Malta loses Dyson’s £3 billion empire but Muscat is proud to have gained World-Bank-blacklisted Shiv Nair
More big, significant news about Malta in the international press: James Dyson is moving his £3 billion corporation out of Malta and back to the UK.
Did you even know it was here? That’s right, you didn’t. Nobody saw fit to boast about it when it happened. And lack of this kind of information was the reason Labour got away with its crap ‘Brazil 0’ campaign accusing the Gonzi government of failing to bring companies to Malta.
The trouble is that the only thing Labour and its supporters understand is a factory actually making Dyson vacuum cleaners in Malta. To them, that’s worth more and is more significant than moving the business here for tax and administration purposes while the manufacturing takes place elsewhere.
Now Dyson – a good, solid European name you can really use to boost financial services in Malta – is pulling out. Has the Labour government had any discussions to keep Dyson here? I’ll bet not.
Meanwhile, the half-wits and the short-sighted who occupy more than half the space on these islands are so very pleased because the government has entered into a questionable deal with China to have PV panels assembled (not even made) here by people on the minimum wage, from parts imported from China.
We lose Dyson’s £3 billion empire and gain a cheap-labour, no-skills assembly workshop owned by a Chinese company.
THIS IS MONEY (link below)
James Dyson ready to bring his £3 billion empire back home to the UK after a stint in Malta
By Alex Hawkes
PUBLISHED: 21:37 GMT, 5 October 2013 | UPDATED: 21:37 GMT, 5 October 2013
James Dyson is bringing his £3 billion technology empire – including his famous bagless vacuum cleaners – back to the UK after moving its ownership offshore four years ago.
The original move to Malta in 2009 was widely seen as a measure designed to avoid UK tax, though Dyson declined to comment about it at the time.
Recently filed accounts for Dyson James, a key UK subsidiary, said that the group is to be restructured again this year to bring it back under UK control.
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Read more: http://www.thisismoney.co.uk/money/news/article-2445672/James-Dyson-ready-bring-3-billion-empire-home-UK-stint-
http://www.timesofmalta.com/articles/view/20131007/local/government-publishes-economic-partnership-programme.489386#.UlLPK8saySM
Muscat hints at increase in indirect taxation.
Oh look, 36 million saved from the BWSC plant. Austin got it right after all.
And it was never said that the Chinese factory to assemble the PV panels would employ Maltese workers.
During the PN administration when a factory or company was about to open shop in Malta, it was always stated how many new jobs the new enterprise would providing for the Maltese. Nothing has been said in this regard regarding this Chinese factory assembling solar panels. My suspicion is that they will be getting Chinese workers to work in it.
Of course not, but when citizenship is up for grabs, they’ll be naturalised Maltese.
Cunning plans, just me, cunning plans.
Or they can do a Mrs Mizzi – marry a Maltese and wait 5 years.
Mrs Konrad Mizzi became a Maltese citizen in 2006.
I had no clue Dyson operations were registered here in Malta. Why did the PN government never mention this fact? It is a world-ranked blue chip company with more room for massive exponential growth.
In the UK and the US, people don’t speak about buying a vacuum-cleaner. They talk about their Dyson.
The MLP is still obsessed with factories and manufacturing. That is what Mintoff taught them.
But those days are long gone. China has a supply of 1.3 billion workers migrating in millions from the rural areas to the urban areas of the East. These massive numbers can sustain the manufacturing requirements of the entire world at a very low cost.
I have known about the Dyson investments since this article appeared in http://www.thetimes.co.uk.
Offshore ruse could save Dyson children millions
Nicholas Hellen Published: 9 September 2012
Comment (1) Print
Sir James Dyson. His fortune is estimated at £2.65 billion (Adrian Sherratt)Sir James Dyson’s fortune is estimated at £2.65 billion (Adrian Sherratt)
SIR JAMES DYSON, the inventor of the bagless vacuum cleaner, has set up an offshore company to channel a substantial portion of his £2.65 billion fortune to his children, potentially saving them millions in tax.
Dyson, 65, has established a firm in Malta that could legally avoid the payment of inheritance tax or a tax on dividends. A financial expert said up to £500m could be transferred.
Where’s Chris Cardona? Dyson carries more patents than any competition at the moment.
The plausible cutting edge scenario being explored looks at ways centralised manufacturing and assembly can be transformed into clustered 3D printing.
Soft manufacturing, memory mould prototyping and all the technological R&D it implies however, require visionaries like Dyson.
