Malta Enterprise).
3. Form of Aid
Support shall be awarded in the form of a cash grant. Assistance will be given to cover a percentage of the eligible costs and shall be awarded in accordance to the terms stipulated in the Incentive Guidelines of Business Development and Continuity scheme.
4. Eligible expenses
The grant shall be awarded against 45% of the eligible cost which must be incurred after the 1st of March 2020. The following costs are eligible for this cash rebate:
- Purchasing and/or leasing of computer hardware (included operating systems) which are considered portable including installation and setting up of connectivity software.
- Communication solutions (hardware and software) that allows different users to connect to their place of work (VPN, Point-to-point connection etc.)
5. Approval
Once the application is approved, the Corporation shall issue a letter of approval indicating the value of aid awarded. The undertaking will have to provide and install the equipment at the teleworker’s residence within two (2) weeks from the approval letter. The beneficiary shall submit monthly report on the teleworking activity of the employee for the 3 months following the approval.
6. Claim Submission
An undertaking must submit the first claim within a month. When filing the first claim, the undertaking must submit the below documentation:
- Copy of Invoices (and proof of payment) of eligible cost in line with the approval.
- A document and signed by the employee as a confirmation that the employee has sole responsibility of the hardware and software left in his/her care.
7. Revocation of Aid
The Corporation shall reserve the right to revoke, suspend or recover any aid awarded in line with Section 7 of the Incentive Guidelines of the Business Development and Continuity Scheme. In the coming twelve months, the Corporation shall have the right to conduct checks and request further documentation to ensure that the teleworking was affective and the hardware and software systems where actual installed.
Further resources:
GUIDELINES :Disclaimer: This Call has been updated on 26th March, 2020
FREQUENTLY ASKED QUESTIONS :Call to Facilitate Teleworking Activities
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On 28 April 2020, the Malta Business Registry issued a reminder notice to Subject Persons in relation to the Register of Beneficial Owners. By virtue of Legal Notice 158 of 2019 the Companies Act (Register of Beneficial Owners) Regulations (“the Regulations”) were amended on 12th July 2019. The amendments to the Regulations transpose certain provisions of the Fifth EU Anti-Money Laundering Directive. The Malta Business Registry reminds Subject Persons that following the coming into force of the Regulations, subject persons in terms of the Prevention of Money Laundering and Funding of Terrorism Regulations providing services in or from Malta, have an added obligation under sub-Regulation 12(2) (Measures to ensure adequate, accurate and current information) of the Regulations. Sub-Regulation 12(2) of the Regulations obliges subject persons to report to the Registrar of Companies any discrepancies they find between the information available to them and the beneficial ownership information held in the register of beneficial owners kept by the Registrar of Companies.
The full text of the notice can be viewed here:
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As the world is reeling under the Covid-19 pandemic, working from home has gone mainstream. Service Providers are no exception and like all businesses are seeking to minimise the impact by finding ways to sustain their operations while safeguarding the health of their employees.
Essentially this means keeping a firm grip on the rudder when all of us are feeling rudderless.
Salient questions to ask and act upon:
- What safeguards and safety procedures are being implemented for employees?
- How is the organization further supporting and guiding its employees?
- Is communication ongoing?
- What IT strategy is being adapted to ensure data back-up plans or recovery of lost data as well as service and maintenance?
- What plans are being followed to build a cache of emergency supplies?
- Is all client information available and accessible? Is a case management system in use?
- How and where are deadlines calendared? Are they accessible remotely?
- Is a secure remote billing structure in place?
- Is a cloud storage system up and running?
- How is the organization ensuring that businesses processes will recover?
Service providers need to prioritise their operational needs and sustain their regulatory work. Above all, it is crucial for them to put the message across that business continuation and disaster recovery still underlines their current and future reaching out to clients. Social distancing does not put clients on the back burner, though they too need to understand that business as usual is not possible in such a difficult situation.
Today’s technology is proving invaluable in setting up work from home systems though a good number of employees including professionals across the board need guidance and support to adapt to their new work routines. VPN devices, high-speed internet lines to the organization, laptops and/or on-site servers to host user connections and availability to resources at the office are the starting points.
