MALTA INSTITUTE OF MANAGEMENT MIMLINK a journal of the MALTA INSTITUTE OF MANAGEMENT Issue 2, November 2013 p10 Energy saving by renovating existing building p13 Business process Reengineering A practical perspective p9 The Future of your business Intelligence p18 NEWSPAPER POST MALTA INSTITUTE OF MANAGEMENT MIMLINK a journal of the MALTA INSTITUTE OF MANAGEMENT p10 Energy saving by renovating existing building p13 Business process Reengineering A practical perspective p9 The Future of your business Intelligence p18 NEWSPAPER POST
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MALTAINSTITUTE OF MANAGEMENT
MIMLINKa journal of the MALTA INSTITUTE OF MANAGEMENT Issue 2, November 2013
p10
Energy savingby renovating existing building
p13
Business process ReengineeringA practical perspectivep9
The Future of your business Intelligencep18
NEWSPAPER POSTMALTAINSTITUTE OF MANAGEMENT
MIMLINKa journal of the MALTA INSTITUTE OF MANAGEMENT
p10
Energy savingby renovating existing building
p13
Business process ReengineeringA practical perspectivep9
The Future of your business Intelligencep18
NEWSPAPER POST
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Opinions expressed in MIMLINK are not necessarily those of the Malta Institute of Management. All care has been taken to ensure truth and accuracy, but the Editorial Board cannot be held responsible for errors or omissions in the articles, pictographs or illustrations.
MALTAINSTITUTE OF MANAGEMENT
MIMLINKa journal of the MALTA INSTITUTE OF MANAGEMENT Issue 2, November 2013
Design by:
www.darkdragonmedia.com
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Editorial noteThis second issue of MIMLink coincides with the launch of the Malta Institute of Management’s 50th Anniversary Celebrations.
The present Council of the MIM has the honour, privilege and responsibility to mark this milestone of the Institute. It set the celebration in motion during an Extraordinary General Meeting of the Institute held in October 2013.
The 50th Anniversary comes at a time when the MIM is going through various developments. These include the launch of a new accountancy qualification hand-in-hand with the Association of International Accountants, as well as the chapter of the Management Accountants within the MIM itself. Additional recent new initiatives have been the setting up of the Manufacturing Committee, the Women in Management Committee, and the Research Committee.
The MIM is striving to be a dynamic Institute more than ever before. One particular step in this direction is the introduction of the Continuous Professional Education Scheme for its members, which will come into effect on 1st January 2014.
The 50th Anniversary also sees the MIM organising the Institute’s first International Conference outside Malta. The upcoming event will be a February 2014 international taxation conference in Rome.
There are various other new initiatives being studied. At the same time, the MIM remains open to fresh ideas. The Council is always happy to see members coming up with their ideas and participate actively in the evolvement of the Institute. In my role as President of the Institute I have always followed an open-door policy to valid ideas. It is my resolve to continue encouraging members in their sense of belonging also through putting forward innovative propositions.
Reuben Buttigieg, President, Malta Institute of Management
VAT ON RESIDENTIAL PHOTOVOLTAIC INSTALLATIONS
CHALLENGING THE TRADITIONAL WINNING FORMULA
BUSINESS PROCESS REENGINEERING A PRACTICAL PERSPECTIVE
ENERGY SAVING BY RENOVATING EXISTING BUILDINGS
BUSINESS NETWORKINGA KEY TO SUCCESS FOR LOCAL MICRO ENTERPRISES
AN INTERVIEW WITH BUSUTTIL & MICALLEF
THE FUTURE OF YOUR BUSINESS INTELLIGENCE
DMCC COMMODITY MURABAHA TRADING PLATFORM
THE FUTURE IS NOWE-LEARNING IN HERE TO STAY
MIM CALENDAR OF EVENTS2013 - 2014
Editor: Reuben Buttigieg
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Printing: Best Print Ltd.
Distribution: Maltapost Plc.
Malta Institute of ManagementOrange Grove, Block B, Birbal Street, Balzan, BZN 9013, Malta Tel: (+356) 21 456819 - Fax: (+356) 21 [email protected]
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Issue 2 - November 2013 5Issue 1 - September 2013 5
VAT
Issue 2 - November 2013 5
by Saviour Bezzina, Manager Indirect Tax Services, EY Malta
Malta’s skyline has recently experienced a new phenomenon; files of solar panels (PV panels) have overtaken Malta’s rooftops. This sudden increase in PV installations was spurred by the grant schemes launched in recent years by the Maltese Government to meet EU’s renewable energy targets for 2020.
Maltese VAT treatment of electricity generation from PV installations The VAT implications of electricity generated from PV installations in the residential sector could have been overlooked. To date the only guidelines covering the VAT treatment of turnover generated from PV installations in Malta were issued by the Malta Resources Authority (MRA); in the feed-in tariffs section of MRA’s official website and in the documentation provided in the MRA stakeholder information meetings covering the feed-in tariffs schemes for 2010 and 2011. These guidelines indicate that turnover generated from PV panels in the residential sector (via the feed-in tariff) is exempt from Maltese VAT whereas turnover generated in the non-residential sector is subject to Maltese VAT.
According to the said guidelines “income from electricity generated by a PV installed on residential and domestic premises shall be exempt for the lifetime of the PV from VAT“. However no exemption covering the turnover generated from PV installations in the residential sector is contemplated in the Fifth Schedule of the Maltese VAT Act Cap. 406 of the Laws of Malta. Hence the indications are that, rather than exempt from Maltese VAT, the turnover generated from PV installations in the residential sector is being treated as outside the scope of Maltese VAT on the basis that it does not constitute an economic activity for VAT purposes (i.e. the respective person does not qualify to be treated as a taxable person acting as such). It follows that no VAT is being charged on the electricity sold to Enemalta (given that no taxable supply is taking place) and likewise no input VAT is allowed to be claimed back on the expenses incurred (purchase of PV panels, structure, etc.).
C-219/12 Finanzamt Freistadt Rohrbach Urfahr v Unabhängiger Finanzsenat Außenstelle Linz This MRA guideline does not seem to reconcile with the ECJ judgement of the 20 June 2013 in a case involving an Austrian referral. In the Fuchs case (C-219/12) the ECJ was asked whether the installation of a solar panel system by the occupant of a private dwelling for the purposes of generating and supplying electricity to an electricity provider constitutes an economic activity for VAT purposes, thereby enabling input tax recovery on related installation costs.
