Fostering investment requires tax certainty – Minister Edward Scicluna

"There is no doubt that all the tax reforms and tax changes in response to ATAD and BEPS will help bring about tax certainty in the medium to long term, but not in the short term. This is why we need to address tax certainty as an issue of importance in its own right."

This was stated by Minister for Finance Edward Scicluna during the informal ministerial meeting of the Economic and Financial Affairs Council (ECOFIN) held in Bratislava on the 9th and 10th September, 2016.

Minister of Finance Edward Scicluna | FinanceMalta 

During the discussions, Minister Scicluna stated that “investors have no clue how the EU countries will respond to these new agreements, especially with regards to countries which in the past relied on tax rulings and are appealing the decision of the Commission before the courts, which could take years and create more uncertainty.”

On the subject of the European Fund for Strategic Investment (EFSI), Minister Scicluna reported to ECOFIN that the Malta Development Bank is now being set up and that Malta is preparing an infrastructural project for submission to EFSI for financing.

On the question of deepening of the Economic and Monetary Union, Minister Scicluna asserted that “this requires a strong dose of solidarity based on mutual trust. However, today this is lacking and citizens expect us to address first the three-headed hydra of migration, terrorism and long-term unemployment.”

The ECOFIN was preceded by a meeting of the Eurogroup which discussed the economic situation in Greece, Spain and Portugal as well as spending reviews as a tool for improving public financing.

For the meetings, the Minister for Finance was accompanied by Governor of the Central Bank of Malta, Dr Mario Vella and the Permanent Secretary in the Ministry for Finance, Alfred Camilleri.