The HSBC Malta Foundation has partnered with Mater Dei Hospital to sponsor custom-designed mugs aimed at raising awareness about the critical importance of recognising and acting immediately in the case of a stroke.
The mugs, which carry clear messaging to dial 112 at the first signs of a stroke, are being distributed among healthcare professionals and the public as a practical reminder of the life-saving value of timely action.
Strokes are one of the leading causes of long-term disability and death in Malta, but research shows that if patients receive emergency treatment within the first few hours of symptom onset, such patients have significantly improved functional outcomes and reduced disability compared to those who do not receive these interventions. In some cases, with timely intervention, a significant neurological deficit can be reversed.
Perit Joseph Attard, COPM at Mater Dei Hospital, said: “This is a simple yet powerful awareness campaign that underscores an urgent truth: time is brain. The faster someone seeks emergency care when experiencing stroke symptoms, the greater the chances of full recovery. We’re grateful to the HSBC Malta Foundation for supporting this initiative, which aligns perfectly with our mission to save lives through education and rapid intervention.”
“We are proud to support Mater Dei Hospital in its efforts to promote stroke awareness. These mugs are more than just a daily item, they’re a visual cue that could prompt someone to act quickly and save a life. We believe that small, well-targeted actions like this can lead to a big impact in public health outcomes,” added Glenn Bugeja, Secretary of the HSBC Malta Foundation.
The mugs were presented to Perit Joseph Attard during a brief ceremony in front of the Stroke Ward at Mater Dei Hospital some weeks ago, reinforcing the ongoing collaboration between the national health service and corporate partners committed to improving community wellbeing. Dr Malcolm Vella – Clinical Chairman Department of Neurosciences, Consultant Neurologist and Clinical Neurophysiologist, and top-level nursing staff of the Stroke Ward were also present for the presentation.
This initiative forms part of the HSBC Malta Foundation’s broader health awareness efforts, with a particular focus on prevention, education, and timely access to care.
On Friday 18 July 2025, Her Excellency Myriam Spiteri Debono, President of Malta, officially inaugurated the 15th edition of the BOV Volleyball Marathon in aid of Id Dar tal Providenza. Forty players, selected from a total of seventy applicants, started the challenge of 53 hrs of non stop volleyball.
In a short speech at the opening of the marathon, the President of Malta, H.E. Myriam Spiteri Debono described Id Dar tal Providenza as a pioneer of inclusion in Malta. The President remarked that the Maltese and Gozitan people are aware of and grateful for the hard work carried out by Id Dar tal Providenza for the benefit of its residents and their families.
President Myriam Spiteri Debono stressed the need for the Maltese people to continue to understand the difficulties that persons with disability and their relatives are going through, while appealing for the generosity of the Maltese and Gozitans so that Id Dar tal Providenza can continue to assist and offer a dignified life to these persons, and be a relief to their families.
In his inaugural address Mgr Martin Micallef, Director of Id Dar tal Providenza welcomed all those present to the 15th edition of the BOV Volleyball Marathon which he described as an annual appointment of sport, solidarity and generosity in support of a cause that is truly close to the hearts of all the Maltese. He added that this year is particularly special, not only because Id Dar tal Providenza is celebrating 15 years of this marathon, but also because it is marking a historic milestone – the 60th anniversary of the founding of the Home by the visionary priest Mgr Mikiel Azzopardi. Sixty years ago, Mgr Azzopardi dreamed of a home where persons with disabilities would be not only cared for but respected, included, and treated as full members of society.
Today, that dream lives on, stronger than ever. Over the next 53 hours, forty dedicated players will give their all, not just for the love of volleyball, but also to support a just cause. Their endurance, commitment, and team spirit mirror the very values at the heart of Id Dar tal Providenza – the sacredness of life, respect for all, support for families, and a community spirit that empowers persons with disabilities to live with dignity, autonomy, and inclusion. Mgr Micallef thanked all those who made this event possible: Bank of Valletta the main sponsor of this event, the organising committee, the players, volunteers, sponsors and the media.
