“Malta is very competitiveness-oriented and considers international dimensions during decision-making. We are a very small country, but with a strong will to survive and that is why we scrutinise thoroughly each EU’s legislation proposals.” This was stated by the Minister for Finance Scicluna when addressing the Malta Maritime Summit 2018. The Summit was held at The Grand Hotel Excelsior in Floriana on October 4th 2018, a day dedicated to finance and taxation.
PRESS RELEASE BY THE MINISTRY FOR FINANCE
The Minister explained how the fight against tax avoidance continues, even though Malta’s aim is to remain competitive. We have therefore accepted amendments to our legislation, such as The Anti-Tax Avoidance Directive (ATAD) 1 and 2, with the former being transposed at the end of this year, and the latter in early 2019. Edward Scicluna highlighted that, nonetheless, taxation will remain within Malta’s remit.
“Malta is willing to discuss international issues with international organisations, and is against the quick fixes being proposed by the EU, such as the Financial Transaction Tax or the digital tax. We are more observant on what is currently occurring, we analyse the implications and ask the appropriate questions without rushing to conclusions”, stated the Minister.
The Minister remarked that Malta has managed to address its problems at the appropriate time and the government has achieved a lot in a short time span of five and a half years. Malta is capable of grabbing opportunities, even with the new sectors of blockchain and cryptocurrency.
Minister Scicluna concluded his address by discussing how “Malta, having the lowest unemployment rate in Europe and with an economy growing at a rate of 6%, is becoming a central hub for investment, both local and foreign. Our biggest asset is human resources, with professionals and practitioners being the backbone of this industry.”