VALLETTA, Oct. 22 (Xinhua) -- Malta will be tightening its tax avoidance rules in line with EU directives, in a bid to improve the island's financial regulatory structure, Malta's Finance Minister Edward Scicluna announced on Monday.

"We are against the abuse of our tax system and I will declare -- against much I have said before -- that we did not create nor shall we create any opportunities for tax evaders or foreigners to live in Malta under one scheme or another to avoid tax here," Scicluna said during his budget speech.

"We are in favor of investment that offers a return and of serious enterprise, so we will not tolerate anyone using Malta or its regulatory framework for undue profit through tax avoidance."

Scicluna said Malta will be cooperating with international partners in the fight against tax avoidance, strengthening the regulatory framework to collect tax more efficiently and increasing transparency in taxation systems.

Malta had adopted the first Anti-Tax Avoidance Directive (ATAD), and had worked on the second ATAD, the minister said.

A national risk assessment has also been prepared as part of an action plan against money laundering, which lists 45 actions that are to be taken by Malta over a period of three years.