The Government is committed to ensuring that Malta’s taxation system is as business friendly and streamlined as possible to facilitate and attract investment, said Finance Minister Prof. Edward Scicluna.

Prof. Scicluna was speaking during the closing address at the MIM Malta International Taxation Conference 2014 titled “Latest Developments in International Tax Law” which was held today, at the Westin Dragonara.

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During his address, Prof. Scicluna emphasised the importance of boosting Malta’s attractiveness as a place where both local and foreign enterprises can invest. He said to this end, the Government is looking towards streamlining the tax system in a manner as to make it less cumbersome, especially with regard to micro enterprises and SMEs.

“Small enterprises are the lifeblood of our economy, and we need to ensure that Malta is well positioned to encourage them, and their counterparts in other countries, to invest in Malta,” Prof. Scicluna said.

Prof. Scicluna also emphasised the importance of further nurturing and developing specialised education. “Malta needs to be more open to certain specialisations and not be afraid of enabling certain professions to specialise even further. The role of the traditional General Practitioner is diminishing in today’s world,” he emphasised.

Prof. Scicluna noted in particular that the financial services industry will be one of the main drivers in Malta’s growth in the coming years, and in order to increase Malta’s attractiveness, the Government would be working to further decrease the level of unnecessary bureaucracy and timeframe of response.

– Thursday, 6th March, 2014