Speaking in a pre-recorded message during the first edition of the Malta Maritime Summit, Minister for Finance Edward Scicluna recalled how the EU emerged from the global economic crisis in worse shape than the US and, in addition, with a spate of legislation aimed at deterring the effects that brought it about. He explained that even though such regulations were devised in order to prevent further damage, including bail-outs, they were stifling a number of sectors, including the maritime and shipping sectors.
PRESS RELEASE ISSUED BY THE MINISTRY FOR FINANCE
Minister Scicluna recounted how companies in these sectors were finding it ever more difficult to obtain credit and even open bank accounts. He reiterated Malta’s aversion to firms creating artificial companies in certain countries without having any meaningful economic activity, in order to reduce their tax exposure and its support and direct adherence to the Anti-Tax Avoidance Directive, as well as the OECD’s anti-Base erosion and profit shifting initiative. However, he insisted that it is within each country’s competence to decide its own rate of taxation and use it to compete with other countries.
Thursday 6th October 2016