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Malta Has EU's Friendliest Corporate Taxes,
by Robert Lee, Tax-News.com, London
Wednesday, September 24, 2008
According to the 2008 Forbes Tax Misery and Reform Index, Malta has emerged as
the 5th most tax friendly country for companies and the most attractive country
in the EU in terms of taxes and social security contributions paid out by companies.
Used to analyse the investing climate, the index measures the amount of increased
‘misery’ or ‘reform’ towards tax friendliness and evaluates
whether policy attracts or repels capital and talent. The countries at the top
of the chart impose the harshest taxes while those at the bottom are the most
tax friendly.
Malta’s entry into the EU has greatly strengthened its position and appeal
to investors. Benefits include a good tax system with a network of double taxation
agreements in place with some 50 countries, a flat income tax rate of 15% on
remittances by permanent residents and no municipal taxes. Other incentives include
an excellent infrastructure, and a skilled workforce of English-speaking locals
and an enviable location.
The 2008 index has generated surprising information and results. Qatar has
the lowest tax burden and is placed at the bottom of the table, ranked 1st out
of the 66 participating countries with a tax misery score of just 12. The US
is in 18th position (85.3) and awaits more reform, particularly in the high-tax
jurisdictions such as New York City. The UK finds itself in 41st position (109.3)
behind Germany, Canada and Luxembourg. France, with 166.8, despite an impressive
reduction, is at the top of the table with the harshest taxes imposed.
Notable highlights from the index include the stable and lower taxes of Asia
aided by the low social security tax burdens in many of these jurisdictions
(except China). Indeed, the outlook for Asia-Pacific is generally positive.
Among the most successful here are Hong Kong and Singapore in 3rd and 13th place
respectively having increased their competition through rebates primarily.
The index confirms bad news for Continental Europe. Indeed most countries are
situated at the top of the index. According to Forbes, the increases are coming
generally from individual income taxes and the social security taxes supporting
a social system strained due to government inefficiencies and a demographic
wave of retirees.
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