The ECJ held that, since the solar panel system produced electricity which was supplied to the network provider in exchange for consideration on a continuing basis, this constituted an economic activity for VAT purposes. It was irrelevant in this regard whether that activity was intended to make a profit, as was the fact that the electricity produced by the solar panel system was always lower than the household’s consumption. As the solar panel system was used exclusively for the purposes of making taxable supplies, the householder was entitled to deduct the input tax incurred on related costs.
ON RESIDENTIAL PHOTOVOLTAIC INSTALLATIONS
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Issue 2 - November 2013 7Issue 2 - November 2013 7
The Court summary judgment read:Article 4(1) and (2) of Sixth Council Directive 77/388/EEC of 17 May 1977 on the harmonisation of the laws of the Member States relating to turnover taxes – Common system of value added tax: uniform basis of assessment, as amended by Council Directive 95/7/EC of 10 April 1995, must be interpreted as meaning that the operation of a photovoltaic installation on or adjacent to a house which is used as a dwelling, which is designed such that the electricity produced is (i) always less than the electricity privately consumed by its operator and (ii) supplied to the network in exchange for income on a continuing basis, falls within the concept of ‘economic activities’ as defined in that Article.
Potential Maltese VAT ImplicationsIf one had to apply this ECJ ruling in the local (residential) context the first immediate consequence would be that the owners of the PV installations on residential buildings would become entitled to claim back the input VAT incurred and likewise would be required to charge VAT to Enemalta. As things stand, this will obviously imply VAT registration and compliance obligations (including the charging of output VAT to Enemalta). One would also need to keep in mind the registration exemption contemplated by LN 524 of 2010 (€7,000 threshold).
However there is a multitude of other factors which will come into play and which will determine the ultimate effect on the Maltese residential sector such as the feed in tariff (whether inclusive or exclusive of VAT), the amount of input VAT which can be claimed back, retrospective adjustments/registrations, the direct tax treatment and other factors.
Clearly the Fuchs judgement creates a challenge for the Maltese energy regulator. We need to ensure that the VAT treatment of the revenue generated from PV installations in the residential sector is in line with the pronouncement of the ECJ.
VAT ON RESIDENTIAL PHOTOVOLTAIC INSTALLATIONS (cont.)
Shaping the Future of Financial Services in MaltaKPMG’s Biennial Financial Services Conference Hilton Hotel, Conference Centre, St. Julian’s Tuesday 26th November 2013
The event has been accredited CPE hours by the Malta Institute of Accountants.The full brochure and application form are available for download from our web-site www.kpmg.com.mt
Inauguration of the Conference Minister for Finance, Prof. Edward SciclunaPlenary session I Delivering in 2020: Learning from the past, succeeding in the future Giles Williams Partner, Head of EMA Regulatory Centre of Excellence, KPMG in the UKProf. Josef Bonnici Governor, Central Bank of Malta Prof. Joseph V. Bannister Chairman, Malta Financial Services Authority
Breakout session I
Option A M&A in FS: a disruptive force or a tool to shape the future?
Mark FlennerPartner, Advisory Services, KPMG in the UK
David PaceDirector, Advisory Services, KPMG in Malta
Option B IFRS: the future is fair
Noel MizziPartner, Audit Services, KPMG in Malta
David CaruanaPartner, Advisory Services, KPMG in Malta
Darren GovusDirector, Audit Services, KPMG in Malta
Option C AML and Beyond: where are we heading?
Brian DilleyPartner, Global Head of AML, KPMG in the UK
Dr. Manfred GaldesDirector, Financial Intelligence Analysis Unit
Juanita BenciniPartner, Advisory Services, KPMG in Malta
Breakout session II
Option D The CRD IV reality
Giuseppe NioluPartner, Advisory Services, KPMG in Italy
Karol GabarrettaDirector, Banking Supervision Unit, MFSA
Juanita BenciniPartner, Advisory Services, KPMG in Malta
Option E Investment Management: a lot done, much more to do
Neale JehanExecutive Director, Audit Services, KPMG in the Channel Islands
Mike DuignanDirector, Securities and Markets Supervision Unit, MFSA
Sarah CamilleriSenior Manager, Funds Advisory Services, KPMG in Malta
Option F Insurance 2020: what now?
Brian MorrisseyPartner, Actuarial Services, KPMG in Ireland
Alfred ParnisDeputy Director, Insurance and Pensions Supervision Unit, MFSA
Hilary Galea-LauriPartner and Head of Audit Services, KPMG in MaltaDiane BugejaManager, Advisory Services, KPMG in Malta
Plenary session II Malta as the financial services centre of the futureThe Prime Minister Joseph MuscatThe Leader of the Opposition Dr. Simon BusuttilJuanita Bencini Partner, Advisory Services, KPMG in Malta
Issue 2 - November 2013 9
The success of organisations often hinges on the decision making process, which most of the time depends on financial implications or has financial consequences.
Many decision makers habitually take the traditional routes because it has always worked but few challenge the financial efficiency when compared to other routes. Getting better results often is about changing direction and not only by trying harder.
All managers have comfort zones and it takes a diligent professional to challenge the assumptions of his own approach. Of course, experience is important, historic information is important but so are new ways of thinking.
There can be no doubt that new ways of thinking can also happen in finance, even if many state that finance is finance! Lateral Thinking in Activity-based CostingFor years, overhead items were considered a relatively minor cost of a product, and therefore a single rate for overheads was used to be adopted to allocate costs. The allocation basis centered on direct labour. Therefore, the denominator of the allocation base started to shrink in size and the allocation rate for overhead became unrealistically large.
What should be done in some circumstances? Should one focus on changing the denominator to calculate the overhead cost rate? There is no rule or logic that tells you to use only one cost pool for overhead cost. Instead, one can expand as much as possible to ensure correct decision making .
These assertions were the basis of Activity-based Costing.
When Kaplan came up with this concept of Activity Based Costing, he showed lateral thinking and challenged his own assumptions in cost accounting.
Creative AccountingCreative accounting for many sums up to the unethical thing Directors and Managers adopt in financial statements to show a kind of performance which is better than it really is.
