Speaking at a meeting of the Economic and Financial Affairs (ECOFIN) in Luxembourg, the Minister for Finance, Professor Edward Scicluna welcomed the Council`s decision on the abrogation of the excessive deficit procedure against Malta.

“We promised that we would do it. It was not easy to accomplish, but we are pleased we have managed. Our commitment for the future remains,” Professor Edward Scicluna stated in Council.

Ministers held an orientation debate on the Commission`s March proposal to provide for automatic exchange of information in tax matters, in connection with tax rulings issued by Member States. The discussion aimed to provide political orientation for the ongoing technical work on this dossier. “Malta is committed to transparency in tax matters, but we need to end up with an efficient instrument for tax authorities to administer, whilst avoiding any ambiguity in the definitions” Minister Scicluna said during the meeting.

The ECOFIN meeting was preceded by the Annual European Investment Bank (EIB) Governors’ meeting. Moreover, yesterday a Eurogroup meeting was held dealing with a number of matters including Greece.

For the meetings, the Minister for Finance was accompanied by Permanent Representative of Malta to the EU, Ambassador Marlene Bonnici and the Permanent Secretary in the Ministry for Finance Mr. Alfred Camilleri.

Saturday 20th June 2015