Kenneth Farrugia, CEO of Bank of Valletta, stated that the Bank is proud of its long standing relations with Id Dar tal Providenza. This is the fifteenth year that the Bank is supporting this marathon, which exemplifies the link between sport and volunteering.
Mr Farrugia added: “As a leading Bank in Malta, we believe it is our responsibility to give back to the community and in this way support Id Dar tal Providenza and the invaluable work done in carrying out its mission. The Bank remains committed to foster this partnership that ties in well with its values, in particular inclusion, and continue helping the more vulnerable members of society.”
Present for the official opening were the Hon. Julia Farrugia, Minister for Inclusion and the Voluntary Sector, the Hon. Dr Jo Etienne Abela, Minister for Health and Active Ageing, the Hon. David Agius, Deputy Speaker and Shadow Minister for Sports, the Hon. Graziella Galea, Shadow Minister for Inclusion and the Voluntary Sector, the Hon. Rosianne Cutajar, Mr Kenneth Farrugia, CEO of Bank of Valletta the main sponsor of the Marathon, Mr Ernest Agius, Chief Operations Officer at Bank of Valletta, representing the BOV Foundation and the Vice-Mayor of Siġġiewi, Mr Ryan Cachia.
In the evening during the three days of the marathon there will be live music on the main stage. On Friday evening from 9:00 pm to midnight, the band Zone 5 will be invited, on Saturday the band Kantera and on Sunday the Spiteri Lucas Band.
On Sunday morning during the marathon, the Archdiocese of Malta will be celebrating the Jubilee of Sport with a fun run for all, that will start at 8.00am from near the San Niklaw Chapel in Siġġiewi and ends up at Id Dar tal Providenza carpark where all those taking part will be given a commemorative medal and will be invited to attend mass celebrated by Archbishop Charles J. Scicluna at the Home’s chapel at 9.30am.
The marathon will be broadcast on the local TV channels.
The public can help by calling the numbers below, using BOV Mobile or PayPal and Revolut or donating online through these Home’s bank accounts. €15 5170 2012 €25 5180 2013 €50 5190 2070 €100 5130 2044 Pledge Line: 2146 3686 BOV Mobile: 7932 4834
For more information about how one can give a donation one can visit the site: www.sabihlitaghti.org.
The Malta Business Bureau (MBB) has welcomed the European Commission’s proposal for the Multiannual Financial Framework (MFF) for 2028–2034.
The plan includes a bigger budget and continued investment in priorities such as Cohesion Policy, the European Social Fund, Erasmus+, the Connecting Europe Facility and the setting up of a new European Competitiveness Fund.
MBB Head of EU Affairs Daniel Debono said: “This proposal gives Maltese businesses an opportunity to benefit from EU funding that supports the green and digital transition, as well as national infrastructure that strengthens competitiveness. The challenge is to make sure these funds reach businesses on the ground.”
The MBB supports a performance-based approach for cohesion policy but insists on safeguards and flexibility. It also calls for social partners to be involved in programme design and for EU funding rules to be simpler and easier to manage.
However, the MBB expressed concern about a proposal to introduce a corporate levy on companies with revenues above €100 million.
“This risks creating a harmful precedent and could discourage investment at a time of economic uncertainty,” Mr Debono warned.
Additional Information on the Multi-Annual Financial Framework
The European Commission has put forward a long-term EU Budget for 2028-2034 worth almost €2 trillion, equal to 1.26% of the EU’s Gross National Income. When the ringfenced line for repaying the EU’s pandemic recovery borrowing (NextGenerationEU) is set aside, planned spending financed by national contributions comes in closer to 1.15% of GNI.
To make access simpler, the Commission wants to cut the current patchwork of roughly 52 funding programmes down to 16 under a more harmonised rulebook.
