New EU proposals aimed at introducing rigid rules to close legal loopholes used by multinationals to avoid tax may have a negative impact on Malta's thriving financial services industry. "Although it is still early days and the rules will need to be agreed by all EU member states, the proposals are definitely not in favour of Malta's industry which depends on its tax advantages," a senior accountant active in the industry said yesterday. The Commission's 'Anti-Tax Avoidance Package' includes legally-binding measures to block the most common methods used by companies to avoid paying tax and a recommendation to member states on how to prevent tax treaty abuse. The Commission also presented a proposal for member states to share tax-related information on multinationals operating in the EU, actions to promote tax good governance internationally and a new EU process for listing third countries that refuse to play fair. According to a study by the Commission, big corporations legally avoid taxes of up to €70 billion every year in the EU. Global losses from such schemes range between €100 to €240 billion. Most of the tax avoidance comes from reporting profits made in one high-tax...
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