Min­is­ter Sci­cluna par­tic­i­pates at the 13th ASEM- EU Fi­nance Min­is­ters meet­ing in Sofia

The Malta Business Weekly - - FRONT PAGE -

On 26 April, Min­is­ter Ed­ward Sci­cluna par­tic­i­pated at the 13th ASEMEU 2018 Fi­nance Min­is­ters meet­ing, held in Sofia, Bul­garia. The meet­ing brought to­gether the fi­nance min­is­ters from Europe and Asia to dis­cuss is­sues of mu­tual in­ter­est. The min­is­ters cov­ered a num­ber of top­ics, no­tably the cur­rent eco­nomic sit­u­a­tion, dig­i­tal tax­a­tion and ad­dress­ing the risks and vul­ner­a­bil­i­ties of the fi­nan­cial sys­tem such as cy­ber se­cu­rity.

Dur­ing the ses­sion ded­i­cated to tax and the digi­ti­sa­tion of the econ­omy, Min­is­ter Sci­cluna ad­dressed the ple­nary wel­com­ing the OECD re­port on Tax Chal­lenges Aris­ing from Dig­i­tal­i­sa­tion pub­lished ear­lier this year. He noted that the digi­ti­sa­tion of the econ­omy poses a num­ber of chal­lenges not least tax­a­tion ones. How­ever, one should first de­ter­mine whether th­ese tax­a­tion chal­lenges are lo­cal or more wide-spread.

Min­is­ter Sci­cluna said that the is­sue has first to be ring-fenced. He ques­tioned the need to go for the quick-fixes that are cur­rently be­ing ex­plored. Malta is in favour of long-term per­ma­nent solutions which are agreed to by in­ter­na­tional con­sen­sus un­der the aegis of the OECD. This does not nec­es­sar­ily mean that find­ing them should take a long time. Rather, what Malta is propos­ing is find­ing long-term solutions that can be at­tained ex­pe­di­ently with­out caus­ing un­nec­es­sary dis­rup­tions and dis­par­i­ties within and out­side the EU.

Newspapers in English

Newspapers from Malta

© PressReader. All rights reserved.