VALLETTA, May 25 (Xinhua) -- The Maltese Institute of Financial Services Practitioners (IFSP) said in a statement issued on Thursday that Malta's tax rules are compliant with EU Legal systems.
They added that financial practitioners operate within a legal and regulatory framework of the highest standard, and Malta's tax system is neither harmful, nor discriminatory or secretive.
The statement was published following the publication of the "Malta Files" which described Malta as a haven for tax evasion.
Additionally, Malta had pro-actively ensured that its tax rules continued to be compliant with applicable EU legal principles even though taxation policy remained a matter for each member state to determine in the exercise of its sovereignty.
"Malta has participated actively in all of the EU's and international tax transparency initiatives, being an early adopter of all EU directives and other international agreements aimed at improving transparency between EU and other countries on tax matters," IFSP stated.
They countered that referring to Malta as an "offshore jurisdiction" or a "tax haven" was entirely baseless and purely sensationalist.
Furthermore much of the information released in the "Malta Files" was readily available through the Registry of Companies' online portal, they added.