Both the European Commission and the European Parliament have congratulated the Maltese Presidency of the Economic and Financial Affairs Council of the EU (ECOFIN), after having overseen the successful closure of seven legislative files during the past five months.
Minister for Finance Prof. Edward Scicluna, who is the current ECOFIN President, said that Malta succeeded in positively-surprising the EU through the results achieved and the compromises brokered, many of which were thought of being unachievable for the EU's smallest member state. In spite of the current wave of negative, and fake, news promoted by the Opposition, in reality Malta is not only fully compliant with EU rules and regulations, but at the forefront in promoting better regulation of the EU financial sector.
With regards to securitisation, which is one of the main elements in the EU's plan to develop a fully-functioning Capital Market Union by the end of 2019, Minister Scicluna said that the agreement is intended to provide a boost for the EU's securitisation market "by providing clear and transparent rules which also minimise risks, thus allowing for EU citizens and entrepreneurs to benefit from secure and accessible loans."
The other file regards the European Venture Capital (EuVECA) and European Social Entrepreneurship Funds (EuSEF) legislation, in respect to both banking and capital markets, which is indispensable for European SMEs to grow and develop. This regulation will help stimulate market financing, and thereby boost economic growth.
Minister Scicluna said that the Maltese Presidency also succeeded in securing an agreement whereby the European Investment Bank will be able to increase its lending to projects outside the EU aimed at addressing migration issues by €3 billion for the 2014-2020 period. "The plan sets out to tackle the root causes of migration, helping the beneficiary countries to achieve the sustainable development goals," said the Minister.
The Finance Minister also referred to taxation files which were successfully closed by the Maltese Presidency, namely with regards to Anti-Tax Avoidance Directive II (ATADII), the Dispute Resolutions Mechanism, blacklisting of non-cooperative jurisdictions and Anti-Money Laundering Directive.
With respect to ATADII, Minister Scicluna explained that the new regulations will close down any hybrid mismatches created in order to exploit loopholes in international tax agreements. Thus, multinational companies will no longer be able to play one jurisdiction against another with the aim of eliminating their tax bills.
Another important file which was closed lately regards Double Taxation Dispute, which will provide for mandatory and binding arbitration mechanisms. This mechanism is aimed at eliminating economic distortions and inefficiencies in cross-border investments, said Minister Scicluna.
Thanks to another file which was successfully closed by the Maltese Presidency, a union programme will be established in order to support specific NGO activities, enhancing the involvement of consumers and other financial services end-users in Union policy making in the field of financial services.
Minister Scicluna said that Malta has shown that it can punch well above its weight, thanks to its hard working and competent officers based both in Malta and Brussels. These have succeeded in mustering the massive workload involved in a presidency, and carried out their work with efficiency.
Furthermore, he said, the Presidency's work continued normally, in spite of the current electoral campaign. Minister Scicluna said that thanks to the Presidency, Malta has shown that it is a successful economy which is at the forefront of promoting legislation that guarantees fairer trade and combats tax evasion and avoidance.
from The Malta Independent http://ift.tt/2qBPHnK
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