“While we contend that the OECD is the appropriate institution where global tax matters should be discussed and agreed, we will still evaluate objectively the latest tax proposal by Germany and France on digital advertising by big international compnanies.” This was stated by Minister for Finance Edward Scicluna during the ECOFIN meeting which was held in Brussels. During his contribution to the discussion on the Digital Services Tax, Minister Scicluna also underlined the importance of unanimity—a principle enshrined in the Treaties of the Union—on tax matters.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

ECOFIN also discussed the propsoals under the Banking Union Package, the proposals of which are aimed at reducing risks for banks such as the prevailing issue of non-performing loans.

Minister Scicluna stated that reaching an agreement on the Banking Package is a key deliverable that was agreed upon in 2016, and should therefore unblock the path for further measures to strenghtening the Banking Union. He thanked the Austrian Presidency for addressing a specific issue which Malta had as a result of its limited and illiquid market for subordinated liabilities. “The proposed solution in that respect gives the necessary consideration to the realties of smaller member states.”

Minister Scicluna also particpated in the marathon Eurogroup meeting which met on Monday and lasted till 8 o’clock the following day to conclude its position to strenghten the European Monetary Union.

Earlier in the meeting, the Eurgroup approved the draft budgetary plans of Eurogroup members including the Maltese draft budget which was deemed fully compliant with the rules of the Growth and Stability Pact.

Finance Minister Scicluna was accompanied by Malta’s Permanent Representative to the European Union Daniel Azzopardi and Finance Ministry Permanent Secretary Alfred Camilleri.

Tuesday 4th December 2018