Whilst this may be the case in Financial Accounting, creative accounting has an important role in Strategic and Management Accounting. As Kaplan proved through his development of the concept of Activity Based Costing, creativity in the analysis of numbers is essential. In many circumstances, these may lead to the need to take tough decisions. One good example is that of Chrysler, which realised that some parts it was producing were costing 30 times their estimate based on traditional approaches. Chrysler now outsources those parts.
In Malta, being such a small community, the danger of not challenging the traditional approaches and the common line of thought is high. It is however the duty of a finance strategist to do so at the risk of not being that popular. The resistance to be faced is guaranteed particularly through groups of managers that use phrases “we know how it is in these circumstances”. The level of resistance comes from what Stephen A. Butler describes as “a person’s tendency to enjoy and engage in thinking by measuring the extent to which cognitive activity is desirable or interesting”. This is dangerous in a decision making group and the strategic finance person should bring up qualitative arguments as well as quantitative in order to ensure that the right decision is taken.
Presentation, Audience and Political AgendasThe strategic finance person does not only deal with numbers but is very much concerned about the presentation of those numbers to his decision making team. There is no winning formula in this. It all depends on the background of the persons around you and their analytical skills so one must be flexible enough in changing in presenting . The aforementioned tendency statement by Butler can lead to statements such as “I find deliberating for hours satisfactory.” In this context, the strategic finance person should:
• Analyse the numbers in the context of the business environment• Reach an assessment and direction to recommend• Analyse the audience• Present the recommendations in view of the tendencies of the
audience
This will render decision making meetings more efficient. By way of example it is useless presenting complex financial analysis to a person whose decision basis is logic and instinct. In this context one needs to make the person think of what could happen without over emphasis on the financial bit. The meeting room may be full of agendas. Human beings tend to carry their political inclinations and agendas in their sub-conscious. This may be even more dangerous than tendencies as groups get blind. It gets even worse in personal relations.
One example is when a management group analyses the performance of employees. In similar circumstances, irrespective of how clear the criteria is or how quantitative the data is, chemistry comes in. An organisation may end up losing valid people and/or retain incompetent persons. Numbers can always assist here, particularly when they are clear and there are a few things that are factual and not just an opinion. The cost of an employee, the job description, potential targets, and the performance measurement should all be clear. In order to have as many items in your criteria as clear as possible there needs to be clear procedures in place. On the other hand strict procedures will limit creativity of employees. Again one needs to do a cost benefit analysis of this which in itself is a strategic decision and a way how to direct decision making.
In the context of the above, many organizations need to review such role to analyse the effective delivery of financial information.
FORMULA winning
Challenging the traditional
by Reuben Buttigieg, President, Malta Institute of Management
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Issue 2 - November 2013 11
BUSINESS PROCESSREENGINEERING A PRACTICAL PERSPECTIVE!PART ONE OF A TWO-PART CONTRIBUTION
by Ramakrishnan Jayaraman
“Reengineering is the fundamental rethinking & radical redesign of business processes to achieve dramatic improvements in critical, contemporary measures performance , such as cost, quality, service, & speed.”Challenges of Today’s Business Organizations today confront new markets, new competition and increasing customer expectations. This has put a tremendous demand on business to significant challenges - focus on cost controls , reduced time to market for new products , demanding customer needs resulting in increased service levels and big data analytics lead to a fundamental streamlining of business processes and ensure the processes are optimized to increase the efficiencies.
World of BPR In the world of BPR , there is a paradigm shift in which the Organization is structured. From a functional department view , the emphasis is on a cross functional team of people who share the accountability across the process chain. A simple example could a process of Procurement , instead of viewing procurement & finance as a independent department , BPR links both the departments as procure to pay process , where the processes right from vendor selection , payment terms finalization , issue of purchase order , processing of vendor invoice seamlessly occurs between both the departments.
Radical change occurs where the BPR defy organization boundaries (cross functional) and focus on Result oriented approach. BPR focusses at the very heart of every enterprise to create value for its customers.
Disruptive technology , globalization and new models of doing business cross country have made the BPR concept very robust and have been time tested.
At the core, BPR focus on unison of three key elements:
Business Processes - Definition with a defined input , output and a matching responsibility.
People & Organization - How a robust structure with right human capital can improve the Organizational effectiveness.
Technology - Availability of technology that makes it possible to implement the BPR like never before.
Issue 2 - November 2013 11
Issue 2 - November 2013 13
Methodology The Right framework is essential for a successful BPR implementation. Such projects require planning , budget & people involvement. At foundation level , preparing for BPR involves a right strategy , project sponsor , key teams to be formed and agreed timelines for completion . Organizations carrying out this for the first time have to necessarily spend a lot more time on preparing towards this journey. Map the current processes , review of current bottlenecks , duplication of efforts / processes , review of painpoints becomes the baseline. Structured interviews with key stakeholders and process owners , review of documentation , reports and outcomes reveal a detailed insight into the current practices.
Design the Future - Process modelling , moving away from the current processes , eliminating duplicate efforts , develop future process model based on best practices forms design phase. While doing this exercise some times it may not be in entirely possible to adopt a whole new practice even though they are the recommended best practice. This is because of inherent process definition , the context of business , people issue etc hamper such adoption. In all such cases , trade off analysis on choosing between the future processes , keeping in mind the practical side of implementing the recommended change can never be overlooked. Implement BPR based on the design, prototype the processes, training of process owners and key employees and handling change.A great design can come cropper because of implementation challenges and the biggest hurdle faced in such projects is the change management , Embracing a new model of working combined with technological implementation can result in existing employees’s acceptance to such radical change. Constant coaching , motivation, communication and a management intervention at all times are critical to get the implementation right. Critical Success Factors In order to succeed in a strategic initiative like BPR , the following factors become key: 1. Significant Management buy in ,involvement and active management follow up2. Empowerment of Key process owners managing the project3. Forming Cross functional teams and disregard to people dynamics4. Plan , Plan , Plan and Planning , with right resource , timelines and right people5. Alignment of IT infrastructure to support BPR ERP & BPR BPR focuses on transformation aspect of the business process whereas ERP focuses on the automation aspect of the business processes . Realignment of process becomes a first step before the ERP implementation. (ERP & BPR will be concluded in the next issue) (About the Author , Ramakrishnan Jayaraman is a partner with Great Sands Consulting , member firm of Great Sands Consulting International and having offices in UAE , India , Hongkong, UK and is a fast growing management consulting firm specializing in transformational consulting in areas of business strategy , process transformation , technology advisory , finance consulting and human capital transformation)
BUSINESS PROCESS REENGINEERING A PRACTICAL PERSPECTIVE! (cont.)
