Guest Post: Ann, is that all?

Following the revelations of Ann Fenech’s company involvement in offshore companies in Panama, one need to ask the question and the reason for opening an offshore company in Panama – I forgot it was not balck listed at that time (it’s not black listed even today) – on the eve of Malta joining the European Union.

The information which surfaced though the media shows that the companies in Panama were opened in November 2003 and in March 2004. It transpires that once Malta joined the European Union the country was subject to the Saving Tax Directive, to which all member states had to transpose into their national laws.

For the benefit of the readers, the purpose of the Savings Tax Directive is that the income from interest on capital is one of the most mobile tax bases, and tax competition is rife. In order to ensure the proper operation of the internal market and tackle the problem of tax evasion the Savings Tax Directive was adopted in June 2003. It has been applicable since 1 July 2005. The Directive applies to interest paid to individuals resident in an EU Member State other than the one where the interest is paid. Member States had to transpose its provisions into national legislation.

Another questions which needs to be asked is who the nominees of this offshore companies are, and why they chose Panama, of all the places in the world to open the accounts. The cast aspersions toward Minister Mizzi were only intended to tarnish his reputation. The irony of it all is that Ann Fenech, as well as the leader of the opposition did not, as yet, utter a word.

Come on Ann, tell us who the nominees are and the reason for opening up the offshore companies in the first place