Budget 2023 should focus on initiatives which enhance Malta’s competitiveness and sustainability, the Malta Institute of Accountants has said in its pre-budget proposals.

The proposals were presented by MIA president David Delicata and other officials, to Finance Minister Clyde Caruana during a meeting held at the MIA’s offices.

The accountants’ body said it had made a number of suggestions intended to enhance the economy’s competitiveness, including the simplification, clarification and consolidation of legislation, the facilitation of family business succession and the reduction of burdens on private operators.

It said it is also calling on the government to identify and implement measures that will contribute towards the country reaching sustainability targets.

These include fiscal benefits that further incentivise the use of environmentally-friendly vehicles and energy-efficient goods.

It called for support to employers who invest in greening their facilities.

In view of Malta’s challenges associated with an ageing population and growing debt levels, the MIA called for measures to support the uptake of private pension plans and help sustain Malta’s social security system.

The institute said that at its meeting with the minister it also discussed various proposed fiscal amendments to streamline the Maltese tax system,  enhance fairness and justice while strengthening Malta's competitiveness.