The island’s gaming authorities are convinced that the country’s competitiveness will remain strong.
Malta.- Joseph Cuschieri, the Malta Gaming Authority’s executive chairman remarked that even though the proposed EU legislation to fight tax avoidance could go through, the nation’s gaming industry will continue its growth.
The chairman explained that “The threat [of a common European consolidated corporate tax base] has been building up for a long time now and will come to pass in some form in the future, be it in five years or ten. Gaming practitioners are already preparing for the future when Malta might lose its fiscal advantage, but our competitiveness in the gaming sector is not only about our fiscal regime.”
“If Malta remains innovative and competitive through effective legislation, an effective regulatory body and the provision of necessary specialised services, then I am confident that the sector will withstand such proposed legislation,” Cuschieri added.
Currently, Malta offers an advantageous refund on shareholder dividends to attract foreign companies to set up subsidiaries on the island, with larger profits compared to other EU countries. But the European Parliament recently approved recommendations to tackle tax avoidance. With this measure the EU could establish a common European corporate tax base, that would streamline the way companies calculate profits.