MBR_ISSUE 40_Lowres

Malta Business Review
NEWSMAKERS
£10,000 for the ‘ITCP TC
Global Programme on the
effective implementation and
enforcement of energy efficiency
measures for ships’
Minister for Transport, Infrastructure and
Capital Projects Ian Borg met Secretary
General of the International Maritime
Organisation (IMO) Kitack Lim in London.
Minister Borg said that Malta is indeed a
firm supporter of the technical cooperation
programme and is committed to continue
doing its utmost in order to further develop
such a programme. As a sign of Malta’s
continued support for the valuable work of
the IMO, especially in the fight against climate
change, Minister Borg said that Malta will
be contributing the sum of £10,000 to the
‘ITCP TC Global Programme on the effective
implementation and enforcement of energy
efficiency measures for ships’.
The IMO is a United Nations specialised
agency that sets global standards for shipping
and is responsible for the safety and security
of shipping and the prevention of marine
pollution by ships. Malta has been a member
since 1996 and currently holds a position in
the council.
Minister Borg said that Malta remains a
firm supporter of the work of the IMO and
is committed to continue playing an active
role in promoting the aims and objectives
of the organisation.
Secretary General Kitack Lim praised
Malta’s contribution, and also referred to
the Valletta Declaration, which outlines the
strategic direction that the EU should take
for ensuring that the EU maritime industry
remains sustainable.
The Secretary General and the Minister both
referred to the excellent work being carried
out at the International Maritime Law Institute
(IMLI), which is proudly hosted in Malta–
further underlining Malta’s commitment to
the IMO training institutions. MBR
Credit: Ministeru ghat- trasport Infrastruttura u
progetti kapitali
Photo: MTIP
Parliamentary Secretary Julia
Farrugia Portelli addresses
the Malta Infertility Network
conference
Whilst addressing the Malta Infertility
Network conference, Parliamentary Secretary
Photo: DOI- Clifton Fenech
Photo: DOI- Clifton Fenech
for Reforms, Citizenship and Simplification
of Administrative Processes Julia Farrugia
Portelli, stated that, “The Government is
backed by a strong mandate to change the
IVF bill and that is what we will set out to do
after the Parliamentary Easter recess.”
This new bill will eliminate discrimination,
makes IVF more accessible and is intended to
benefit both mother and child.
Farrugia Portelli explained that infertility is a
global health concern which is on the rise and
it is said to affect 1 in every 6 reproductiveaged
couples. Since it was first made available
in Mater Dei some three years ago, 111 births
reported through the assisted means of
IVF. Before that, couples who had infertility
problems had to resort to private healthcare
abroad, ending up costing them a fortune.
The Parliamentary Secretary emphasised
that the Government plans to strengthen the
existing law, allowing for better use of assisted
reproductive technology, in order to heighten
the present success rate, apart from making
IVF more accessible with the allocation of
more funds.
During her speech, Farrugia Portelli outlined
that the Government’s decision to allow
couples undergo gamete donation treatment
abroad to avail themselves of 100 hours of
vacation leave, including lesbian couples,
signals well.
The Parliamentary Secretary concluded
that the Government of Malta is taking
everything into consideration but most
definitely the law will be devised to benefit
both mother and child. MBR
Credit: The parliamentary secretariat for
reforms, citizenship and simplification of
administrative process
Malta supports ECOFIN
agreement on fighting
aggressive tax planning
Malta takes exception at the non-European
way that small member states have been
labelled in the press recently with regard
to the European tax reform process. This
was stated by Minister for Finance Edward
Scicluna while addressing the Economic and
Financial Affairs Council of the European
Union, which met today in Brussels. This
sentiment was also expressed by the six
other member states which, like Malta, have
been labelled negatively in the press by the
European Tax Commissioner.
Minister Scicluna further stated that the
unanimous agreement reached during
the same meeting today on the proposal
to amend Directive on Administrative
Cooperation was a testament to all member
states commitment, including Malta, in
combating aggressive tax planning.
Speaking on Malta’s behalf, Minister Scicluna
stated that Malta is fully compliant with
EU rules and directives on taxation and is
also fully compliant with international tax
standards. The introduction of ATADI and
ATAD II, coupled with today’s unanimous
agreement on the proposal for a directive
to amend the Directive on Administrative
Cooperation, is a further demonstration of
our commitment to this cause.
The proposal to amend the Directive on
Administrative Cooperation provides
for mandatory disclosure of potentially
aggressive tax planning by extending the
obligation to report cross-border tax planning
arrangements to intermediaries.
In a separate discussion on the Banking
Union package, Minister Scicluna referred
to the Minimum Requirements for Own
Funds and Eligible Liabilities (MREL) proposal
and emphasised the importance of making
requirements proportional to bank risks.
Minister Scicluna stressed the point that
small banks need a longer transition to
adapt to the new rules as small banks face
difficulties in accessing capital markets.
Minister Scicluna continued by stating
that “imposing unnecessary onerous
requirements would impair banks’ ability to
finance our economies, with limited benefits
in terms of risk reduction”. Furthermore,
he stated that “we should also bear in mind
that smaller institutions, especially those in
smaller member states, have limited access
to capital markets”.
Meanwhile, the Council added the Bahamas,
St. Kitts and Nevis and the US Virgin Islands to
the EU list of non-cooperative jurisdictions.
Minister Scicluna also participated in the
Euro Group meeting which was held on
Monday. The Euro Group set June 21 as the
deadline for finalising the Greece bailout
programme and for agreeing on a package of
proposals for Eurozone reform.
Minister Edward Scicluna was accompanied
by the Permanent Representative of Malta
to the European Union Marlene Bonnici and
by Permanent Secretary of the Ministry for
Finance Alfred Camilleri. MBR
Credit: The parliamentary secretariat for
reforms, citizenship and simplification of
administrative process
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Photo: MFIN