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    • CommentTimeMay 26th 2018

    VALLETTA [url=]Adidas Will Butcher Jersey[/url] , May 22 (Xinhua) -- Malta ought to ensure the effective supervision of internationally-oriented business by financial institutions, licensed in Malta, in cooperation with the host supervisors in the countries where they operate, the European Commission warned in a recommendation report published on Monday.

    ""Malta is the only EU member state utilizing the full imputation system of company taxation and it offers a refundable tax credit scheme. It has an extensive network of double taxation treaties, and it has an attractive tax residency status for individuals [url=]Adidas Nico Hischier Jersey[/url] ,"" the European Commission said in the report.

    ""The supervision of the internationally-oriented business, however, is challenging,"" the Commission said.

    ""The financial sector carries out most of its activities outside Malta. The ability of a relatively small supervisory authority to oversee a large system, in particular in the insurance sector but also in banking [url=]Cheap Taylor Hall Jersey[/url] , is under pressure.""

    The Maltese government is under scrutiny after the publication of the Malta Files -- a series of documents published by the European Investigative Collaborations (EIC).

    Over the past three months, the EIC collaborated with 13 different media outlets and over 40 journalists in 16 different countries to expose Malta's lax tax laws, which allow international companies to pay taxes as low as 5 percent.

    While the Maltese income tax rate is among the highest in the EU at 35 percent, if a London-based business and opens a parent company on the island and most of its operations occur offshore, the Maltese Inland Revenue can refund 67 of the total tax.