Spending would be organised under four broad headings: National and Regional Partnership Plans (bringing together cohesion, agriculture and related support); the European Competitiveness Fund; Global Europe (external action); and Administration.
In addition to traditional own resources (customs duties, a VAT-based share and GNI contributions), the Commission proposes raising about €58 billion a year from five new streams: a call on revenues from the EU Emissions Trading System (ETS); a share of Carbon Border Adjustment Mechanism (CBAM) revenue; a charge linked to non-collected e-waste; an EU-wide tobacco excise resource; and a corporate contribution (Corporate Resource for Europe) from companies with net annual turnover above €100 million.
The MFF can only take effect once all 27 EU member states agree unanimously in Council and the European Parliament gives its consent.
To protect customers from fraud and financial crime, Bank of Valletta has introduced new initiatives aimed at enhancing security when customers call the Customer Service Centre or conduct transactions in person at its Branches. The latest initiatives include a more secure customer authentication process when calls are made to the Bank’s Customer Service Centre, along with an SMS notification sent directly to accountholders when they withdraw cash in person at a BOV Branch.
Customers who call the Customer Service Centre are used to replying to security questions before receiving assistance from one of the Bank’s Call Centre Agents. With the recent changes, customers who are registered for BOV Electronic Banking services can log onto their BOV Internet and Mobile Banking once they initiate the call, triggering a legitimate automated process rendered more secure by a customer’s unique login password or biometrics. Customers then identify themselves by stating their name and surname, date of birth and ID number. This combines multiple verification methods in a simpler and faster manner, saving around five minutes of authentication along the way, thereby increasing both efficiency and security simultaneously.
Another recent introduction is the SMS notification being sent out when a transaction occurs over the counter at one of the Bank’s branches. As a result of this new notification service, all cash withdrawal transactions effected will trigger a notification to alert customers and enhance peace of mind and security. This is also very useful in specific instances where a third party can legitimately transact on behalf of the account holder. By means of an SMS on their registered mobile number, customers are being informed of the transaction that has just occurred.
Citing the latest operational improvements, BOV Chief Operations Officer, Ernest Agius, praised the teams involved in improving the Bank’s processes while at the same time enhancing the experience of its customers. “At Bank of Valletta, change is constant. We strive to improve our internal processes, as they, in turn, lead us to better serve our customers. Every process improvement requires time, dedication and commitment from various units across the Bank, and the latest enhancement was a collaborative effort that had one single objective – that of improving customer security. While it is important that customers provide us with the latest updated personal information, and in the case of account notifications, the correct mobile number, we invite our customers who as at today are not registered for BOV Electronic services to call at our Branches or contact our Customer Service Centre to facilitate the registration.”
The Head of BOV Personal Banking Channels, Geoffrey Ghigo welcomed the new initiatives and promised that the Bank will keep on prioritising customer security. “Our 24/7 platforms offer convenience and easy access to finances and also provide real-time account activity. I encourage customers to log in often and check balances and transactions. Authenticating customers when calling our Customer Service Centre is essential. We understand that it may have been lengthy at times, but it remains important nonetheless. The new process is now faster and even more secure. When it comes to over-the-counter transactions, the new SMS notification will offer our customers further peace of mind, offering additional layers of security.”
The Bank reminds its customers that these notifications never ask customers to click on links or visit specific websites. This is in line with the Bank’s continuous efforts to protect customers and encourage them to remain vigilant in the wake of increased fraudulent activity and threats from scammers and fraudsters. If at any time customers become suspicious of any transaction, they are asked to immediately inform the Bank.
A group of HSBC Malta employees have used their voluntary leave day on 24 June 2025 to support the SOAR Service, run by the St Jeanne Antide Foundation (SJAF), in preparing a new retreat space for women and children who have survived domestic violence.
The one-day initiative involved a team of HSBC volunteers helping to clear and tidy the garden of a villa, which SJAF will use to host a live-in retreat focused on healing, empowerment, and connection. The property, which had been unused for some time, required substantial outdoor maintenance to ensure it is safe and welcoming for its vulnerable guests.
