Although a country’s effective rate of taxation is not the only factor that attracts investment, it is an important one and Malta believes it should remain within its competence to remain competitive on the international market, said Minister for Finance, Edward Scicluna. He was addressing KPMG’s Biennial Financial Services Conference under the theme ‘Malta’s Financial Services Industry: What’s Next?’, held on Tuesday 1 December 2015 at the Hilton.

Pointing out the rigour and innovativeness that marks Malta’s financial services regulatory regime, the Minister reiterated that Malta supports multilateral agreements to enhance transparency and exchange of information with other countries on tax matters. Furthermore, the country is highly-compliant with regards to the transposition of European legislation in this area, including the Intergovernmental Agreement (IGA) on the Single Resolution Fund.

PRESS RELEASE ISSUED BY THE MINISTRY FOR FINANCE

On the other hand, Scicluna said, Malta expects to be allowed a degree of flexibility in taxation matters. “On this we are going to stand our ground,” said the Minister. “We don’t want big countries to bully smaller countries into accepting the introduction of a minimum level of taxation.”

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Minister Scicluna added that the Government will be consulting very closely with all stakeholders in the financial services sector to ensure that Malta remains competitive.

– Tuesday, 1st December, 2015