Proposed changes in the local VAT system was one of the main topics discussed by Hon Prof Edward Scicluna, Minister for Finance, at the VAT and EU Conference organised by the Malta Institute of Management.
During the conference held earlier this month, Prof Scicluna stated that the present VAT system is not responsive enough to the inevitable changes brought on by e-Commerce. He continued by saying that Malta should maximise on the upcoming Presidency of the Council in the EU to draft and implement an EU VAT Action Plan where flexible rates are introduced for EU countries. Such rates may vary depending on the market needs for certain goods and services since the high administrative costs are adding more financial burden to small entrepreneurs.
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