Malta received endorsement of its Tax System by the EU
15 December 2017
PANA Committee has recently confirmed that the Maltese tax system conforms to International and EU standards as well as having the expected level of international standard of transparency.
It is important to point out that Malta’s tax system was discussed in detail and agreed to with both the European Commission and with the Member States within the Code of Conduct Group which reviews tax measures to enable a determination as to whether they are harmful in terms of the Code of Conduct for Business taxation. In fact, it was concluded that Malta’s tax system is fully transparent and based on statutory rules rather than an administrative discretion as has been the case in certain jurisdictions.
The report also stated that Malta’s exponential growth of the financial services industry and other key economic sectors is driven by a number of critical success factors but particularly lead by innovation, a robust operational infrastructure all within a dynamic business environment. The country’s success is also driven by the accessibility and efficiency of the relevant regulatory authorities, the presence of comprehensive legal and regulatory frameworks include the various innovations.
These developments augur well for Malta’s ambition to sustain the achievement of significant economic success and continue to play an important regional and international role in this increasingly globalised business world.