Teamwork, time reporting, management and productivity as anxiety levels peak are now posing unprecedented challenges for all businesses though legal firms are among the more prone since stress and unpredictability are already intrinsic to their normal routine. It is not enough to simply expect staff and clients to switch automatically to virtual mode for they need to feel cared for in a very tangible way –more so in time of crisis which also puts the spotlight on HR. If there is a time when HR must prove its mettle, this is certainly it.
Keeping up the flow of communication and counteracting spiking mental health stress are paramount. But for this to fall into place leadership qualities of integrity, honesty, competence, vision, inspiration and commitment are more crucial than ever before to reassure both staff and clients.
It is human nature for people to look up to their leaders in times of crisis because they need to feel soothed, encouraged, and supported. They also need to keep believing that they will make it through.
Openness and transparency instill trust meaning staff and clients need to be kept in the loop even of disturbing news and risks. Planning the way forward, pre-empting and anticipating change , identifying vulnerable points - all enable people to respond more positively to what the future holds while alleviating the toll of bleak headlines and the looming fear of job loss. Celebrating good news and sharing a joke also go miles in putting much needed smiles on peoples’ faces.
In such an uncertain and volatile time, clients and staff appreciate decisive action in dealing with constantly unravelling scenarios. And this entails delegating tasks in a way that brings out leadership skills from other competent personnel. It also means acknowledging the significance of every contribution made by each member of staff. Inspiring employees to brace up and move on depends on authentic collaboration so that clients feel that they are still being served. Never have Richard Branson’s words rung so true that if leaders take care of their staff, the staff will take care of clients in the best possible way. In other words, leaders need to walk the talk of nurturing a community spirit.
No one knows how long the pandemic is going to last. Nor have we yet any clear picture on how battered the economy will end up. Yet a Covid-19 hit world is showing that commitment to genuinely care for individuals, for families, for clients, for organisations and for communities is what ultimately counts to weather an unprecedented terrifying storm.
Leaders set the tone of their organisations. This is their chance to consolidate trust and loyalty which will continue to bear fruit long after life returns to normal. Actually, a new normal.
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The Covid Wage Supplement application is now online. The Covid Wage Supplement provides employee with a basic wage cover to address the disruption caused by the COVID-19 pandemic. We encourage all members to apply.
Notes to applicants:
1. Wage supplements received must immediately and wholly be transferred to the employees. Failure to do so will result in legal action
2. Application for wage supplement per individual covering the same period can only be done once otherwise would result in double funding
3. Employees for which the wage supplement is being given cannot be made redundant by the employer
4. Other legal obligations continue to apply
5. The Covid wage supplement must be recorded separately on the employee pay slip and FS3 as COVID WAGE SUPPLEMENT
6. National Insurance on COVID Wage Supplements, as due by the employee, shall be deducted a priori, therefore funds disbursed by the Corporation to the employer shall be forwarded IN FULL to each respective employee. The employer will be paying his part of the NI.
7. All COVID Wage Supplements are non-taxable.
8. Employers having multiple PE numbers must make separate applications for each
9. Groups of companies that have a centralized payroll should submit an application for each separate entity (indicating the activity of the entity and the employees assigned to that entity).
10. Following submission, an Application Reference Number will be sent to the applicant by email. Any further correspondence related to the application needs to quote this Reference Number.
11. Further information and documentation may be requested.
Kindly note that Annex A and Annex B have been updated.
Here to help - We urge you to get in touch should you require any information or assistance from us. We would like to sincerely apologize for any delays in replying, however, please rest assured that we are doing our utmost to provide as efficiently as possible our services even though with limited resources.
Further Resources:
https://covid.maltaenterprise.com/wagesupplement
https://covid19.maltaenterprise.com/wp-content/uploads/2020/03/Annex-A.pdf
https://covid19.maltaenterprise.com/wp-content/uploads/2020/03/Annex-B.pdf
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To date the Maltese government has announced a total of three financial aid packages in response to COVID-19’s effect on the local economy. The following timeline maps out the said three financial aid packages.
24 March 2020
On 24 March 2020 the Maltese government announced its third package of financial measures in response to COVID-19’s effect on the local economy. This is subsequent to the first two packages, announced on 9 March 2020 and 18 March 2020 respectively that included tax deferments, cash injections, guarantees on the possibility to opt for soft loans, and unemployment benefits.