Issue 2 - November 2013 13
aisgroupa member ofAdvanced Industrial Systems Ltd.
the smart building detects changes to its environment and intelligently adapts to them. In doing so, it protects and preserves its environment by reducing the energy it consumes to a minimum. now that’s smart.
the human body has evolved over millennia, acquiring the ability to sense changes in its surroundings and adapt to them, thousands of times every second. It deserves a building that is just as clever.
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And they’re so affordable that you can’t afford a building without one.
Issue 2 - November 2013 15
Not only is it one of the most attractive and low cost options available today to reduce carbon footprint, but it is also financially rewarding to do so. Although the majority of EU member states have taken the necessary steps to drive energy efficiency renovations within buildings, Malta is currently lagging behind in this sector and is unlikely to reach the EU target of 22% energy savings by 2020. Furthermore, recent emphasis on solar technologies has diverted attention away from intelligent building technologies with much shorter pay back periods.
Buildings currently account for around a third of the energy consumption globally. With global energy-induced greenhouse gas emissions set to reach unprecedented levels over the next decade, the need for energy efficient technologies in existing and new buildings has never been so great. Good and wise energy management in buildings is an important step towards reducing carbon emissions. The benefits of investing in energy efficient renovations within buildings however go far beyond a reduction in carbon emissions. With energy prices at an all-time high, energy efficiency renovations pay for themselves far sooner than any investment in renewable sources such as photo voltaic panels or wind turbines. EU studies have shown that energy efficiency renovation investments lead to a direct and significant benefit to local economies. Estimates indicate that the potential for energy savings from renovation of buildings will provide a benefit to society of over €200 billion annually by 2020 through lower energy bills and reduced health costs.
The Government incentive schemes to invest in renewables have brought awareness on the need to manage energy wisely. However, an EU commissioned report published last year shows that Malta obtained the lowest energy efficiency funds in all of the European Union. Some proposals submitted by EU member states suggested payback periods on investment of over 50 years according Harald Wögerbauer, the author of the report. By focusing on managing the indoor climate, significant energy consumption savings are possible. The strategy is simple: use energy only when and by how much you need. By simple example, imagine any room inside a building on a very hot day. The room may be full of people, half full or even empty. Intelligent controls would respond to these population changes and adjust the light levels, air conditioning and ventilation accordingly, resulting in reductions in the energy bill of up to 25%.
Even better news is that today’s range of intelligent controls makes it possible to renovate existing buildings, opening up endless possibilities for traditionally cash-strapped buildings such as government buildings, hospitals, schools and museums to invest in intelligent building technology.
Intelligent building technologies also have much shorter Return-on-Investments (ROI). Building Energy Management Systems (BEMS) and Room Energy Management Systems (REMS) typically bring an immediate 15% reduction in the energy use of a building with an ROI of less than 3 years. These intelligent technologies allow accurate control of energy-consuming equipment by adopting the simple strategy of using energy only when and by how much is needed without reducing levels of comfort.
Whether the building is a hotel, a retail outlet or an office block, the comfort of the guests or clients is assured, offering a productive working environment leading to good business. Intelligent building technologies also allow energy usage throughout the building to be continuously monitored, letting operators to keep track of their facility’s efficiency at all times. Investing in systems that reduce energy wastage is the starting point of a sensible energy efficiency strategy rather than going straight into investing in renewables to compensate for energy wastage. Intelligent energy controls offer better ROI than any solar technology on the market and deliver much more benefits to property owners, occupants and towards reducing carbon emissions.
With rising energy costs, unsustainable greenhouse gas emissions and EU funding in place, there has never been a better time to invest in intelligent energy efficient building technologies such as Building Energy Management Systems (BEMS) and Room Energy Management Systems (REMS).
Note about Author
Darryl Schembri is an engineer with Advanced Industrial Systems Ltd. (AIS), a leading engineering firm with over 22 years’ experience in intelligent energy efficiency technologies. AIS has installed numerous BEMS and REMS solutions to private and public organisations and provide free energy assessments, carried out by specially trained staff to organisations interested in reducing energy wastage and increasing energy efficiency.
ENERGY SAVINGby Darryl Schembri, Engineer, Advanced Industrial Systems Ltd.
Saving money by reducing energy consumption through the renovation of existing building stock is a growing trend.
by renovating existingbuildings
Issue 2 - November 2013 17
The twin processes of globalization and rapid advances in information and communication technologies have led to new challenges as well as opportunities for Maltese micro enterprises. The new dynamics of production, enterprise development and international competition, offer micro enterprises opportunities to successfully target the international marketplace. However, venturing on the international plane is not an easy ride. It requires a clear strategy, a thorough knowledge of the market/s, a concrete investment, and a realistic awareness of the strengths as well as limitations of the company itself. Moreover, internationalisation calls for a good use of networking opportunities.
It is not what you know, it is who you know. Networking offers a key channel for local micro enterprises to reach vendors, customers, and future business partners. It allows micro enterprises to present themselves and their networking objective in a much more personal way than any advertisement, promotion, or online medium can. Networking allows entrepreneurs to build contact and rapport with other businesses, contacts and customers, allowing their small businesses to grow through greater opportunities. Businesses that embedded resources in business networks gained competitive advantages through the flow of information. Vital information such as market situations, strategic locations, and social ties can provide useful information about business opportunities and alert firms about choices available that they could embark on. This business relationship may be conceived by organizations as certifications of the company’s credentials, some of which reflect the entity’s accessibility to resources through business networks. Business networking also reinforces identity and recognition which are essential for the maintenance of long term company’s success.
It is important for micro enterprises to understand the role of business networking in influencing their business performance. A major stumbling encountered by local micro enterprises to access the international market lies in their difficulty to identify and access potential partners or clients abroad and their wrong perception of high cost to network on the international plane.
