Brian Tonna & Co., the independent accounting firm, has opened its second office at the Tower Business Centre in Swatar to accommodate the company's audit and international tax departments. The new premises will complement the company's operations in Marsascala.

The move comes just a few months before the firm hosts the European tax conference of Nexia International in Malta. Around 65 tax professionals and partners from all over Europe are expected to attend.

The seminar will serve as a good opportunity for Malta to promote its strong financial services potential. The firm became a member of Nexia International, the worldwide network of independent accounting and consulting firms, in 2007. The network boasts over 500 offices in more than 100 countries. Nexia International organises three tax conferences every year: two in Europe and a world conference.

Brian Tonna established his firm in 1992. It grew sufficiently for two other partners, Manuel Castagna and Karl Cini, to join from within its ranks. A team of professional staff also supports the firm that provides accounting, auditing, consultancy and fiduciary services to local and foreign clients. The headcount currently numbers 30.

The new premises were officially inaugurated on Monday by Parliamentary Secretary Jason Azzopardi, who said that financial intermediary services contributed 5.1 per cent to Gross Value Added in the first half of the year. The increase was evidence of the sector's resistance in the downturn. In 2008, the financial sector's workforce made up 3.8 per cent of the working population, a considerable increase from the 2.7 per cent of the previous year.

The Malta Financial Services Authority has issued 402 licences. Financial and monetary institutions now number 22, up by four in 2006. Their combined balance sheet has seen a growth of 10 per cent every year for the last three years.