"Given the global aspect of digitalisation of our economies, Malta suggests that any EU proposals in the area of Taxation should serve as input into OECD global discussions. It is important not to let unilateral EU measures end up damaging EU companies." This was stated by the Minister for Finance Edward Scicluna while attending the ECOFIN meetings held on the 14th and 15th September in Tallinn, Estonia.
The European Ministers for Finance were discussing the priority actions in the economic and the financial areas, which should be implemented to foster sustainable growth and relaunch the economic and financial integration in the euro area.
The discussions focused on initiatives to be taken in order to complete the Banking Union and continue the process of a Capital Markets Union with, cross-border savings and equity investment flows and the adoption of a more efficient and consistent regulation.
"Malta agrees to the current European Stability Mechanism (ESM) evolving into a European Monetary Fund. The Institution would be able to assist the Eurozone countries converge further and implement risk-sharing programmes. Whether the EU budget can and should provide a stabilisation mechanism within the Eurozone is an open question which will be debated in a post Brexit EU budget discussion, but it is quite difficult for a post-Brexit budget of a 1% EU GDP to take on this role," stated Minister Scicluna.
Minister Scicluna was accompanied by Permanent Secretary Mr Alfred Camilleri, Dr Paul Debattista and Mr Karl Engerer.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.