The HSBC Malta team assisted with removing overgrown vegetation, trimming bushes and trees, clearing debris, and generally restoring the outdoor space, working under the guidance of SOAR’s coordinators. Gardening tools and safety equipment were provided through joint effects by SJAF and the bank.
Dr Paula Mamo, Deputy Chair of the HSBC Malta Foundation, said: “We are proud to support the SOAR Service, not only financially but also by giving our people the opportunity to contribute their time and energy. This is more than just a clean-up, it’s a show of solidarity with women and children rebuilding their lives after trauma. Our team is honoured to play a small part in helping create a space where healing can begin.”
Shakira Fenech, Head of the SOAR Service, expressed her gratitude: “This retreat will offer survivors of domestic violence a rare chance to reconnect with themselves and others in a peaceful and supportive environment. The help from the HSBC team is invaluable not only in preparing the space physically, but in affirming the community’s belief in these women’s strength and potential. We are truly thankful.”
SOAR is a survivor-led support service that forms part of the St Jeanne Antide Foundation. It offers holistic, long-term support to women and children who have experienced domestic abuse, with services ranging from one-to-one support and peer-mentoring to community events, training, and advocacy.
The European Investment Bank (EIB) and Bank of Valletta have announced a new partnership to strengthen access to finance for medium-sized companies in Malta. Under the agreement, unveiled on Friday, 14th July 2025, by EIB Vice-President Kyriacos Kakouris and Bank of Valletta Group CEO Kenneth Farrugia, the EIB will provide a €30 million guarantee to support the creation of a new lending portfolio of up to €60 million. This is made possible through a linked risk-sharing structure that facilitates financing for newly originated transactions with eligible large mid-cap beneficiaries. Highlights of the scheme include:
EIB provides €30 million guarantee to support Bank of Valletta’s lending to Maltese medium-sized companies
Operation expected to generate up to €60 million in new financing under a linked risk-sharing structure
Initiative strengthens mid-cap access to finance and supports long-term economic resilience in Malta
This initiative is designed to enhance the working capital and investment capacity of Maltese mid-sized firms, which play a critical role in the country’s economy and job market. They are critical to Malta’s economic resilience, innovation, and employment landscape. The new facility will help address liquidity gaps and unlock new opportunities for growth.
EIB Vice-President Kyriacos Kakouris said, “This agreement is a strong example of how the EIB and commercial banks can work together to strengthen Europe’s local economies. By partnering with Bank of Valletta, we are channelling fresh financing to Maltese businesses that contribute to drive growth, innovation, job creation, and long-term sustainable development in Malta.”
Eligible companies will benefit from more favourable financing conditions, such as increased funding volumes, and favourable terms and conditions. For Bank of Valletta, the risk-sharing arrangement enables more efficient use of capital and balance sheet capacity, allowing for additional lending to the real economy. The operation also helps reduce risk-weighted assets and supports the bank’s strategic goal of enhancing credit access for local businesses.
Kenneth Farrugia, elaborated further by saying, “As Malta’s leading financial services provider, we are committed to supporting the growth ambitions of local businesses. This strategic partnership with the European Investment Bank is the first of its kind in terms of risk sharing instruments targeted at larger mid-sized firms, a vital segment of the Maltese economy. The risk-sharing structure not only boosts our lending capacity but also improves access to credit for businesses seeking to innovate, invest, and scale up their operations. This initiative directly supports our mission to foster long-term economic sustainability and empower local enterprises to thrive in a dynamic global environment.”
This operation is in line with Bank of Valletta’s long-standing role as a key enabler of national economic growth. With a wide-reaching branch network and deep roots in the local economy, BOV continues to support large midcaps through tailored financial solutions and strategic collaborations, such as this agreement with the EIB.
