Minister Scicluna returns to the European Parliament as
President of the Council of Economic and Financial Affairs (ECOFIN)
to expound the Presidency programme
Minister for Finance Edward Scicluna appeared before the
Economic and Financial Committee of the European Parliament (ECON)
in his capacity as President of the Council of Economic and
Financial Affairs Council (ECOFIN). Minister Scicluna had served as
Vice-Chairman of the ECON for four years when he was a Member of
the European Parliament (MEP).
In replying to questions put forward by a number of MEPs,
Minister Scicluna addressed various issues ranging from Brexit,
taxation, banking regulations, the Capital Markets Union, and the
promotion of investment within the EU.
With respect to statements made by a number of MEPs regarding Malta's tax system, the Minister
reiterated the fact that the Maltese taxation regime could not be
compared to a classical tax system. He stated that the
Presidency is determined to promote sound fiscal policies,
investment, and structural reforms for the benefit of the economies
within the EU. He reiterated that the EU and the euro area both
need a well-functioning Banking Union, as well as a
Capital Markets Union. While calling for the bolstering of
confidence in the Banking Union, the Maltese Presidency will be
making as much progress as possible on the legislative proposals
regarding the Capital Markets Union Action Plan.
With regard to investment, Minister Scicluna stressed the
importance of the European Fund for Strategic Investment (EFSI) and
said that the Presidency is looking forward to engage on both the
Structural Reforms Services Programme, as well as the mid-term
review of the European Investment Bank's external lending
mandate. He also noted that the Presidency is ready to start
discussions over changes to the European Venture Capital Funds and
European Social Entrepreneurship Funds, and is also looking forward
to receiving proposals from the European Commission on Fintech
regulation, including Blockchain and crowdfunding, and
Source: PRESS RELEASE ISSUED BY THE MINISTRY FOR FINANCE /
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This Q&A gives an overview of key recent developments affecting doing business in Turks and Caicos Islands as well as an introduction to the legal system; foreign investment, including restrictions, currency regulations and incentives; and business vehicles and their relevant restrictions and liabilities.
On January 16 2016 the European Union implemented the Joint Comprehensive Plan of Action, which scaled back sanctions on Iran and marked the country's return to international capital (and other) markets.
The Turks and Caicos Islands ("TCI") are a British Overseas Territory. The territory's legal system is based on English common law supplemented by local statutes.
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