The Malta Fund Industry Association, the Malta Association of Retirement Scheme Practitioners, and the Society of Trust and Estate Practitioners have welcomed the recent endorsement of the island’s tax system by an EU parliamentary committee.
The validation of Malta’s tax system was given by the European Parliament’s Committee of Inquiry into Money Laundering, Tax Avoidance, and Tax Evasion, said Finance Malta, the island’s financial services promotional agency.
It said in the conclusions to its final report issued on November 8, 2017, the Committee said Malta’s tax system is in line with current international and EU standards as regards harmful tax competition.
The Committee also said Malta has transposed relevant EU rules into domestic law and respects OECD standards on transparency, anti-money laundering, and countering the financing of terrorism.
The industry groups noted that Malta’s tax system was subject to unfair criticism and speculation leading up to the appointment of the EU Committee, and said the Committee’s report has now definitively laid this criticism to rest.
by Amanda Banks, Lowtax.net, London
21 November 2017