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Financial bodies welcome Pana Committee findings

Dated: [bxcode.pagedata.date]

FinanceMalta, the Institute of Financial Services Practitioners, the Chamber of Commerce, Enterprise and Industry and the Gozo Business Chamber welcomed the Pana Committee’s confirmation that the Maltese tax system is in line with current international and EU standards.

They said that, according to the committee, Malta has transposed EU rules and respected OECD standards in terms of transparency, the fight against tax fraud and money laundering.

In a joint statement, they acknowledged that the PANA Committee’s testament of the Maltese tax system confirmed that Malta was not the tax haven it had been labelled to be by a number of ill-informed speakers from various EU countries as well as certain sectors of the international media.

Malta’s tax system was fully transparent and based on statutory rules rather than an administrative discretion as had been the case in certain jurisdictions.

The constituted bodies called on all stakeholders of the economy and the media to work together for the common good of the industry. This would ensure that in the eyes on the international business community, Malta was viewed and positioned as a serious jurisdiction, with its economic growth driven by a sustained programme of innovation and supported by the presence of a sophisticated business ecosystem.

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