Alternattiva Demokratika – The Green Party expressed its satisfaction with the fact that almost all EU member states (excluding UK) have agreed to increase economic and financial harmonization. AD however expressed its disappointment on lack of agreement on a common consolidated corporate tax base and on a financial transactions tax.

Michael Briguglio, AD Chairperson, said: “AD is disappointed about the fact that the PN Government as well as the PL have come out strongly against a Common Consolidated Corporate Tax Base and against the introduction of the Tobin tax on financial transactions”. 

“The Financial Transactions tax, of  0.1% tax on bond and equity transactions, and 0.01% on derivative transactions between financial firms was aimed to support European countries in crisis, through the generation of up to €55 billion a year. As the European Commission and progressive organisations put it, it is high time that banks and financial institutions participate in responsibility sharing for the economic crisis, especially since they received massive help from public funds when this was needed. If workers and employers are paying tax to help sustain economic and social stability, then it is only fair that banks and financial institutions do the same”.

“The Financial Transactions Tax, proposed by the European Commission and supported by progressive forces, attempts to regulate the reckless unregulated action of the financial sector that caused the current crisis. This shows that when push comes to shove, PN and PL champion corporate interests and currency speculators”.

 “It has become almost impossible to figure out who of the two mainstream parties is the most conservative and this shows that AD is the only credible progressive alternative in Malta”.