The financial measures announced on 24 March 2020 at a glance:
Sector of the Economy |
Category of Employees |
|
Financial Aid |
Most impacted sectors by the COVID-19 (these include the wholesale sector, the retail sector, accommodation, and travel agencies) |
Full-time employees
|
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An entitlement of an €800.00 per month salary
|
Part-time employees |
|
A pro-rata entitlement to a salary computed on a €500.00 per month salary |
|
Less impacted sectors by the COVID-19 (these include the manufacturing sector, part of the wholesale and retail sectors, warehousing and information) |
Full-time employees |
|
An entitlement to the equivalent of one day’s salary:
With respect to Gozo-based businesses, the entitlement is increased to the equivalent of two days’ salary, once again computed on the basis of €800/ month salary. |
Part-time employees |
|
A pro-rata entitlement to the equivalent of one day’s salary:
With respect to the relevant sectors in Gozo, the entitlement is increased to the pro-rata equivalent of two days’ salary, once again computed on the basis of €500/month salary. |
All the above-mentioned measures should have retrospective application from 9 March 2020.
18 March 2020
The 2nd package of Financial aid measures announced[DX1] by the Maltese government on 18 March 2020 and addresses an array of employment and social measures, including the following:
Employment Measures:
- Employees of enterprises suffering from a complete suspension of operations (such as the tourism sector, and language schools amongst others) should be entitled to 2 days’ salary per week based on €800 per month.
- Self-employed individuals and self-employed individuals who are also employers (and whose work has suffered from a complete suspension of operations) should be respectively entitled to 2 days’ and 3 days’ salary per week based on €800 per month.
- Employees of enterprises suffering from a reduction of at least 25% in operations should be entitled to 1 day’ s salary per week based on €800 per month (this measure should also apply to self-employed individuals).
- Self-employed individuals and self-employed individuals who are also employers (and whose work has suffered from a reduction of at least 25% in operations) should be entitled to a 1 day and 2 days’ salary per week based on €800 per month.
- Individuals whose full-time job has been terminated as from 9 March 2020 should be entitled to a temporary increase in their unemployment benefit of up to €800 per month.
- A cap of €350 should be provided to employers for each employee on quarantine leave.
Employment Measures related to Third Country Nationals:
- All enterprises which terminate an employment contract should be denied the possibility of applying for third-country national workers.
- Applications for new third-country nationals (save for highly skilled workers) should no longer be acceptable.
- Third country nationals should be assisted in finding alternative employment in case of job termination.
- New service offering by Jobsplus to provide assistance to:
- Individuals who are resident in Malta and whose job has been terminated;
- Third-country nationals whose employment has been terminated. Assistance will also be provided in connection with work permit queries;
- Employers to seek new recruits.
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As the looming economic crash induced by the COVID-19 becomes all the more imminent, the European Commission is stepping up its economic and fiscal measures to assist the EU Member States in combatting and mitigating the current economic shocks to the Internal Market.
The following timeline chronologically maps out the recent fundamental Communications issued by the Commission this month in this regard:
20 March 2020
The Commission issues a Communication ‘on the activation of the general escape clause of the Stability and Growth Pact’[1]
Main Highlights:
- The Communication reaffirms that the COVID-19 crisis is an event falling outside the control of governments, hence rendering applicable the unusual event provision of the Stability and Growth Pact. This entails that the budgetary impact of the budgetary measures already being adopted by Member States should not be taken into consideration when the Commission assesses compliance with the said pact.
- The Commission observes that in terms of fiscal measures, more far-reaching flexibility under the Stability and Growth Pact is required.
- In such a situation of a severe economic downturn, the general escape clause allows the taking of budgetary measures by member states in order to deal with the situation within the ambits of the procedures of the Stability and Growth Pact. It also enables the Commission and the Council to undertake the relevant policy coordination measures within the Pact, while departing from the generally applicable budgetary requirements.
- The Commission concludes that the conditions to activate the general escape clause are met, and asks the council to endorse this conclusion.
19 March 2020
The Commission adopts a ‘Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak’[2] (the “Temporary Framework”)
The Temporary Framework is intended to further support the economy of member states by enabling them to use full flexibility under the state aid rules. It should assist member states in ensuring sufficient liquidity to businesses and preserving the continuity of economic activity.
