EU ministers accept Malta suggestions on flexibility in taxation laws

EU Finance Ministers have agreed to include provisions on flexibility for purposes of competitiveness in proposals for new tax laws that would plug evasion by multinational companies. The proposed laws will be based on recommendations made by the OECD. Finance Minister Edward Scicluna told the EU Finance Ministers at a meeting today that while Malta sees the OECD work in a positive light, it harbours concerns on the appropriateness of rigid rules for all. Malta was alone in proposing the inclusion of a “common yet flexible approach” in the ministers' conclusions on BEPS - Base Erosion and Profit Shifting - proposals. With regard to proposals on the effective level of taxation within the EU, Malta together with Ireland and Cyprus obtained a consensus for the inclusion of an amendment whereby national competences on the matter will be retained. ECOFIN meeting.