Tonio Fenech, Malta's Minister of Finance, Economy and Investment, has initialled the text of a Treaty for the Avoidance of Double Taxation between Malta and the United States.
The Malta/US DTA was signed in the presence of US Ambassador Molly Bordonaro, on March 27th, 2008. Michael Mundaca headed the US Treasury delegation in Malta, and initialled the document on behalf of the United States.
The signing of the tax agreement was the culmination of a process which commenced with a meeting between Prime Minister Lawrence Gonzi and President George Bush in 2005. It ends formal negotiations, and prepares the treaty text agreed between the two countries for ratification through a United States Senate for Foreign Relations review.
The treaty text is to be published on ratification as agreed between both governments.
The Maltese government has also announced that the agreement between Malta and Singapore for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to taxes on income became operative on February 29th, 2008.
This agreement had been signed on March 26th, 2006, and it is expected to contribute to a further expansion in trade between the two sides.
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