Malta, Cyprus Off Italian Blacklist

The Italian Ministry of the Economy has issued amendments to the relevant legislation, by which Malta and Cyprus have been removed from the country’s ‘blacklist’ of tax havens.

The Ministry has made the appropriate changes to all three lists of countries considered to have tax systems which favour the avoidance of taxation - that concerning the residence of individual taxpayers; the list valid within the tax legislation concerning controlled foreign companies (CFCs); and that r ... Read More

EU Consultations - Corporate Governance in Financial Institutions

As part of its work on preventing a future financial crisis and strengthening the financial system, the European Commission has launched a public consultation on reforming corporate governance in financial institutions. The financial crisis revealed significant weaknesses in corporate governance in financial institutions: board supervision and control of management was insufficient; risk management was weak; inadequate remuneration structures for both directors and traders led to excessive risk-taking and short-termism; and shareholders did not exercise control over risk-taking in the financial institutions they owned. These weaknesses played a role in the crisis and timely and effective checks and balances in governance systems would help preventing any future crisi ... Read More

US Senate approves new Malta tax treaty

The US Senate has approved a new tax treaty with Malta in what Finance Minister Tonio Fenech said was 'a critical step in deepening Malta's relationship with the USA, not only at the political and social levels, but also in trade and investment.'

The treaty is based on the internationally recognised Organisation for Economic Cooperation and Development (OECD) Model Tax Convention..

"The potential created through this treaty is excellent for all industry sectors of Malta. Malta already has a good base of quality and substantial US organisations operating in Malta, providing the evidence required to show potential investors that Malta offers a quality environment to ... Read More

Malta concludes DTA negotiations with Uruguay

On July 13, the Maltese Government announced that it has concluded Double Taxation Agreement (“DTA”) negotiations with Uruguay. It hopes to sign the agreement later th ... Read More

Finance sector growth continues says MFSA annual report

The MFSA’s annual report for 2009, records another year of growth for the country’s finance sector. Writing in the report, the MFSA’s chairman, Professor Joe Bannister, says, “Given the turmoil that followed the worldwide financial crisis, the performance of Malta’s financial services sector in 2009 can be described as extremely good.” Malta continued to be highly ranked for its performance in the financial sector. The World Economic Forum’s Global Competitiveness Index 2009-2010 ranked Malta 13th out of 133 countries for its financial market sophistication, while the banking system was reported to be the 13th soundest in the world. “The world has experienced the worst economic conditions of the last 70 years, with the finance sector being one of the biggest casualties, yet Malta has seen its finance industry grow and its international reputation remain high. Our continued success is a tribute to the prudent policies of our banks and other financial institutions and to the high quality of the people who work in the industry. We have the expertise the world seeks, but more importantly we have established a sound reputation for stability, steadiness and high standards,” says Professor Bannis ... Read More

Malta, Germany update tax agreement

Malta and Germany this afternoon agreed to include a new protocol in the double taxation agreement to enhance transparency in the exchange of information.

Finance Minister Tonio Fenech said the aim of the protocol was to combat tax avoidance and evasion in line with Organisation for ... Read More

Income tax from online gaming doubled between 2008 and 2009

The revenue that the government obtained from online gaming companies registered in Malta doubled from €26.8 million in 2008 to €52.5 million in 2009, Finance Minister Tonio Fenech told Noel Farrugia (PL).

In a supplementary question, Leo Brincat (PL) asked if the ... Read More

Bahrain, Malta Sign DTA

Bahrain’s Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, and Malta’s Minister of Finance, Economy and Investment, Tonio Fenech, have signed a double taxation agreement (DTA) between their two countries.

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Flat tax option for foreign high-earners

A 15 per cent flat tax on income to attract foreign workers engaged in specialised jobs will shortly be introduced to make it attractive for companies to engage experts on a temporary basis.

The legislative move will complement the income tax regimes currently in force for foreign workers in Malta and is intended to help companies attract scientists and experts who may be required for particular jobs, a Finance Ministry spokesman said.

... Read More

Malta placed second in funds domicile index

The January 2010 results of the Fund Domiciles Stability Monitor Index reveal that Malta ranks second among 10 countries for stability in the international funds industry.

