The Malta Independent 18 August 2019, Sunday

Malta’s fiscal structures are a serious matter, not a political football – Chamber of Commerce

Tuesday, 14 May 2019, 10:20 Last update: about 4 months ago

The Malta Chamber of Commerce said it is disappointed by the manner in which the current electoral campaign is developing insofar, as the subject of Malta’s fiscal structures goes.

In an article earlier this year, the Chamber had clearly and responsibly recommended “the forthcoming election is about selecting our best ambassadors to the European Parliament. In this vein, it is the Chamber’s view that the campaign be one that benefits Malta and brings out the best qualities of our candidates as opposed to one which is detrimental to our country and its reputation.”

ADVERTISEMENT

In the same piece, the Chamber also warned “we must be mindful of the fact that in a globally-connected scenario, the world is watching.  Anything we do and say is likely to be picked up and will raise our country’s profile in the global stage or used to hurt Malta’s reputation with the obvious negative repercussions.”

Unfortunately it seems that the Chamber’s warnings have fallen on deaf ears as political exponents from both sides have given in to the temptation to rendering the debate on very serious matters as a game of political football.

The threat of Malta’s current fiscal structures being put at risk, ought to be debated in a way that explains to the electorate how crucial it is that Malta maintains its current prerogative to design and determine its own taxation system and use it to attract investment in the light of its inherent limitations.

The Chamber believes that Malta must be more positive and certainly united in facing the international pressures on its financial regulatory framework. 

Malta’s needs are different to those countries and regions in the centre of Europe.  Rather than for the principal aim of collecting revenue, Malta uses its fiscal structure as a necessary and legitimate tool to stimulate growth and overcome the island’s permanent natural disadvantages such as smallness and peripherality.   

The Malta Chamber cannot stress enough how sensitive and important this subject is. The Chamber calls on all MEP candidates as well as the electorate to treat this subject with the deserved caution.

 

  • don't miss