Malta in the eye of a financial tempest

A recent European Commission report on Malta warned that the country had made “limited progress in addressing the 2018 Country Specific Recommendations (CSRs) concerning money laundering, corruption and financial supervision.”

A European Parliament report meanwhile described “systemized and serious deficiencies” in the rule of law in Malta, while a police investigation in Italy has alleged that the Sicilian Mafia infiltrated companies in the online-gaming sector some based in Malta to launder money.

Read more: Opinion: Golden visas and passport trade undermine EU

As if that weren’t bad enough for the Mediterranean investors’ paradise, the EU’s parliament recently voted to adopt a “tax harmonization” scheme that would create one common corporate tax rate throughout the EU, a move that could halve Malta’s tax base.

Ana Gomes, a Portuguese European parliamentarian who leads the EU commission investigating rule of law in Malta, told DW that the country’s current low corporate tax rate is “anti-European” and drains billions in revenue from other member states.

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... read more at: https://www.dw.com/en/malta-in-the-eye-of-a-financial-tempest/a-47979126

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