Minister Edward Scicluna addresses Financial Services Practitioners

Minister for Finance Prof. Edward Scicluna reiterated that Malta, as a member of the EU, is a financial and tax jurisdiction which has successfully undergone various routine due diligence checks from both the EU and the Organisation for Economic Co-operation and Development.

In his keynote speech, delivered at the 10th Finance Malta Annual Conference, Minister Scicluna said that Malta ranks positively in the Tax Justice Network’s Financial Secrecy Index, which measures tax jurisdictions according to fifteen criteria, ranging from Knowledge of Beneficial Ownership, Corporate Transparency, Efficiency of Tax and Financial Regulations and International Standards and Cooperation.

This, ranking together with a highly-regulated financial sector, bodes well for the continuing success of the financial industries and igaming industries. The Financial Services Practitioners should defend their industry from unfair external criticism.

Regarding Malta’s Presidency of the Economic and Financial Affairs Council of the EU, Minister Scicluna said that Malta succeeded in brokering the Anti-Tax Avoidance Directive II in spite of major hurdles.

Similarly, good progress was reported concerning the drawing up by the EU of a blacklist for third countries, while the Dispute Resolution Mechanism and various Vatrelated files are progressing well.

The Common Corporate Tax Base will feature for a preliminary discussion at next week’s ECOFIN meeting.