“Digitalisation is a new reality we cannot ignore. So, the question is not if, but how and when”, said Finance Minister Edward Scicluna during the ECOFIN meeting in Brussels. The Council meeting was discussing the European Commission’s proposal on introducing a tax on digital services of leading international companies.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

Minister Scicluna reiterated Malta’s call that such an initiative should rather be based on an international consensus within the OECD. Minister Scicluna cautioned against haste since many issues remain unresolved.

The ECOFIN Council adopted Council Conclusions ahead of the COP24 conference on climate change scheduled to be held in December 2018. In this context, the European Commission noted that it already provides funding to developing countries to the tune of EUR 20.4 billion in 2017.

Preceding ECOFIN, EU finance ministers discussed with their EFTA counterparts, fintech, opportunities, and challenges of the financial sector and economic growth.

Meanwhile, on Monday, Minister Scicluna participated in the Eurogroup meeting which also discussed the draft budgetary plans submitted by the Italian Government.

In the margins of ECOFIN, Minister Scicluna held a bilateral meeting with European Commissioner for Economic and Financial Affairs, Taxation and Customs, Pierre Moscovici.

Finance Minister Scicluna was accompanied by Malta’s Permanent Representative to the European Union Daniel Azzopardi.