The governments of Malta and Germany signed a new protocol to the double tax convention in force since 2001 to include protocols for the exchange of tax information upon request.
Finance Minister Tonio Fenech, who signed the agreement, said that it would facilitate, in both countries, efforts to combat tax avoidance and evasion in line with the Organization for Economic Cooperation and Development standard.
Speaking to reporters following the signing, he noted the significance of the agreement with Germany as a very important trading partner with total imports and exports for the past five years amounting to EUR261m and EUR271m, respectively.
Signing for Germany, Ambassador Bernd Braun acknowledged that the agreement would facilitate increased trade and investment with Malta, a territory that he noted Germany did not consider an ‘offshore tax haven’ but a place for investment.
.Tags: tax | offshore | investment | trade | agreements | Organisation for Economic Co-operation and Development (OECD) | tax information exchange agreement (TIEA) | double tax agreement (DTA) | tax compliance | Germany | Malta | tax avoidance | compliance | Germany | Organisation for Economic Co-operation and Development (OECD) | Malta
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