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Labor MP Ian Castaldi Paris must pay € 300,000 in taxes and fines

Labor MP Ian Castaldi Paris has to pay some 300,000 euros in overdue taxes and penalties after an investigation into his tax cases revealed hundreds of thousands of euros in unreported income.

The Times of Malta has confirmed that the backbench MP has been handed a heavy reimbursement deal by tax authorities in recent weeks after several months of talks.

The contractual agreement comes after the notary was questioned by the Tax Compliance Unit on the back of a red flag raised by a local bank about two years ago.

Sources close to the audit said the MP’s “unexplained wealth” stood at nearly a million euros.

Castaldi Paris has yet firmly denied this in the face of the amounts of The Times of Malta.

Responding to questions sent over the weekend, the MP said the case involved “much, much smaller amounts”. He added that the problem is resolved according to the law.

The sources have since said that the final settlement was indeed between 900,000 and 1 million euros.

The MP insists that he was subject to a “standard audit” covering the years preceding his election to Parliament.

“I paid my taxes every year and I didn’t start paying my taxes because I decided to run for office,” he said.

When asked if Castaldi Paris had informed the Speaker of Parliament of his updated financial situation as he was obliged to do, the MP replied that it was not necessary to inform the President of anything. .

“I have been a Member of Parliament since May 2020 and my declaration of parliamentary heritage has always reflected the truth, so there is nothing to report to the speaker,” he said.

When The Times of Malta checked with Parliament earlier this month, its documents had yet to be updated.

According to its mandatory financial declarations, Castaldi Paris has € 18,200 in bank savings, far from the hundreds of thousands found by tax investigators.

He also declared ownership of a property in Lija, purchased for a bank loan.

He owns three other properties in Lija, Attard and Santa Venera through a Maltese company jointly owned with his wife. However, the three properties were not mentioned in his asset declaration form, with Castaldi Paris claiming that he had not listed them because they belonged to the company E&M Properties and not to its name.

The government has in recent months talked about taking a tough approach to tax evasion, with Finance Minister Clyde Caruana saying there will be no tolerance for tax evaders.

Castaldi Paris has been in the eye of a storm since revelations in September that he discussed buying a £ 16million (€ 18.7million) property in London, as he had only declared modest bank deposits to parliament.

The case stems from a leaked conversation he had with Yorgen Fenech, an alleged plot to murder Daphne Caruana Galizia in 2019.

Castaldi Paris said he was “bluffing” when he told Fenech of his interest in buying luxury property in Malta and the UK.

The Times of Malta reported in October that the Inland Revenue Department had asked UK authorities to share any information they might have on the MP.

After his conversation with Fenech leaked, Castaldi Paris was removed from the parliament’s public accounts committee.

His place was taken by his fellow Labor MP Jonathan Attard, following a motion by Deputy Prime Minister Chris Fearne.

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