Malta’s Prime Minister Muscat Defends The Finance Industry

Muscat speaks out

We are con­fi­dent of our sys­tem, which is sol­id, trans­par­ent and ful­ly com­pli­ant.” So we should be forth­com­ing and engage with those over­seas and with our crit­ics. ” These are the words with which Mus­cat addressed his audi­ence at a sem­i­nar for finan­cial ser­vice providers.

Even in the face of heavy head­wind expe­ri­enced in the year 2017 — Mus­cat spoke in the con­text of a siege — our heads are not to be stuck in the sand. Mal­ta is con­fi­dent and goal-ori­ent­ed. By the island’s trans­par­ent and open laws, which adhere to all EU direc­tives and the BEPS ini­tia­tive, asser­tion is entire­ly viable.

The right time to look forward to the future

Many crit­ics do not under­stand Malta’s cur­rent sit­u­a­tion. It is not taste­ful nor is it time­ly to keep one’s sights on the past. It is bet­ter, rather, to look to the future with an opti­mism to strength­en Malta’s stand. How­ev­er, the gov­ern­ment can not do this alone. This requires a sys­tem in which we tack­le var­i­ous chal­lenges togeth­er.

Mus­cat was sup­port­ed by his Finance Min­is­ter, Sci­clu­na. He judged the cur­rent con­di­tion by com­par­i­son to the wreck­age of a tsuna­mi. In 2017 we went through a stress test. But we can now look ahead and con­tin­ue to work hard for the future of Mal­ta. Weak­ness­es need to be open­ly addressed, and there is much room for improve­ment when it comes to the flow of infor­ma­tion between author­i­ties.

Mal­ta needs to be trans­par­ent. The law office of Dr. Wern­er & Part­ner under­go reg­u­lar audits and are oblig­ed to give any out­stand­ing infor­ma­tion to the author­i­ties of Mal­ta. Mal­ta wants to con­tin­ue to be pro­gres­sive in the future. Being on a steady rise in growth and devel­op­ment, it is an attrac­tive des­ti­na­tion for many investors with­in the EU. We can only assume that this rate of growth will con­tin­ue in the future.

About Philipp Sauerborn

In 2005, Philipp Sauer­born joined the firm of St. Matthew in Lon­don, one of the lead­ing Ger­man account­ing firms in Eng­land renowned for its exper­tise in cor­po­rate, com­mer­cial and tax law, as a depart­ment head. After three years, he was a part­ner and man­ag­ing direc­tor.
Towards the end of 2011, he decid­ed to move to Mal­ta, where he first worked at inter­na­tion­al law firms and con­sul­tan­cies in an employed and con­sult­ing capac­i­ty. Since the begin­ning of 2013, he has been a senior employ­ee at Dr. Wern­er & Part­ner. Mr. Sauer­born is cur­rent­ly com­plet­ing his ADIT ‑Advanced Diplo­ma in Inter­na­tion­al Tax.

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