Governmental & Non-Governmental Institutions
Nothing comes for free yet networking can be cost effective if micro enterprises identify the right channels. Malta Enterprise and the Malta Chamber of Commerce play a pivotal role in assisting micro enterprises in the internationalisation process by means of inward and outward delegations as well as networking events. Indeed Malta Enterprise, Gateway to Export programme as well as the Malta Chamber of Commerce internationalisation committee and business councils assist local enterprises to access the international market. The Malta Institute of Management (MIM)also assists the Maltese business community in their internationalisation process by means of conferences in Malta and abroad as well as by means of networking events and round table discussions. Moreover, the MIM has this year embarked on a European Social Fund project – VETPRO that offered the possibility to several MIM members to network with business counterparts in Veneto and Calabria. A further delegation under the same project will visit Rome in February 2014.
Consuls & Embassies
Honorary consuls can also play a key role for micro enterprises to access the international market. As international relations, trade and shipping between continents developed, the role of honorary consuls has increased in the last decades. Honorory Consuls intensify economic and cultural relations besides representing the interests of the sending country. In his recent speech during the Honorary Consuls meeting entitled; Enhancing Malta’s International Economic Profile, the Hon. George Vella, noted that it is important for Consuls to utilise their network of contacts and if need be extend them further to be able to add value to their role as Hon Consuls of Malta. He also noted that often in business and everyday life, it is your contacts that clinch a deal. From a mere reference letter to a short introduction – often this is all it takes to sow the seeds of a successful partnership or project. Indeed, Consuls can be of assistance to micro enterprises through their contacts, access to the specific market and their knowledge of the market and country. Moreover, their endorsement provides a stronger weight to introductory letters. Embassies can also be of help. Although the role of ambassadors is more of a diplomatic nature, they have often played a critical role in assisting local companies to introduce and endorse companies as well as help organize presentations and meetings.
The Internet
The internet can also serve as a business networking tool. Indeed the internet offers access to various social networks that potentially lead to collaborations and form part of an entrepreneur’s broader business network that facilitates exploration of internationalisation opportunities culminated by successful entry into these foreign markets. The internet also provides data on potential clients or partners and offers mediums to communicate in a cost effective manner.
With networking, you get back what you put in. Thus local micro enterprises are called need to better understand the importance of networking and the type of investment it requires. They need to understand that the company’s internationalisation process will not take place unless there is a concrete investment in time, perseverance and above all a sharp eye to identify the right networking opportunities.
A key to success for Local Micro Enterprises
BUSINESSNETWORKINGby Omar Vella, General Manager, Malta Institute of Management
partner atINTERVIEWING DAVID BUSUTTIL,
How did the name Busuttil & Micallef come to life? What are the firm’s key areas of expertise?
The Firm Busuttil & Micallef has been around since January 2002 and was formed by the merger of the private practices of David Busuttil and Dr Renald Micallef, hence the name Busuttil & Micallef.The key areas of expertise of the Firm relate to audit & assurance, general business consultancy, finance sourcing, tax-related services, accounting and secretarial services.
What are the firm’s key values and how are they tangibly put into practice?
The Firm’s key values relate to both our clients and our employees, whom we consider our major asset. As for clients, we believe that we offer a ‘boutique’ and personalised service to all clients, whatever their nature and size. A partner is always assigned to a job, no matter the size and we make it a point to meet with clients at the initial and completion stages. Nonetheless our input, as partners, during the fieldwork of a particular assignment, is ongoing.
We believe that our employees, both professional and support-staff, are the most important part of our business. Hence we stress the importance of ongoing training and education, and we make it a point to make the environment in which we all work the most pleasant as possible. Employees are also offered various incentives to reach targets during the year. Moreover, we also organize activities to build friendships outside office duties.
Who would be your usual clientele? What competitive advantage does Busuttil & Micallef offer to its clients?
Our client profile is made up of the medium-sized local family businesses and also of a number of non-resident clients who have opted to choose Malta from where to conduct their business operations. At Busuttil & Micallef we offer a “one-stop-shop” service environment, coupled with the necessary experience to get the job done in a timely and efficient manner. In fact “our mission is to provide our clients with an efficient and prompt, value-for-money service. Our vision is to give a competitive advantage to our clients, through our dedicated and personalised, but nonetheless, all encompassing, services and professional honest advice”.
We offer flexible solutions to your needsAt Busuttil & Micallef we are aware that no two businesses are identical. We
strive to understand our clients’ particular requirements, and offer tailor-
made solutions to their business needs.
As a medium sized firm specialising in Audit and Assurance, Accounting, Business Consultancy and Tax Services, we offer an efficient, prompt and value-for-money service, whilst giving great importance to personal attention and knowledge of our clients.
Busuttil & Micallef CPAs 11, L-Uffiċċji, Misraħ 28 ta’ Frar 1883 Birkirkara BKR 1501
BUSUTTIL & MICALLEF, certified public accountants, practising auditors & tax and management consultants.
Issue 2 - November 2013 19
BUSUTTIL & MICALLEF, certified public accountants, practising auditors & tax and management consultants.
How has the accountancy profession developed over the past years and how has your firm responded to such changes?
The past years have brought a great upheaval in the manner in which we service our clients. Ever-changing legislation and regulations, together with stringent deadlines have created an immense challenge for all those who practice in our profession. At Busuttil & Micallef, every professional staff member has taken responsibility of keeping up to date on matters relating to their particular area, and all such updates are continuously outlined to all other members of staff. Furthermore, the Firm has established lines of communication with external consultants who are consulted on various matters throughout the year.
It is said that a profession that does not innovate will ultimately disappear. Do you think there is a need for the accountancy profession to evolve and rebrand itself?
This is true for any profession. This has been the case particularly for the accounting profession and the advances made by Malta in the financial services sector. The list of services that our Firm and professional colleagues offer today is a result of the ever-changing nature of the area in which we operate. Gone are the days of the book-keeper and accountant. Although some may still be ‘plying their trade’, one could argue that their days are numbered should such practitioners not be able to evolve and change to the requirements of the sector in which they operate. The current shortfall in the number of qualified accountants has forced local firms to cast their nets wider and wider on the international plane. What impact has such shortfall have on your firm? What initiatives can be implemented to ensure the local market offers more qualified accountants?