Malta stands just behind Luxembourg.

Rankings for the FDSM Index are calculated upon a combination of macro-economic and fiscal data and fund flow statistics.

... Read More

Malta and Jersey sign double taxation agreement

Malta and Jersey have signed a double taxation avoidance agreement.

The agreement was signed by Maltese High Commissioner Jose ... Read More

Malta in talks with Hong Kong on double taxation agreement

Malta aims to steal a march on its southern European EU fellow members by entering into a double taxation agreement with Hong Kong, which is increasingly becoming a highly regarded financial centre in the world.

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Tax credit scheme for small businesses launched

A tax credit scheme for small businesses, originally announced in the Budget, was launched this morning by Finance Minister Tonio Fenech.

The Microinvest scheme, that could apply to about 28,000 businesses, will allow entities that employ less than 10 workers to benefit f ... Read More

Malta-Belgium double taxation agreement amended

The Minister of Finance, the Economy and Investment, the Hon. Tonio Fenech and his counterpart, the Belgian Minister of Finance, Didier Reynders have signed an agreement to amend the existing Double Taxation Agreement between the State of Malta and the Kingdom of Belgium for the avoidance of double ... Read More

Isle of Man signs double taxation agreement with Malta

The Isle of Man has signed a double taxation agreement with Malta.

The signing ceremony took place at Malta’s High Commission in London between Allan Bell MHK, the Isle of Man's Treasury Minister, and HE Joseph Zammit Tabona, ... Read More

US double taxation treaty to be ratified by December

The double-taxation treaty between Malta and the United States is expected to be ratified by the US Senate in the next three months.

Speaking during an extensive interview with sister newspaper Business Today, which is freely distributed with the Wednesday edition of MaltaToday, Douglas Kmiec, who was recently appointed as the American ambassador for Malta, told Business Today:

“Now that agreement is finished in terms of its substance, but it needs to be ratified by the Senate of the United States. One of the things that could be improved upon actually is the ball in our court, namely finish this transaction.

“It’s not really Malta that has really been holding up; it’s two other countries that were negotiating the same agree ... Read More

Malta and Serbia sign double taxation agreement

Malta and Serbia have signed an agreement on double taxation on Wednesday, on the first-ever visit of a Serbian minister to Malta.

The agreement was signed by Finance Min ... Read More

Malta and Jordan sign double taxation agreement

Malta and Jordan have signed a double taxation avoidance agreement, the first between the two countries.

During a visit to this country, Foreign Minister Tonio Borg held talks with his c ... Read More

Malta signs new double taxation convention with Libya in Tripoli

Tonio Borg, Deputy Prime Minister and Minister of Foreign Affairs, yesterday announced that Malta has signed a new double taxation agreement with Libya, the fourth such convention for the year, following the signings earlier this year with Ireland, Montenegro and Switzerland.

He said the signing with Libya reflects the close relations that ha ... Read More

Discussions on a double taxation agreement between Oman and Malta

Discussions between the Sultanate of Oman and Malta on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income were held in Mal ... Read More

Malta and Switzerland sign double taxation agreement

Deputy Prime Minister and Minister of Foreign Affairs Tonio Borg signed the Agreement between Malta and Switzerland for the avoidance of double taxation with respect to Taxes on Income, during an official visit to Malta by Micheline Calmy-Rey, Swiss Foreign Affairs Minister. The agreement was signed in the margins of a bilateral meeting held at the Foreign Affairs Ministry.

This is the first visit by a Swiss Foreign Minister to Malta. Deputy Prime Minister Tonio Borg desc ... Read More

Malta, Ireland sign double taxation agreement

Malta and Ireland have signed a convention on double taxation on Friday.

The agreement aims to avoid double taxation and to prevent fiscal evasion, and is expected to have a po ... Read More

Malta ranked fifth most company tax friendly country

Forbes magazine has classified Malta as the fifth most tax-friendly country for companies, in the latest Tax Misery and Reform Index carried out by the influential publication.

Malta was also ranked the most attractive country in the European Union in terms of taxes and social security contributions paid out by companies. Malta was only bettered by, in order, Georgia, Hong Kong, the United Arab Emirates and Qatar – this year’s winner.

The index also gauge ... Read More