The Federation of Estate Agents has unreservedly condemned “the malicious” intent behind the attack on Malta’s reputation and the financial services industry, through the publication of the Malta Papers. It said there is no question that these papers were published simply in an attempt to damage Malta’s economy.
However, the federation said that any perception of corruption makes Malta an easy target and it urged the Prime Minister “to act immediately to restore good governance practices in government and its institutions”.
It said: “Malta’s regulators and institutions must be shown to be acting effectively, decisively and immediately when faced with incidences of malpractice.“The same institutions and regulators need to be strengthened with assets and human resources of integrity and competence, to be able to act in good time. And not to be strong with the weak and weak with the strong.
“A failure to ensure all of this will only add fuel to the malintent of competitor countries and governments trying to curb the flight of capital and lead to further attacks on Malta’s taxation system and the reliability of its institutions and regulators.”
It said Malta’s taxation system has been in place for many years and was accepted by the EU when the country joined the bloc.
“The local property market is doing extremely well and everyone is benefiting from this – directly or indirectly. When one looks at the amount of taxes being generated through property sales as well as the VAT being collected through all the ongoing projects, the thousands of individuals employed in this sector and the rental revenue being generated thanks to all the expats living and working in Malta, one cannot but acknowledge how important this sector is to our economy,” it stated.
The Federation of Estate Agents said Malta’s regulators and institutions have always been held in reasonably high regard and the government must do whatever has to be done to maintain their good repute, whatever the cost. “The government is chosen by the Maltese to be the custodian of Malta’s reputation,” it concluded.
The statement was signed by Kevin Buttugieg, president of the Federation of Estate Agents, who is CEO of Remax. The other council members of the federation are: David Aquilina (Belair), vice president; Simon DeBono (Simon Estates), general secretary; Benji Tabone Grech (Sara Grech), Treasurer; Douglas Salt (Frank Salt); Darren DeDomenico (Frank Salt); Alan Grima (Dhalia); and Steve Mercieca (Quick Lets).
The Chamber of Commerce, the Malta Institute of Accountants and the Institute of Financial Services Practitioners have all issued statements on the importance of good governance.