Malta worse than Panama, Seychelles in tax haven rankings

Malta ranked high in a global tax haven index that scored countries' tax systems based on the extent to which they enable corporate tax avoidance.

On a scale of 0 (best) to 100 (worst), Malta was given an overall score of 74 by the Tax Justice Network, a UK-based NGO, indicating a corporate tax policy that was "corrosive" to the global economy.

Malta ranked 23rd in the Corporate Tax Haven Index, faring worse than countries like Panama, the Seychelles and Botswana.

The island scored a 79 in transparency, with the study criticising reporting of tax avoidance schemes.

The country report also found that Malta’s treatment of foreign investment income was unhealthy.

On patent boxes, a special very low corporate tax regime used by countries to tax patent revenues differently from commercial revenues, Malta was also given the worst possible score. 

Anti-avoidance laws were heavily criticised, scoring 93 out of a 100 in the study.

This is not the first time that Malta has been described as a tax haven. Earlier this year, anti-poverty organisation Oxfam said the country should be blacklisted as an EU tax haven.

The European Parliament later went on to approve a motion voting in favour of...