Finance Minister Edward Scicluna welcomed the discussion on the blacklisting of tax havens during a meeting of European Finance Ministers, according to a government statement.
"On the Blacklisting of Tax Havens discussion, Minister Scicluna welcomed the exercise and stated that the EU listing in itself will have a significant deterrent effect, though additional measures may be imposed."
European Ministers for Finance were discussing the completion of the Banking Union, the EU fiscal rules and the possible new fiscal policy instruments in the European Monetary Union architecture.
The government statement also read that minister Scicluna remarked that Malta supports measures in favour of tax transparency directly by the EU but also through the OECD.
Turning to banking, the minister said that "the adoption of the principle of proportionality when dealing with small, though systemic banks, should be taken into consideration during the implementation process of any Banking regulations".
The provision for non-performing loans, the implementation of the MREL and the state of play with the building-up of the Single Resolution Fund (SRF) were among the issues discussed.
Scicluna also delivered a presentation about Malta's structural reforms and their positive effect on the Maltese economy and its public finances.
Discussions at ECOFIN Council focused on the VAT e-commerce legislative package aimed at simplifying further cross-border sales while simultaneously strengthening compliance by e-commerce companies and ensuring that they honour their VAT obligations within the EU, thereby combating tax fraud. The ECOFIN also held a session to review the European System of Financial Supervision.
Addressing the meeting, Scicluna fully supported the VAT package and added that Malta has invested into steering forward this legislative proposal during the Maltese Presidency, whereby an agreement should be reached by end of the year.
"Minister Scicluna emphasised the importance of simplifying rules and obligations for small and medium sized businesses, while highlighting the importance of this dossier for Malta in order to combat cross-border tax fraud and to complete the Digital Single Market."