MINISTER FOR FINANCE EDWARD SCICLUNA ADDRESSES MEMBERS OF THE INSTITUTE OF FINANCIAL SERVICES PRACTITIONERS

Reference Number: PR180323, Press Release Issue Date: Feb 15, 2018
 
“Malta’s competitiveness in having a well-trained workforce and expertise in place and efficient institutions and businesses, is resulting in the success we are registering in the financial services sector”, said Finance Minister Edward Scicluna while addressing members of the Institute of Financial Services Practitioners at an Efficiency and Innovation Conference, organised by the Institute of Financial Services Practitioners (IFSP).

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Minister Scicluna remarked that the recent OECD International Tax Cooperation Report showed Malta to be among the world’s most tax-compliant countries. The report based its assessment on the absence of harmful tax practices in relation to base erosion in general, a strong commitment in relation to tax cooperation, and on the automatic exchange of information. Professor Scicluna said that Malta has commenced exchanging information in line with the Common Reporting Standard and has an activated information exchange network in relation to country-by-country reporting for multinational enterprises. Moreover, Malta is ranked as being largely compliant when it comes to the exchange of information on request.

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The Minister for Finance said that one should first conclude the Banking Union and the Capital Markets Union before embarking on other ambitious roadmaps.