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Hybrid loans tax loophole worth billions of euros closed

Maltese finance minister Edward Scicluna at the ECOFIN with Andris Vilks, Latvia's finance minister. [Council of European Union]

Maltese finance minister Edward Scicluna at the ECOFIN with Andris Vilks, Latvia’s finance minister. [Council of European Union]

EU finance ministers meeting today (20 June) have closed loophole exploited by multinationals to pay little or no tax worth billions of euros, after Malta dropped its objections to a compromise deal on hybrid loan arrangements.

Taxation Commissioner Algirdas Šemeta met with Malta’s minister Edward Scicluna twice yesterday to convince him the agreement, which EU tax law needed unanimous support to be passed, did not infringe the country’s tax sovereignty (here).

Malta was the last member state to block the Greek Presidency of the EU-brokered compromise to revise parts of the Parent-Subsidiary Directive. It was sealed by national ministers last night in Luxembourg, ahead of theEU finance ministers meeting (ECOFIN), the last before Italy takes on the rotating presidency.

Sweden had earlier told the Greeks they could accept the deal after being reassured it would not prevent foreign investment in a model of investment company used by national champions such as Volvo and Eriksson.

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This entry was posted on November 5, 2014 by in Financial services, Journalism and tagged , , , , .

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