Bank of Valletta continues to strengthen its culture of engagement among its people through events that foster teamwork, creativity, and engagement. The latest such activity was the BOVSSC Quiz Night, now in its third edition, held at the Qawra Palace Hotel. This event, which was organised by the Bank’s Sports and Social Committee (BOVSSC) team in collaboration with Outdoor Living, has grown in popularity over the years, with participation hitting new records in 2025 with 47 teams and 280 employees from across the organisation coming together for a night of fun and friendly competition.
Designed to promote cross-functional collaboration and camaraderie, the Quiz Night challenged participants with trivia questions that tested not only general knowledge but also quick thinking and creativity under pressure. Adding to the vibrant atmosphere, teams arrived in themed costumes, with top awards handed out for the most original and eye-catching group outfits. The winning teams were The Interchangeables coming in 3rd, team Away took the second spot, while Investaholics were crowned overall winners.
Speaking at the event, Ernest Agius, Chief Operations Officer and President of the BOV Sports and Social Committee (BOVSSC), underscored the broader significance of such initiatives, “Beyond the fun and games, initiatives like these are a powerful way to nurture employee connection, belonging, and a shared sense of purpose. They reflect the strong spirit within our Bank and reinforce the importance we place on building a great workplace culture, truly living up to our promise to being the employer of choice in Malta.”
As Bank of Valletta continues to roll out its calendar of internal events, the BOVSSC remains focused on delivering initiatives that enhance employee experience and promote a thriving, inclusive environment within the Bank.
In VAT consultancy, technical knowledge is an essential starting point. But technical knowledge on its own can only take you so far.
You can be the most technically equipped VAT professional in the room, quoting articles from the Directive, the Implementing Regulation, or CJEU judgments with ease. Yet, unless you take the time to truly understand your client’s business model; how they generate revenue, who their counterparties are, and what the product or service lifecycle looks like, you risk advising only on the theoretical side of VAT. And that’s where the risks begin.
Why Understanding the Business Matters
VAT is not an academic exercise. It’s a transaction-based tax, and every transaction is born out of commercial intent. As VAT consultants, we are not meant to be passive interpreters of legislation, we must be business interpreters through the lens of VAT.
When advising on whether an exemption applies, or analysing the place of supply, what’s required is more than legal knowledge. It’s commercial understanding. Consider, for example, sectors such as iGaming or Financial Services, where the VAT treatment of transactions depends on detailed distinctions:
Is the operator offering a game of chance or a skill-based platform?
Is a PSP acting as principal or agent?
Are the services automated or involving human intervention?
The nature of the service, the contractual arrangement, and how it functions in practice are all vital.
Asking Questions Should Not Be Feared
One of the most common insecurities early in a consultant’s career is this: “Will the client thinkI’m inexperienced if I ask too many questions?” I had the same concern when I first started advising clients in the gaming sector. I wasn’t familiar with the terminology, live casino vs RNG, sportsbook vs pool betting, or the distinction between B2C and white-label models. So I asked. Then I researched. Then I asked again.
The same happened when I stepped into the world of FinTech. It took time to understand what distinguishes an acquirer from an issuer, what a merchant does, and how a PSP plugs into the value chain. Again, curiosity was key. And here’s the truth: the client prefers that you ask the right questions rather than pretend to know. They can always spot the difference.
Jargon is the First Barrier: Break It Down
Sometimes, during client calls, you’ll hear acronyms or industry terms you’ve never come across. Pause. Ask them to explain. Encourage them to simplify it for you, not because you’re not intelligent, but because precision matters. Misunderstanding a term can lead to misapplying the law. And that could be costly for the client, and your credibility. Even better, after the call, do your own research. Use diagrams. Build a visual map of the transaction chain. Reconstruct the flow of funds. This is where advisory work shifts from generic interpretation to value-added guidance.