Our Firm has experienced such a shortfall on numerous occasions. The fact is that good quality professional members of staff are hard to come by in this day and age. This, coupled with the high financial expectations brought about by the island’s successful financial services sector, has made the situation doubly difficult. We have had to change our strategy when it comes to taking on staff. Being a small to medium-sized professional firm, our strategy was one of attracting experienced individuals already practicing in the area. However, lately, we have changed this course of action and have now commenced on a project of employing individuals interested in pursuing a career in auditing and supporting such persons by offering the ideal environment, training and work to achieve their aims. However, this is only the starting point. My experience has taught me that convincing people to join our Firm is the easy part of it all, we strive to create the perfect environment for making it difficult for them to want to leave!
Your partners are very much involved in the education sector so your partnership must give particular importance to education. How does this fit in your vision of evolvement of the profession in Malta and that of your firm.
My fellow founder-partner, Dr Renald Micallef, is presently the president of the Malta Institute of Taxation, whilst partner Hector Spiteri is the vice-president of the Malta Institute of Management. As correctly pointed out, we put great importance into the professional development of our staff, whether they are newly graduates and have just started out in the auditing world, or are experienced individuals who must keep themselves constantly relevant for today’s business world. We therefore encourage and sustain our staff to achieving and maintain the required standards by supporting their initiatives to continue with their professional education.
Is there still scope for small practices in Malta or is there the need for consolidation given the assurance requirements and the continuous changes in standards and legislation?
I believe that the scope for small practices shall always be present. There are various ways that a sole-practitioner or small practice can keep up the required standards.. For the smaller practices, it would make business sense to seek strategic alliances with fellow-practitioners to each specialise and share in various areas. In fact such a practice already exists amongst the accounting profession today.
Where do you see the firm in ten years time?
I see our Firm consolidating its position as a leader in ‘boutique’ services, i.e. offering a wide range of services to an increasing number of clients seeking personalised and efficient work by experienced professionals.We shall seek to continue improving upon our standard of work and, in the process, also venture in complimentary areas that may be of benefit to our existing and potential clientele.
Sage Level 1 - Is the first in a series of courses that teaches delegates the good practices and how to use Sage 50.
Sage Level 2 - This is the continuation of level 1 course, throughout this course one will cover reporting and what is depreciation.
Sage Level 3 - The final level will cover some complicated aspects such as stock & products. This will help you finalize your understanding of Sage 50.
The future adaptive business is required to be proactive rather than reactive in order to capitalise on opportunities and optimise its response to a relentlessly changing environment. It must be able to focus and deploy its resources at all levels in real-time to response to opportunities and competitive pressures. This is forcing business to implement an adaptive business model and IT architecture.
Whereas before operators used I.T. to provide static financial statements, operations reports and marketing analysis, now it can go a lot further and provide answers and recommendations through the process which I.T. gurus have termed ‘Business Intelligence’. What was before a manual process, now has becomeautomated, and not only in its acquisitionof data, but also in its analysis of it.
The way it works:The first step a business would need to do is identify its Key Performance Indicators (KPI); whether it is the number of items sold, or how long someone stands in line at the bank, these are critical measuring points which must be determined when designing the architecture of the system. Then, the Business Intelligence system tools automatically extract data on a daily basis, from whichever source you choose, be it social media accounts, databases or spreadsheets, and the information extracted is now ‘organized data’ – pre-processed, cleaned, arranged into structures and stripped of redundancy. Not only that, but organized data is then transformed into ‘integrated information’ which includes facts and relationships that have been perceived, discovered or learned. Data is presented visually, which aids in exploring and understanding. By visualizing data, you are able to ask and answer important questions such as ‘where are sales growing?’ and ‘what is driving growth?’
This system still needs a good decision maker, i.e. a person, who will interpret that data, take the right decisions and monitor that those decisions gave the required effect. With visual analysis, the user can drill down, drill up, filter or create another view of the data. With the right interactivity the data visualization becomes a natural extension of the user’s thought processes.
A gap existed between having the right knowledge and making the right decision. This is no longer the case thanks to the Business Intelligence system. Data is extracted, organised and analysed, and presented in such a way that decision-making for management will become an uncomplicated process.
THE FUTURE OF YOUR BUSINESS INTELLIGENCEby Simon Bonanno, Founding Member, Holistic I.T. Group
Issue 2 - November 2013 21
DMCC COMMODITY MURABAHA TRADING PLATFORMby Milan Muhammed Nazir, Sr. Vice President Dar Al Sharia Legal & Financial Consultancy Dubai.UAE
The exponential growth of the Islamic finance industry mandates innovative product development to support the stakeholders without compromising on the principles of Sharia. The (DMCC) Commodity Murabaha Trading Platform (CMTP) is one such initiative, which is now fully functional, and also aligns with HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai’s vision for the Emirate becoming a global hub for Islamic finance and economy.
CMTP enables electronic transfer of ownership and possession through tradable warrants.
CMTP provides a holistic solution to the Islamic finance industry through a fully electronic commodity Murabaha trading platform with a complete transfer of ownership and possession of locally stored
Sharia compliant commodities in accordance with the applicable laws. Transfer of ownership and possession in any commodity Murabaha transaction for treasury placements and corporate funding have been a cause of concern for scholars from Sharia compliance perspective. Under the guidance of Dar Al Sharia (Sharia advisor to DMCC Tradeflow), CMTP has specifically endeavored to address Sharia concerns in relation to the existence of the underlying commodities, transfer of ownership and possession such commodities in commodity Murabaha transaction.
The transactions taking place at CMTP are fully electronic with complete transfer of title and possession. Each of the commodities available for trade in treasury Murabaha transactions can be inspected by the relevant transacting party prior to the conclusion of the trade, if required. The underlying warrants are legally recognized documents,
duly representing title and possession to the underlying commodities.
DMCC’s Halal Inspection and Ratings program ensures all storage facilities storing the commodities being traded in treasury Murabaha transactions are certified facilities that comply with the principles of Sharia. CMTP provides a fully retrievable document trail to the relevant transacting party in relation to their respective treasury Murabaha transaction hosted on DMCC Tradeflow, enabling full transparency and full audit capabilities.