Main Highlights:
- As the COVID-19 pandemic causes insufficient liquidity and significant damage across the whole economy of the EU, well-targeted public support becomes necessary to alleviate such repercussions. The Commission observes that the main response will need to come from the member states’ national budgets.
- The five temporary state aid measures as listed in the Temporary Framework are considered compatible to article 107 (3) (b) of the Treaty on the Functioning of the European Union (‘TFEU’) and should complement the measures in the Commission’s Communication of 13h March 2020.
- The 5 temporary state aid measures listed in the Temporary Framework are the following:
- Aid in the form of direct grants, repayable advances or tax advantages;
- Aid in the form of guarantees on loans;
- Aid in the form of subsidised interest rates on loans;
- Aid in the form of guarantees on loans channelled through credit institutions or other financial institutions;
- Short-term export credit insurance
- State aid measures under the Temporary Framework should be necessary, appropriate and proportionate to remedy a serious disturbance in the member state’s economy. Specific conditions listed in the Temporary Framework should also be fulfilled.
- The Temporary Framework should apply from 19 March 2020 to 31 December 2020, unless extended.
13 March 2020
The Commission issues a Communication on the ‘Coordinated economic response to the COVID-19 Outbreak’[3]
Main Highlights:
- The Commission proposes to direct 37 billion Euro under the cohesion policy to the COVID-19 outbreak, as part of “Coronavirus Response Investment Initiative”. This is to be fully implemented in 2020 and should, amongst others, enable Member States to provide support to their healthcare systems, provide liquidity, and support national short time working schemes.
- The Commission states that one billion Euro will be made available from the EU budget as a guarantee to the European Investment Fund to support working capital financing and help European SMEs and small mid-caps.
- The Commission exemplifies support measures which may be taken by member states in line with existing state aid rules. Such measures include:
- the implementation of measures across the board with respect to all companies such as wage subsidies;
- the granting of direct financial support to consumers, for instance; for cancelled services.
- The Commission determines that fiscal support measures should be implemented to counter the negative socio-economic consequences of the COVID-19 pandemic. The Commission is to propose to the Council the application of the full flexibility within the EU fiscal framework as it considers that in light of the current circumstances, the flexibility to cater for “unusual events outside the control of government” is applicable.
- The Commission also considers other aspects affected by COVID-19, including the supply of medical equipment, transport, tourism and employment.
[1]https://ec.europa.eu/info/sites/info/files/economy-finance/2_en_act_part1_v3-adopted_text.pdf
[2]https://ec.europa.eu/competition/state_aid/what_is_new/sa_covid19_temporary-framework.pdf
[3]https://ec.europa.eu/info/sites/info/files/communication-coordinated-economic-response-covid19-march-2020_en.pdf
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On 26 March 2020 the Maltese government announced that with effect from Saturday morning 28 March 2020, people over sixty-five years of age and people with health-related conditions (irrespective of their age), including insulin-dependent diabetics, individuals with an immune suppression, patients currently undergoing chemotherapy or having done so over the past six months, and individuals on dialysis, together with pregnant women, should be required to stay at home at all times, barring a few exceptions. It is important to note that people in these categories and who work, are being asked to either work from home or benefit from special quarantine leave.
Furthermore, those people who are living with 65+ or people with the above-mentioned medical conditions should also stay in lockdown. In this situation, they can, however, work from home.
It was also announced that the police shall be empowered to break up and disperse groups of more than five people who may be gathered in public places. This particular measure shall come into force with immediate effect.
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The World Health Organisation and public health authorities around the world are taking action to contain the COVID-19 outbreak. However, long term success cannot be taken for granted and depends on all sections of society – including businesses and employers – to play a role if the spread of this disease is to be stopped and or controlled.
In addition, the safeguard of occupational health and safety is not only a fundamental right of workers, but it is the obligation of an employer to take effective measures so that workers are not exposed to unreasonable and uncontrolled risks. Thus, any action which is required to be taken must follow the recommendations or instructions given by the Maltese public health authorities as well as be in conformity with the spirit and requirements of the Occupational Health and Safety Authority Act 2000.
On their part, workers are also duty bound to cooperate with their employer on the measures indicated to them by their employer to ensure health and safety at the place of work.
