Accountants play vital role across Gib’s economy and recruitment is key – Arias Vasquez

A “strong pipeline of local talent” is essential to the long-term development of accountancy in Gibraltar, Business Minister Gemma Arias Vasquez said, as she highlighted the profession’s essential role across all areas of Gibraltar’s economy.

Mrs Arias Vasquez was addressing the annual dinner of the Gibraltar Society of Accountants on the Sunborn last Thursday, where guests included the Governor, Lieutenant General Sir Ben Bathurst, Justice, Trade and Industry Minister Nigel Feetham and Opposition MP Roy Clinton.

As in previous, speakers at the dinner reflected the recruitment challenges and the importance of encouraging Gibraltarian youngsters to consider careers in the accountancy sector.

“Many firms, particularly the smaller ones, have found it difficult to retain talent after recruiting from abroad,” Mrs Arias Vasquez said.

“We understand that the workforce retention is not yet just about salaries but also about creating an environment where professionals see Gibraltar as a long-term career destination.”

“The Government is actively exploring ways to help alleviate these retention challenges to ensure that firms can maintain the skilled professionals they need to thrive.”

“Additionally, we are actively looking at ways in which we can minimise the bureaucratic burden on businesses, particularly when it comes to responsibility recruiting staff.”

“We also recognise the importance of encouraging more people to study accounting and finance and to pursue ACCA qualifications.”

Moe Cohen, the president of the GSA, reflected on the recent careers fair and how accountants “were present at every turn” in stands representing all sectors of the economy, from financial services to faming and public sector initiatives.

“This was a clear reminder of how integral our profession is to the success of the industries that drive Gibraltar's prosperity,” he said.

Mr Cohen highlighted the growth of Gibraltar’s economy despite “fierce” competition, adding accountants were “right at heart of it”.

“We provide the essential advice, the financial clarity and the strategic insights that allow businesses and individuals to navigate complexities and make informed decisions,” he said.

“However, as we know all too well, the global economic landscape is changing rapidly and in order to remain competitive, Gibraltar must continue to attract and retain the best, brightest talents.”

Mr Cohen said it was vital that Gibraltar continue to attract “top tier talent” to remain “ahead of the curve with minimal bureaucracy”.

He said the Gibraltar Finance Summit earlier this year had offered “an important and visionary step” in positioning Gibraltar as a leader in financial services, underlining again the key role played by accountants.

“Our advice, experience, creativity and guidance added significant value to the conversations surrounding the future of financial services in Gibraltar,” he said.

“The summit brought together experts from all corners of the industry to address the challenges and opportunities presented by new technologies, evolving regulations and continued lack of certainty given the ongoing EU treaty negotiations and rapidly changing global financial landscape.”

Mr Cohen spoke too of the challenges and opportunities offered by artificial intelligence and how this would mean change in the role of accountants as more tasks became automated.

“We are no longer just number crunchers,” he said.

“We are advisors, we are strategists. We are trusted partners to the businesses that we serve.”

“The ability to combine our expertise with cutting edge technology will be essential for us to stay relevant and continue providing value.”

And he added: “As we look ahead, we must remain committed to adapting to the ever-changing landscape of the Gibraltar of the business sector.”

“We must continue to embrace new technologies, stay ahead of regulatory developments and foster a culture continuous of continuous learning and professional growth.”

Elsewhere in her speech, Mrs Arias Vasquez offered some views on Gibraltar’s economy, echoing a comment made by Justice, Trade and Industry Minister Nigel Feetham last week who said corporate tax revenue was expected to surpass £160m this year for the first time ever.

“Combined with personal tax revenues, total tax receipts at the end of our last financial year have now reached nearly £411m,” she said.

“That is an incredible figure.”

“Despite the global and indeed local uncertainties we have all had to navigate, our economy has continued to grow.”

Mrs Arias Vasquez said Government engagement with professionals had led to “real practical change”, citing for example the increase in audit threshold levels to £1.75m.

“So I take this opportunity today to call on you, our accountants and some of Gibraltar's most talented minds, to approach me, write to us and suggest to us your ideas,” she said.

She added that the recently published Strategic Plan for Business 2024-2027 set out a roadmap focusing on key areas including ensuring Gibraltar’s regulatory and tax framework maintained high compliance standards while remaining competitive and supportive of businesses; prioritising digital transformation and modernising processes; developing Gibraltar’s workforce; and ensuring economic resilience.

And she acknowledged too the continued uncertainty over the Brexit treaty negotiation, though she offered no new insight into the progress of the talks.

“The negotiations have been long and complex, but our position has not changed,” Mrs Arias Vasquez said, adding that while the desired outcome was to reach agreement, Gibraltar was also preparing for the possibility of no deal.

“We want a safe, secure and beneficial agreement, but we will not accept any deal that undermines our sovereignty, jurisdiction or control.”

“Our priority remains ensuring that businesses, professionals and citizens have the certainty and stability they need to plan for the future.”

And she added: “We want to do a deal, of course we do.”

“But if an acceptable and importantly a beneficial deal is on the table, we would have already done the deal.”