“International communities are at a crossroads to find a balance between data protection of individuals and adopting a transparency policy to combat tax avoidance and evasion. This is being done so as to have a just distribution of wealth and to safeguard citizens from the financing of terrorism”, explained Minister for Finance Edward Scicluna.

 This was stated by Minister Scicluna when addressing a two-day international conference, which was and attended by members of the global professional association for practitioners (STEP) which specialises in family inheritance and succession planning.

The Minister stated that, “Malta has always been in favour of legislating and introducing measures to combat tax avoidance.”

Minister Scicluna said that the closure of the Anti-Tax Avoidance Directive (ATAD) file during Malta’s EU Presidency, and the transposition of the various EU and international directives/regulations, amongst them the transposition of the fourth Anti-Money Laundering Directive (AML IV) and the Markets in Financial Instruments Directive (MiFID), are all proof of such commitment.

The Minister stated that Malta is aware that new technologies present new challenges that need appropriate regulation.

“Malta’s position is in favour of a long sustainable solution in the area of taxation of digital companies”, added Minister Scicluna. He continued by stating that this takes into consideration the globalisation aspect of the sector, rather than going for a quick fix solution which could result in the creation of unfair competition and loss of competitiveness of member states within the European Community.

Friday 13th April 2018