Malta monitors Franco-German ‘EU digital taxation framework’ proposal

first_img StumbleUpon Share Submit TVBET passes GLI test for five live games in Malta and Italy August 25, 2020 Share FDJ’s ParionsSport launches sponsorship programme for French amateur football August 24, 2020 Industry stakeholders are monitoring the European Union’s potential proposal to introduce a ‘digital taxation framework’, aimed at consolidating taxes for digital enterprises with multi-national operations and commercial services.The new scheme is being spearheaded by the governments of Germany and France and aims to crack down on tax avoidance loopholes, which have been perceived to be used by multi-national tech firms such as Amazon, Google and Apple.However, a unified digital tax regime could hold severe impacts for Malta, an EU member state which has built a tech economy utilising low corporate tax rates.The island of Malta (population 500,000) has become the leading operational hub for a number of international betting operators, drawn to operating digital enterprises’ out of Malta due to low corporate taxes, strong infrastructure and the Maltese government’s favourable position on online gambling services.In 2017, the Maltese government reported that its online gambling sector contributed €1.2 billion of GDP (total Malta GDP – €11 billion), employing a +6000 workforce.At present little is known of the Franco-German digital tax initiative, nevertheless, EU insiders strongly believe that any significant tax change proposals will be protested by the member states of Ireland, Malta and Luxembourg, who will contest the proposed regime as a Union overreach.The EU can only advise member states on fiscal and corporate tax charges, however, EU-wide tax reforms require a unanimous agreement from all member states to adhere to.For a number of years, corporate tax avoidance has been a contentious topic for the European Community. Numerous European MPs have accused member states such as Ireland, Malta and Luxembourg of purposely inviting corporate tax avoidance through exemptions on declaring revenues and profits.Furthermore, in 2017 the EU has set out to toughen its anti-money laundering code, implementing the community-wide ‘Fourth Anti-Money Laundering Directive’ (June 2017).Taking a tougher approach on money laundering, EU officials have criticised the Maltese government of falling behind on standards related to monitoring financial transactions.Malta officials have defended the nations policies and track record, stating that the country has proven to be an exemplary authority in regulating ‘high risk industries’ such as online gambling. MoneyMatrix boosts wire transfer options by integrating Klarna’s Sofort August 24, 2020 Related Articleslast_img read more

Duncan blames Kotoko indiscipline: “We gifted Liberty three points”

first_imgKotoko head coach David Duncan was surprisingly calm after his side’s 3-1 defeat at the hands of Liberty Professionals.The former Hearts boss was at his sarcastic best last Wednesday when he provided monosyllabic answers to journalists after his Kotoko beat Olympics.CLICK HERE FOR MATCH REPORT: Liberty silence KotokoBut on Sunday, he was open to questions following Liberty’s dominating display. He passed the blame on to his players.”We could have won the game if we were a little bit more disciplined and kept to the some of the basic principles of the game,” he told Joy Sports.”I can’t elaborate on that but if you can afford to give away a goal like that after taking the lead against a side that has made this place a fortress, definitely they will bounce back in confidence. “And anything at all can happen there after and that’s exactly what happened.”The defeat has seen Kotoko slip to 10th after claiming just three of a possible 12 points in the second round of the First Capital Plus Premier League. CLICK HERE FOR EDITORIAL: 7 things we learned from matchday 19 –last_img read more