Proposed anti-tax avoidance package by the European Commission contains several elements to fight base erosion and profit shifting that will work towards a common EU position on tax havens and also will make an impact on Malta’s economy.
Finance minister of Malta, Edward Scicluna pledged that Malta will resist any attempt by the European Commission to reduce sovereignty over its own fiscal affairs. He explains: „Malta’s relatively low taxation rates in and of itself shouldn’t be considered an abusive, harmful or unjust practice.”
Further more he announced that they will not accept any form of tax harmonisation or any changes to their tax system. „This will remain a crucial argument, and we won’t allow anyone to cross this red line,” Malta’s finance minister.
Maltese deputy Mario de Marco agrees and states that Malta already had updated its laws to become an onshore legislation, and that they are deemed compliant with EU law.