Malta has recently stressed once again its commitment to fighting aggressive tax planning practices, in a joint action with the other EU Member States that have unanimously agreed to the amendment of the Directive on Administrative Cooperation.
This directive focuses on the sharing of tax information between Member States in order to prevent abusive tax practices or mismatches between different national approaches.
The amendments to the Directive were agreed on by EU finance ministers and foresee the collaboration of tax advisors, accountants, and lawyers, who will be asked to report the schemes that are considered to be potentially constituting an aggressive tax planning.
The changes to the Directive will also require Member States to automatically exchange the information they receive through a centralised database.
Malta's Minister for Finance stated how the country was previously labeled as potentially non-cooperative in tax matters, raising the need to stress its commitment to the EU tax transparency cause.
The Minister added that Malta is fully compliant with EU rules and directives on taxation and with international tax standards, and that the country is ready and willing to implement all new and stricter anti-abuse measures.
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