In most workplaces, the risk of workers becoming infected by the COVID-19 virus can increase once there is local community transmission of the virus. Thus it is important that COVID-19 is considered as a workplace risk and included in the risk assessments normally carried out at places of work. The evaluation of the risk should take into consideration a number of factors, including the risk of workers coming into contact with an infected person (other worker or visitor to the place of work), the risk of contamination at the workplace, individual factors which can place a worker at greater risk (such as underlying medical conditions, age), and the physical characteristics of the workplace (including ventilation systems, layout of areas where there are worker-visitor interactions).
Once the level of risk is determined, preventive and protective measures should be put in place once the local health authorities determine that there is community transmission of the virus.
The risk assessment should also identify requirements regarding training and the information to be given to workers about workplace policies, and the implementation of the control measures indicated.During the risk assessment exercise workers should be consulted either individually or through their Workers Health and Safety Representatives and be given every opportunity to provide input.
COVID-19 spread
When someone who has COVID-19 coughs, sneezes or exhales, droplets of infected fluid can fall on nearby surfaces and objects such as desks, tables or telephones. People could become infected with COVID-19 by touching contaminated surfaces or objects, and then touching their eyes, nose or mouth. If they are standing within one meter of a person with COVID-19 they can become infected by breathing in droplets coughed out or exhaled by infected persons. In other words, COVID-19 spreads in a similar way to flu. Most persons infected with COVID-19 experience mild symptoms and recover. However, some go on to experience more serious illness and may require hospital care.
People with weakened immune systems, the elderly and people with conditions such as diabetes, heart and lung disease are also more vulnerable to serious illness.
Simple ways to prevent the spread of COVID-19 at the workplace
The low-cost measures described below will help prevent the spread of infections in workplaces and help to protect employees and other persons who may be present at the place of work. Employers should start implementing these measures now, even though there is no current community person-to-person transmission of COVID-19.
·Instruct your employees, contractors and customers that if COVID-19 starts spreading in the community anyone with even a mild cough or low-grade fever needs to stay at home, including if they have had to take simple medications which can mask symptoms of infection.
This message needs to be repeated and reinforced frequently, including by putting up posters emphasizing this message. Combine this with other communication channels commonly used in your organization or business.
·Consult the Maltese public health authorities regarding the destination and all stop-overs for business trips, and consider whether such trips are essential or not in the light of possible risks. Employees and contractors should also be advised to consult national travel advice before going on trips of any form.
·Make sure the workplace is always kept clean and hygienic. Surfaces (e.g. desks and tables) and objects (e.g. telephones, keyboards, door handles/knobs) need to be wiped with disinfectant or an alcohol-based proprietary agent regularly since the contamination of surfaces touched by employees and customers is one of the main ways that COVID-19 spreads. The same holds true for palm-readers and punch clocks the surfaces of which are touched by employees and therefore need regular cleaning.
·Promote regular and thorough handwashing by employees, contractors and customers. Make sure that employees and visitors have access to places where they can wash their hands with soap and water and put sanitizing hand rub dispensers in prominent places around the workplace. Make sure these dispensers are regularly refilled. Display posters promoting handwashing. Combine this with other communication measures such as offering guidance from occupational health and safety practitioners, briefings at meetings and information on the intranet to promote handwashing.
·Promote good respiratory hygiene in the workplace (use tissues or elbow when sneezing or coughing). Display posters promoting respiratory hygiene. Combine this with other communication measures such as offering guidance from occupational health and safety practitioners, briefing at meetings and information on the intranet etc. Ensure that there is adequate ventilation in workplaces – all rooms where people can congregate, including for meetings with other employees as well as visitors to the workplace should receive an adequate supply of fresh air which is allowed to circulate unimpeded; where workplaces use a closed system of ventilation (circulating filtered air without an adequate mix with fresh air), windows and doors should be left open as much as possible. Encourage workers to avoid congregations in improperly ventilated rooms.
Things to consider regarding travel
·Before traveling
Make sure your organization and its employees have the latest information on areas where COVID- 19 is spreading. Based on the latest information, the organization must assess the benefits and risks related to upcoming travel plans. Avoid sending employees who may be at higher risk of serious illness (e.g. older employees and those with medical conditions such as diabetes, heart and lung disease) to areas where COVID-19 is spreading. Consider issuing employees who are about to travel with small bottles (under 100 cl) of alcohol-based hand rub. This can facilitate regular handwashing.