With DMCC’s CMTP, it is now possible to have a commodity Murabaha transaction for treasury placement in accordance with the resolution of AAIOFI Sharia standards which necessitate a greater degree of Sharia compliance in relation to such transactions.
www.daralsharia.com
WE WANT TO BUILD A TRUSTINGRELATIONSHIP WITH YOUWhich is why we’ve worked so hard to bring to our esteemed clientele two of the most reliable, and longstanding educational entities around.
We are proud to be giving you the possibility to learn, study and work smarter.
MALTAINSTITUTE OF MANAGEMENT
MIM are approved partners of AIA and EBS
Associazione Bancaria Italiana,Scuderie Palazzo Altieri Via di Santo Stefano del Cacco, Rome, Italy
International TaxationCONFERENCE 2014
20th February 2014
Malta - Westin Dragonara Resort, St Julians 6th March 2014
MALTAINSTITUTE OF MANAGEMENT
Issue 2 - November 2013 23
We are proud to be giving you the possibility to learn, study and work smarter.
International Taxation
The author is the managing director of E-Business Systems, the Malta based company that developed and operates the EB-Learn platform as an SaaS solution. EB-Learn was the winner of the 2011 eBiz award for best use of Technology in Education and Training awarded by the Malta Communications Authority.
Part 1 of this article looked at the continued growth of elearning, the current most popular elearning platforms and the emerging trend of Software as a Service. It concluded by outlining the implications of such a challenge to the established practice.
Part 2 of this article identifies the key challenges to elearning. By referring to the author’s own experience in the development and implementation of an elearning platform that operates on the SaaS framework, it focuses on identifying the challenges and implications of higher value added elearning solutions.
AbbreviationsCMS Content Management SystemCPD Continued Professional DevelopmentICT Information Communication TechnologiesISO International Organisation for StandardisationLCMS Learning Content Management SystemLMS Learning Management SystemMOOC Massive Open Online CourseOSS Open Source SoftwareSaaS Software as a ServiceSCORM Shareable Content Object Reference Model
Key challenges to the successful development and implementation of e-learning:
Ciarniene et al (2011) contend that there is evidence that information technologies (IT) are closely related with contemporary studies especially with distance learning. They maintain that information communication technologies (ICT) have introduced a new set of educational opportunities for educators and students. Although there have been established computerized and distance learning networks as well as the process of
creating special distance learning courses has gained its rate in Lithuania, students still lack information about the possibilities and distinctions of distance learning. Their paper draws on applying of information technologies and distance learning in university studies. The authors provide the results of the research, which shows the wide usage of the means of information technologies in studies with the majority of respondents showing some experience in using virtual learning environments WebCT and Moodle. Their analysis of student feedback reveals that the most of students would like to study in a mixed way, and thus have an opportunity to use distance learning platforms and also to be able to meet and consult with the teacher in a traditional way. Fulton’s (2011) depicts the transformation that blended learning has already provided in a Minnesota high school with severe budget constraints is an eye-opener for the more traditional educational legislators and school administrators who seem to be lost in chasing additional investments in building and upgrading school buildings. Byron High School (MN) successfully used a Moodle based LMS platform with additional YouTube video functionality to ‘flip the classroom’ - where the lectures are homework and problem-solving and discussions are classwork. Fulton reports on how the maths teachers were first trained in professional learning communities and then collectively worked to create new on-line learning tools for the students to use. They were committed to a text-book free maths high school curriculum by Fall 2010. They used the Moodle LMS to create a course for each class, embedding lessons, homework, quizzes with answer sheets in each course site. To improve the effectiveness of the platform they unblocked YouTube and stored recorded videos of classes for free. Fulton maintains that YouTube is available on almost all student personal learning devices and consequently was very readily available to students. She describes how the teachers got more comfortable with having themselves recorded and of course the students had the advantage of being able to review the lectures at their convenience as often as they needed to, for a full understanding of the concepts being outlined. Fulton also reports that this model brought about greater
parent participation, since the lecture was so readily available on line and parents could better monitor the children’s progress. She reports that according to the Minnesota Comprehensive Assessments, ACT scores have risen from an average school composite of 21.2 (on a scale of 36) in 2006 to 24.5 in 2011. In 2012, 86.6% of Byron’s seniors will have completed four or more credits of maths. In 2010, Byron was selected as a National Blue Ribbon School by the US Department of Education, in September 2011 it was honoured as Intel’s ‘School of Distinction’ for high school mathematics. Such studies serve to reinforce the work of Rosenberg (2001) who maintained that the combination of e-learning and face-to-face teaching increases accessibility, flexibility, and choices for interactivity. The importance of blended learning, which is a combination of traditional face-to-face teaching and on-line support and services remains a main challenge in improving the overall effectiveness of the learning process.
EB-Learn – A brief overviewDeveloped by E-Business Systems, EB-Learn is a state-of-the-art e-learning application that focuses on integrating the self-learning and collaborative learning dimensions to enhance and improve the overall learning experience. The current version is based on more than ten years involvement in online learning solutions and more than twenty five years of executive and academic training and lecturing experience. Based on best of breed open-source solutions, EB-Learn integrates downloading of audio-visual presentations with relevant support material and note taking related to the presentations. It provides a strong platform from which to run video-conference services, both between participants to assist them in collaborative projects and between faculty and students in developing more focused and interactive tutorial and mentoring sessions. It does not rely on YouTube for hosting of video conferences, and similarly does not rely on Skype or similar services for video conferencing. EB-Learn provides an integrated solution linking all aspects of self-learning and collaborative learning on one platform, making it easier for participants to move between one element and the next within the EB-Learn platform.
by Stephen P. D’Alessandro - M.A. (Mrktg.), B.A. (Hons.) Bus. Mang., FIM, MCIM, MIoD, Managing Director, D’Alessandro & Associates
THE FUTUREIS NOWPART TWO OF A TWO-PART CONTRIBUTION
Residence & Immigration Property Transfers & LeaseCompany Formation, Management & Administration Local & International Tax Advice & Compliance
Getting to grips with e-learning development and implementationOn the basis of my experience in developing e-learning content and in delivering blended learning solutions, the real challenge in implementing effective e-learning solutions is not really the technology. EB-Learn has demonstrated that full functionality can be provided in a cost effective model, without the organisation having to develop any additional ICT skills or competencies. The total-solution or one-stop-shop approach of SaaS ensures that the organisation utilising the EB-Learn platform can continue to focus on its core competencies and not distract itself in acquiring additional competencies and capabilities required to host the e-learning platform, to digitise and manage the e-learning content, to provide adequate security and back-up solutions and to generally manage the on-going development and operation of the e-learning platform.The real challenge lies in changing the vision of the leaders of the organisation to think of learning as an anywhere experience which the younger Nintendo generation have adopted only too easily. To the younger generation, the virtual world is all too often as real to them as the real world is to the older generations. The poor experiences of content delivery in a classroom, due to the uninspiring trainer or lecturer are more than compensated for by a motivating and inspiring on-line lecture. In the on-line learning world there is full accountability and transparency in the content delivery.
