Ministry of Finance, the Economy and Investment
The Ministry of Finance, the Economy and Investment was established in its current setup in March 2008. It incorporates a wide range of departments and other public sector entities that span out of the context of economy and finance. This Ministry, through the administration of the bodies and the three major tax departments namely, Inland Revenue, Value Added Tax and Customs and Excise, aims to facilitate the continued growth of the economy, the generation of wealth and jobs by redistributing public income in measures supporting the economy. It is also responsible for the country's finances.
The budgetary process involves a wide spectrum of stakeholders, from other Ministries, public entities and agencies, non-governmental organisations, political parties, businesses, unions and the general public. Stakeholders' feedback is usually collected during the first half of the calendar year, leading to the publication of a Pre-Budget Document. On the basis of this, a further consultation process takes place leading to the presentation of the final annual Budget towards the last quarter of the year.
The Ministry is also responsible for competition and consumer protection policy. In furtherance of policy, the Ministry strives to ensure increased competition in our markets through the removal of trade and other barriers. As part of its privatisation strategy, the Ministry is also responsible for the privatisation of governmental assets and is currently undergoing this process with regard to the shipyards and yacht marinas.
The Ministry also seeks to sustain Malta's overall competitiveness to create the right environment for successful enterprise in Malta while attracting further investment to the country's shores, both from local and foreign investors. Its main resource to this end is its agency, Malta Enterprise, which is responsible for the promotion of foreign investment and industrial development in Malta.
One area of sustained growth is financial services. This sector has seen an impressive expansion in the number of banks, credit institutions, insurance and investment agencies, and the like. These are regulated by the Malta Financial Services Authority (MFSA) which also falls under MFEI's remit. Small businesses and the self-employed also fall under the responsibility of the Ministry, together with the administration of Industrial Parks. SMEs constitute the backbone of the Maltese economy with over 97% of business entities falling in this category. The Ministry is actively promoting a less bureaucratic environment, particularly through the development of a Small Business Act and the General Accounting Principles for Smaller Entities (GAPSE).
Contact
Ministry of Finance, the Economy and Investment
Maison Demandols
South Street
Valletta VLT 1102
Tel: +356 2124 9640-5
Fax: +356 2599 8429
E-Mail: info.mfin@gov.mt