EU states specialising in financial services should not be labled ‘Tax Havens’

Former Prime Minister Alfred Sant told the European Parliament that EU member states operating financial services cannot be accused that they have become ‘tax haven’ simply because they specialise in this sector. Dr. Sant said that suddenly it seems as if countries which specialize in the provision of financial services, should be considered a threat to the integrity of the EU. ‘A recalibration of this approach is needed. We have witnessed big public relations and political exercises to project the unacceptable activities of “tax havens” in Europe and elsewhere. Beyond obvious excesses in tax adjudication which cannot be justified – no matter who does them and how – these exercises have actually targeted the financial services sectors of a number of EU member states. Most of them, with the exception of the UK, are among the European minnows.’

Dr. Sant spoke on the importance of financial services in EU member states after the European Commissioner Pierre Moscovici presented a statement on ‘Tax policy-decision adopted on the Tax Transparency policy’.

‘The fact is that financial services remain necessary in a globalizing world which has accepted neoliberal rules when ensuring that financial flows across nations and continents are managed efficiently. That financial services migrate towards given countries and not others reflects an international division of labour without which some countries would be perpetually in growth mode, others in perpetual stagnation. Increasingly, it is taken for granted that there must be something shady in policies which encourage the provision of financial services. To claim that the provision of financial services implies the encouragement of tax avoidance or even evasion, is manifestly false.’ Said Alfred Sant.

The Head of the Maltese Delegation of the S&D also addressed the issue during a meeting of the S&D Group in Brussels. Dr. Sant recognised the importance of financial services in the eurozone, whilst insisting that the highest standards of honesty in this field should be respected.

Maltese Version

Alfred Sant qal li għandna niddefendu s-settur finanzjarju, pilastru ewlieni tal-ekonomija Maltija. Dr. Sant qal lill-Parlament Ewropew li ċerti pajjizi ma jistgħux jiġu akkużati li saru “tax havens” sempliċement għax speċjalizzaw fis-servizzi finanzjarji. Dr. Sant kien qed jitkellem dwar it-thejjija ta’ direttivi Ewropej ġodda dwar il-mod kif il-pajjizi membri tal-Unjoni Ewropea jissettjaw it-taxxi tagħhom. F’daqqa waħda, qal Sant, hemm min qed iqis lill-pajjiżi li jispeċjalizzaw fis-servizzi finanzjarji qishom kienu ta’ theddida għall-integrita’ tal-Unjoni Ewropea.

Dr. Sant tkellem dwar is-suġġett wara li l-Kummissarju Ewropew Pierre Moscovici ippreżenta stqarrija dwar it-trasparenza fit-taxxi. Dr. Sant qal li fl-UE għaddejjin ezerċizzji li jattakkaw is-settur tas-servizzi finanzjarji f’għadd ta’ stati membri tal-UE. Dawn l-istati, barra r-Renju Unit, huma meqjusa fost l-iżgħar pajjiżi tal-UE.

‘Il-fatt jibqa’ li s-servizzi finanzjarji huma meħtieġa f’dinja globalizzata li taċċetta regoli neo-liberali f’pajjiżi u kontinenti immexxija b’mod effiċjenti. Li wieħed jgħid li s-servizzi finanzjarji jimplikaw l-inkoraġġiment tal-evażjoni tat-taxxa huwa falz’, enfasizza Alfred Sant.

Fi Brussell, Alfred Sant qal li huwa d-dmir tagħna li nħarsu s-servizzi finanzjarji, mutur importanti tal-ekonomija Maltija. ‘Ħafna qed jisħqu li xi pajjiżi qed jippermettu lil kumpaniji kbar jeħilsu milli jħallsu t-taxxi dovuti minnhom. Allura hemm ħidma għaddejja biex jaraw kif dan jiġi kkontrollat. Malta, bil-qasam tas-servizzi finanzjarji tagħha, ukoll taqa’ fid-dell tas-suspett. Imma l-qasam tas-servizzi finanzjarji tagħna hu wieħed mill-aktar li kiber fl-aħħar snin u ma nistgħux inħalluh jiġi mxekkel. Fl-istess ħin, lanqas ma rridu nidhru li b’xi mod niffavorixxu li kumpaniji jew individwi jaħarbu milli jħallsu t-taxxi.’ Qal Alfred Sant.

Il-Kap tad-Delegazzjoni Maltija fl-S&D indirizza wkoll laqgħa ta’ grupp ta’ deputati soċjalisti waqt li kienet qed tiġi ittrattata dil-kwistjoni. Dr. Sant reġa’ enfasizza li l-qasam tas-servizzi finanzjarji jeħtieġ jingħata kull għarfien, waqt li jirrispetta livelli għolja ta’ tmexxija onesta. Mal-brikkun ma jridx jeħel l-onest’, enfasizza Dr. Sant.