The Consultant’s Role Has Evolved
Clients no longer expect just a citation of Article 135(1)(d) or Article 44. They expect insight. They expect industry awareness. They expect you to challenge assumptions, not just tick boxes. Understanding the business isn’t just helpful, it is the foundation of reliable VAT advice.
Final Thought
In our line of work, the legislation remains constant. What changes is the business model. So before jumping to conclusions or interpreting the law, take a step back and observe thebusiness. Study its structure, question its logic, and align your advice accordingly.
Because in VAT, the right treatment starts with the right understanding.
“Payments on account of supplies of goods or services that have not yet been clearly identified cannot be subject to VAT.”
Clarifying VAT on unidentified pre-payments (the BUPA Principle)
This concept is supported by the decision of the European Court of Justice in the BUPA Hospitals Ltd andGoldsborough Developments Ltd v Commissioners of Customs & Excise Case (C-419/02) (“BUPA Case”). In this case, the CJEU ruled that prepayments of the kind at issue in the BUPA Case whereby, lump sums are paid for goods referred to in general terms in a list which may be altered at any time by agreement between the buyer and the seller and from which the buyer may possibly select articles, on the basis of an agreement which he may unilaterally resile from at any time, thereupon recovering the unused balance of the prepayments, is not considered to be a payment on account.
The Advance Provisioning Allowance (APA) in yacht chartering
The above ruling may find its relevance to the concept of advance provisioning allowance (“APA”) in yacht chartering. To begin with, provisioning is a key part of a yacht charter experience and is often facilitated through the APA. The APA refers to a financial arrangement between the yacht owner or operator and the charterer, where a prepayment is made for the procurement of supplies – such as food, beverages, fuel, port fees and other operating expenses, the so-called variable expenses – required for a specific voyage. Furthermore, the APA is generally managed by the yacht’s Captain during the voyage, being responsible for the keeping of records of all expenditure relating to these variables. Any unutilised APA funds are typically refunded to the charterer. Likewise, any excess expenditure may need to be settled by the charterer at the end of the voyage.
VAT implications of the APA: Chargeability and Input Recovery
The question of VAT applicability on the APA itself has been shaped via EU VAT law and rulings of the CJEU, particularly the BUPA Case referred above. As a result, the APA shall be deemed to be a payment on account and in order for the tax to become chargeable when the customer has made a payment on account, all the relevant information concerning the chargeable event, namely the future delivery or future performance, must already be known. Therefore, in particular, when a payment on account is made, the goods or services must be precisely identified. It follows that, payments on account of supplies of goods or services that have not yet been clearly identified cannot be subject to VAT.
Regarding the right to recover input VAT on costs paid using the APA – which right is a key fundamental factor under the EU VAT legislation whereby, it provides for VAT neutrality for taxable persons in relation to supplies of goods and services bought in that are used or intended to be used in the course of their economic activity insofar as the input VAT incurred as a result thereof is attributable to taxable or exempt (with credit) supplies made or intended to be made – insofar as the costs incurred are recharged to the charterer separately at the end of the voyage, then, the yacht owner or operator may be in a position to claim back any input VAT incurred. In this case, the Captain is required to communicate the VAT identification number to the suppliers for the supplies purchased using the APA funds.
Furthermore, costs such as those referred to above namely provisioning costs incurred by the operator or owner of a vessel which is “used for navigation on the high seas and carrying passengers for reward or used for the purposes of a commercial… activities” may fall within the remit of the VAT exemption (with credit) which is governed by Article 148 of Council Directive 2006/112/EC (the “VAT Directive”). However, it is important to note that, such a VAT exemption is not extended to the recharge of these costs when the charterer is a natural person as established by the CJEU in the ‘Bacino Case’ (C-116/10). In general, whilst subscribing to the above, a prudent approach should always be considered when the right of recovery is being exercised on these costs.
Member-State Variations and Practical considerations
It should be appreciated that different Member States may hold different interpretations on whether such a right may be exercised on APA costs and therefore, the practical application of this right may also differ across jurisdictions.