·While traveling:
Encourage employees to wash their hands regularly and stay at least one meter away from people who are coughing or sneezing
Ensure employees know what to do and who to contact if they feel ill while traveling.
Ensure that your employees comply with instructions from local authorities where they are traveling.
If, for example, they are told by local authorities not to go somewhere they must comply with this.
Your employees must comply with any local restrictions on travel, movement or large gatherings.
·When you or your employees return from traveling:
Employees who have returned from an area where COVID-19 is spreading must monitor themselves for symptoms for 14 days and take their temperature twice a day. Maltese public health authorities are advising self-quarantine in such instances.
If they develop even a mild cough or low-grade fever (i.e. a temperature of 37.3 C or more) they must stay at home and self-isolate. This means avoiding close contact (one metre or nearer) with other people, including family members. They must also telephone their healthcare provider giving them details of their recent travel and symptoms.
COVID - 19 Helpline 111
Getting your business ready for when COVID-19 arrives in the Maltese community
·Develop a plan of what to do if someone becomes ill with suspected COVID-19 at work.
The plan should cover putting the ill person in a room or area where they are isolated from others in the workplace, limiting the number of people who have contact with the sick person and contacting the local health authorities (COVID Helpline 111).
Consider how to identify persons who may be at risk, and support them, without inviting stigma and discrimination into your workplace. This could include persons who have conditions that put them at higher risk of serious illness (e.g. diabetes, heart and lung disease, older age).
·Promote regular teleworking. If there is an outbreak of COVID-19 in Malta, the public health authorities may advise people to avoid public transport and crowded places. Teleworking will help maintain operations while employees stay safe.
·Develop a contingency and business continuity plan for an outbreak in the Maltese community.
The plan should consider issues on how to keep the business running even if a significant number of employees, contractors and suppliers cannot come to your place of business - either due to local restrictions on travel or because they are ill.
Communicate to your employees and contractors about the plan and make sure they are aware of what they need to do – or not do – under the plan. Emphasize key points such as the importance of staying away from work even if they have only mild symptoms or have had to take simple medications (e.g. paracetamol, ibuprofen) which may mask the symptoms
Be sure your plan addresses the mental health and social consequences of a case of COVID-19 in the workplace or in the community and offer information and support.
Remember:
Now is the time to prepare for COVID-19. Simple precautions and planning can make a big difference. Action now will help protect your employees and your business.
Always verify the source of your information and rely only on valid sources.
This guidance document is based on the document published by the World Health Organisation entitled ‘Getting your workplace ready for COVID-19’.
How to stay informed:
- https://www.who.int/emergencies/diseases/novel-coronavirus-2019
- https://deputyprimeminister.gov.mt/en/Pages/health.aspx
- https://deputyprimeminister.gov.mt/en/health-promotion/Pages/Novel-coronavirus.aspx
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Tackling the pandemic and its economic implications as the world faces a global fallout has brought the G20 countries together in an extraordinary way.
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, addressed the Extraordinary G20 Leaders’ Summit held virtually on March 26, 2020, upon the call of the Saudi Presidency.
Within the framework of the aid packages that various governments are announcing to their respective economies, one may wish to note the stress of the IMF, particularly on the coordination of monetary and fiscal policies. Such policies are already coordinated between the EU Member States through the Treaties’ provisions and various Regulations and Directives which form part of the EU’s economic governance.
Georgieva explained that the IMF is projecting a contraction of global output in 2020, and recovery in 2021, stating that“How deep the contraction and how fast the recovery depends on the speed of containment of the pandemic and on how strong and coordinated our monetary and fiscal policy actions are.”
Georgieva emphasised the crucial importance of “targeted fiscal support to vulnerable households and to large and small businesses, so they can stay afloat and get quickly back to work. Otherwise it will take years to overcome the effects of widespread bankruptcies and layoffs. Such support will accelerate the eventual recovery and put us in a better condition to tackle challenges such as debt overhangs and disrupted trade flows.”
The development aspect, which characterise both the International Monetary Fund and the World Trade Organisation, has also been stressed, namely the $1 trillion strong, financial capacity to be placed by the IMF for the defence of emerging markets and developing countries to deal with and overcome the trade, economic and financial crisis created by the COVID-19 pandemic. These countries are the main focus of attention of the IMF, with the latter working in close collaboration with the World Bank and other financial institutions.
