PANA Committee Validation Welcomed

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Malta Fund Industry Association, Malta Association of Retirement Scheme Practitioners and the Society of Trust and Estate Practitioners also welcome the PANA Committee's validation of the Maltese tax system

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The Malta Fund Industry Association (MFIA), Malta Association of Retirement Scheme Practitioners (MARSP) and the Society of Trust and Estate Practitioners (STEP) Malta branch note the conclusions contained in the final report issued by the EU Parliament's PANA Committee (the PANA Committee) on 8th November, 2017.

MFIA, MARSP and STEP note with regret that Malta's tax system was, during the course of the events leading up the appointment of the PANA Committee and during the course of its mandate, subject to unfair criticism and speculation.

Without wishing to enter into the merit of the other findings and recommendations by the PANA Committee, MFIA, MARSP and STEP note with satisfaction that the PANA Committee has, by means of its report, definitively laid to rest the unfair criticism and speculation about Malta's tax system.

Notably, the PANA Committee confirmed, consistently with findings by other EU institutions in the past, that the Malta's tax system is in line with current international and EU standards as regards harmful tax competition and that Malta has transposed EU rules and respects OECD standards in terms of transparency, fight against tax fraud and money laundering.

MFIA, MARSP and STEP call on all the stakeholders of the economy and the local media to work together for the common good of the industry.

In this light, MFIA, MARSP and STEP support the conjoined statement issued by FinanceMalta, the Institute of Financial Services Providers, the Chamber of Commerce, Enterprise and Industry and the Gozo Business Chamber in relation to Malta's tax system and the findings of the PANA Committee of 10 November, 2017.

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