The Labour Party said today that it is against the Common Consolidated Corporate Tax Base (CCCTB) proposed by the European Commission. 

The party said this would harm Malta's interests and could lead to harmomised tax rates, which the party also opposes.

The party discussed the proposal at a meeting with the Malta Business Bureau.

It said its concerns about the CCCTB stemmed from the fact that the option that companies had whether or not to participate in the CCCTB could be changed to mandatory participation.

Malta, the PL said, should adopt the tax systems which it viewed as being growth-friendly, rather than fiscal consolidation. 

The president of the Malta Business Bureau, George Vella, also argued that the implimentation of the CCCTB was potentially detrimental to Malta.

Any harmonised fiscal system removed the competitive advantage of some EU member states and business could flow to more competitive destinations outside the EU.

The PL delegation included finance spokesman Karmenu Vella, economic affairs spokesman Charles Mangion and MEP Edward Scicluna.

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