I’m sure Toly and Methode aren’t happy about this. His products are painstakingly beautiful, it was right up their street.
What gets to me is how cheap imitations are the norm over here, work considered a liability, except for the uberwagens of course.
http://www.youtube.com/watch?v=_ULm6QrC428
Jozef, you got carried away…Dyson had/has his company registered in Malta to avoid paying higher taxes in the UK. He’s considering to pull out. There are no manufacturing plants here in Malta.
My conservative guesstimate, based on a £3 billion investment, is that we would be losing around €10 million in company tax plus the multiplier effect of having a company registered here.
I hate to be the “uccello di malaugurio”, but I’m told that a leading and established manufacturing company in Malta has pulled out five products from its plant to be manufactured in some East European country instead. That’s some thirty employees who will be fired in the coming months, and €5 million worth of exports going down the drain.
While this is happening, our prime minister is busy preparing surprises for the next budget…like a 15% tax on property rent income. I would be surprised if he finds an acceptable excuse not to lower the utility bills.
Now that leaves a vacuum.
Now that really sucks, Joseph.
Baxxter, you beat me by 4 minutes. Great minds.
That really sucks.
Vacuum cleaners giant pulling out of Malta?
Not to worry.
Joseph Muscat will sweep this news under the carpet.
Re: The World-Bank-blacklisted Shiv Nair:
I was listening to Mr Saying-it-as-it-is interviewing Prime Minister Muscat.
He rhetorically asked him whether he approved the appointment of Jeffrey Curmi as the next AFM Commander because ‘as has been reported’, he is a family friend of his.
I was waiting (in vain) for him to ‘grill’ Joseph Muscat about the reported bad publicity surrounding the government’s consultant Shiv Nair.
Then I thought, fat chance.
These are early signs that Malta’s days as a financial services are numbered. Membership in the EU is so much more about obligations than it is about rights. We cannot just have the cake and eat it. Unless we play ball with the bigger countries, they will not play ball with us and in doing so, they will simply leave us watching from the sidelines.
Our tax regime was previously approved by the big guns. Today, it is under fire, together with Luxembourg and Cyprus, by the very same countries that sanctioned our onshore offshore regime. Tax avoidance has become too costly in a post recession Europe that has had to implement austerity measures. The big countries are looking at plugging tax leakage. Yet there is more to it than that.
Malta js letting its standards slip. Lets face it, Muscat is hardly half the statesman that Gonzi was. The Commissioner from Malta turned to be a scum bag. Malta has become a xenophobic hell hole for immigrants as we have politicians bent on breaching human rights if allowed. Add on the fact that we are becoming a pariah member state by aligning ourselves to the Chinese and and other dubious North African countries. The diplomatic corps has been quite literally decimated and ha been turned into a body (corpse is more appropriate) of philistines and political appointees. The army and police force have lost their independence. We do not look very European any longer do we?
So why should our lucrative financial services sector be allowed to go on prospering? The recession was bad enough and out of anyones control (although I could argue about that) but what we are doing to Malta is being done by ourselves. Anyone with enough sense is hedging his bets and looking at taking at countries that are able to project a more stable outlook. All the work and investment that took place in the two post 87 legislatures is fast being destroyed and it will be years, no generations, before it can be rebuilt.
Like the dog in the proverb, we have given ourselves a bad name, so let’s not be surprised when they hang us.
The points you make are accepted and realistic. However, we are now ruled by a bunch of yahoos. I have just returned and the atmosphere is scary, fearful and worriesome.
While abroad, my colleagues asked about Malta’s future under the socialist government. I could only shrug my shoulders and shake my head.
You’re so right.
Is Muscat going to clock Dyson as negative, too? Is he going to tell him to be positive?
Isn’t it obvious just where this “positivity buzz” is coming from?
Enforcing on others the old western tactics of “I am right, you are wrong,” whilst being so very lateral about everything else?
The game, played this way, is so very, very wrong.
The people playing it so very, very sly. This team is seven sometimes Six.
Diabolical.
Their deception almost worked for them. But now it’s out.
Look beyond the obvious.
Not even Labour voters voted this in.
This game only works with a positive Value filter, and they have replaced that with a negative value filter.
They have learnt from the source, but the way they are applying it is not morally pure.
No Medals for this corrupt mob.
This amoral regime of `pimps, thieves and scoundrels` have latched onto a few dubious characters and their party tricks which have contributed to the rise of this fascist gang: It will also contribute significantly to their rightfull and legitimate downfall.
Now we must welcome and enjoy what the Maltese wanted.
Now its to late.