It would seem that this increased scrutiny and accountability may be the main source of resistance from within institutions to the faster adoption of e-learning. For too many trainers and lecturers, accountability has been noticeable by its absence. Course participants, or students had to put up with what was being offered, primarily because the audit of what was being offered was poor if at all. E-learning provides an audit trail that can be picked up at any time, by any quality assurance process. The content of the material, the context and method of delivery, the relevance and accuracy of the content material, the general effectiveness of the speaker, all can be viewed and reviewed at the auditors’ convenience. This transparency, makes ‘flipping the classroom’ an even greater challenge. Not because the participants or the students cannot cope with it, but because many of the trainers and lecturers are far too comfortable in their old habits which bear little scrutiny. Flipping the classroom changes the whole dynamics of the learning process. Delivering the content, following the lecture becomes homework to be carried out at the convenience of the participant or student. Discussion, debate, problem solving, these become the key elements of the ‘class-work’. The role of the trainer/lecturer in the flipped classroom is more dynamic, and rather than the oracle dispensing knowledge, his or her role is to teach the skill of debate and argument, to guide and mentor participants and students to become more effective communicators, able to question what is being given to them and to reach their own conclusions in a more independent and rational manner.
Implications of improved elearning solutionsToday’s elearning students come from all walks of life, and have very different educational backgrounds. Indeed, they have many different expectations of elearning, and not necessarily attached to the attainment of a certified programme. Whether they are pursuing their studies as part of their continued professional development or whether they are studying online for the satisfaction of acquiring knowledge that they seek, they all have one thing in common. They believe that both their time and their money are scarce resources which need to be spent well. Furthermore they believe that as paying customers, the educational establishment and the system needs to revolve around their needs. Consequently, they demand accountability at all levels, be it content delivery or examination evaluation if certification is involved. Most importantly, today’s more discerning on-line students want interactivity with the course providers. They want to be able to question the lecturer, they want to be able to discuss a concept that is unclear to them, they want to get feedback on a contribution that they submitted. Elearning has evolved and continues to evolve. It is no longer about putting together digital content and making it available to students. It is about designing online interactive programmes that engage students and encourage them to pursue life-long learning.
I believe that this is the future of education and training, a future that is not limited by the boundaries of the competencies and capabilities of the trainers and lecturers in a particular organisation or institution, but increasingly open to international best practice in course development and delivery.
References
Ciarniene, Ramune; Kumpikaite, Vilmante; Vienazindiene, Milita. 2011, Changes in Study Process: Issues of Information Technologies; Economics & Management. Vol. 16, p683-689. 7p.
Fulton, Kathleen. 2012, The Flipped Classroom: Transforming Education at Byron High School. T H E Journal. Apr, Vol. 39 Issue 3, p18-20. 2p.
Rosenberg, M. 2001, E-learning strategies for delivering knowledge in the digital age. McGraw-Hill.
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MIM Calendar of Events
MONTH DATE EVENT
December
January
February
March
April
May
4th Dec 2013
10th Dec 2013
2014
20th Feb 2014
6th Mar 2014
21st Mar 2014
2014
21st May 2014
MIM Annual Networking Event
The MIM Entrepreneurship Seminar
The MIM Wine Experience
MIM International Taxation Conference - Rome
MIM International Taxation Conference - Malta
MIM 50th Anniversary Concert
MIM Parents in Management Forum - London
IMA Conference
MIM 50th Anniversary Gala Dinner
MALTAINSTITUTE OF MANAGEMENT
2013 - 2014
Issue 2 - November 2013 27
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte Malta refers to a civil partnership constituted between limited liability companies, and its affiliated operating entities; Deloitte Services Limited and Deloitte Audit Limited. The latter is authorised to provide audit services in Malta in terms of the Accountancy Profession Act. A list of the corporate partners, as well as the principals authorised to sign reports on behalf of the firm, is available at www.deloitte.com/mt/about.
This November, Deloitte Malta invites you to attend two half day seminars: VAT2015 Decoded
and Business Perspectives 2013. VAT2015 will highlight the upcoming changes in the rules
affecting the telecommunications, broadcasting, and electronic services industry, while Business
Perspectives 2013 will cover specific issues that businesses need to take into account in order to
succeed in today’s volatile economic climate.
Business Perspectives 2013Focus on optimisationBusiness Perspectives 2013 is a half day seminar aimed at chief executive officers, chief financial officers, shareholders, business owners, and decision takers which will target developments in best practice for business optimisation with a special focus on financing, management and structures.
Date: 29 November 2013Time: 0830 - 1230 (followed by a networking lunch)Place: Westin Dragonara Resort, St. Julians, MaltaFee: Standard: €85; Early bird: €70 (booking and payment must be received by Friday 25 October 2013); Two persons: €130*
Do you supply telecommunications, broadcasting or electronic services to consumers (B2C) in other EU Member States? Find out how the 1 January 2015 changes to the VAT rules can impact your business. At VAT2015 Decoded, Deloitte will take you through the upcoming changes to the rules, the resulting compliance obligations and the sector-specific implications.
Date: 28 November 2013Time: 0830 - 1300 (followed by a networking lunch)Place: Westin Dragonara Resort, St. Julians, MaltaFee: Standard: €85; Early bird: €70 (booking and payment must be received by Friday 25 October 2013); Two persons: €130*
Apply online: http://www.deloitte.com/mt/VAT2015
*Also applicable if one person books both events.
All fees exclude VAT
28170 • Pater House • Psaila Street • B’Kara • BKR 9077Tel: 21 490 700 • Fax: 21 490 800
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