Given the high burden of debt of many low-income countries, the IMF intends to double its emergency financing capacity and boost global liquidity through a sizeable Special Drawing Right allocation. It is also expanding the use of swap type facilities at the Fund Support action of official bilateral creditors to ease the debt burden of the poorest IMF members.
This development element echoes the opening remarks of King Salman of Saudi Arabia, which currently presides over the presidency of the G20, who observed that “On the trade front, the G20 must send a strong signal to restore confidence in the global economy by resuming, as soon as possible, the normal flow of goods and services, especially vital medical supplies. In addition, it is our responsibility to extend a helping hand to developing countries and least developed countries to enable them to build their capacities and improve their infrastructure to overcome this crisis and its repercussions.”
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Through the implementation of Regulation 14.1.3 of Annex VI of the MARPOL Convention, the International Maritime Organisation (IMO) announced on the 27 October 2016 that it would implement a global sulphur cap of 0.5% on marine fuels starting from 1 January, 2020, for ships operating outside Emission Control Areas (ECA's)[1]; a decision which will inevitably impact refiners, crude producers and bunker suppliers. The current cap stands at 3.5% outside the four internationally designated ECA's where the sulphur limit has been capped at 0.1% since January 2015.
Regarding applicability, the 2020 cap will apply to all ships flying the flag of a state that has ratified MARPOL Annex VI and/or calling at a port or passing through the waters of a state that has ratified the Convention. This will effectively include a great number of the world's fleet. Regarding the level of enforcement and the imposition of fines, this would vary from jurisdiction to jurisdiction. Additionally, the IMO's Marine Environment Protection Committee (MEPC) has adopted a further amendment to MARPOL Annex VI which will furthermore prohibit the carriage of non-compliant fuel oil for combustion purposes for propulsion or operation on board a ship – unless the ship has an equivalent compliance method such as scrubbers. This amendment is expected to enter into force on 1 March 2020.
When trying to assess the effective implementation of the cap in practice, the fact that this projected shift demands drastic adjustments, produces a risk of severe product shortages and inflated prices. It is also estimated that the refining capacity should not meet the demand for low sulphur fuels in 2020 and that approximately 60-75% additional sulphur plant capacity would require to be built by the deadline when compared with already planned projects.
No silver bullet solution can be provided in the sense that each respective party will have to decide on the most appropriate approach to take to suit their operations and remain commercially sustainable in the long run all within the context of the intended amendments. Refiners, although not regulated by the IMO, have a commercial interest in catering to market needs. Shipowners, on the other hand, who are at the receiving end of the IMO regulation have various options; namely the installation of scrubbers on their ships which would involve a hefty investment and would obviously be limited generally speaking by access to finance, manufacturing capacity and technological uncertainty; purchasing compliant fuel (such as marine gas oil (MGO)) at higher costs which would require close to zero upfront investment but will inevitably mean higher bunker bills or running their vessels on the clean gas LNG as fuel. The latter option is however dependant on the availability of a worldwide network of LNG bunkering infrastructure which is currently still severely underdeveloped.
In view of the above, what is certain is that shipowners and refiners should have to work hand in hand and adopt a parallel approach to finding the solution which works best for both industries. There is currently little idea what the true demand for MGO will be in 2020. Undoubtedly, any response to the lack of demand will be slow since any investment to convert fuel oil into distillates is not only expensive but time consuming.
From an environmental perspective some may opine that through the adoption of some of the specific solutions provided, the pollution problem is not being solved but is merely being transferred from the air to the sea. More specifically, the main concern is regarding the installation of scrubbers on vessels which would automatically necessitate the wastewater produced, contaminated by a toxic cocktail of chemicals, to enter the ocean and thus cause this status quo.
The shipping industry should be ready to meet the deadline and adopt the new regulations and the refining industry should be ready to meet the upcoming demand. IMO on the other hand maintains its position that there can be no change in the 1 January 2020 implementation date, as it is too late now to amend the date and for any revised date to enter into force before 1 January 2020.
[1]These are the Baltic Sea area, the North Sea area, the North American area (covering designated coastal areas off the United States and Canada) and the United States Caribbean Sea area (around Puerto Rico and the United States Virgin Islands)