Maltese Minister of Foreign Affairs, Tonio Borg, has met with his Russian counterpart, Sergey Viktorovich to discuss areas where the two countries could further improve trade relations, including by concluding a double tax avoidance agreement.
Beginning the discussions, Borg emphasized that there is a huge potential for investors in the respective countries, on Malta’s part because of its membership of the European Union. Currently there are 307 companies registered under Russian ownership in Malta, and exports to Russia currently amount to EUR2m (USD3.01m) a year.
Noting the recent conclusion of an agreement on visa issuance that has dramatically increased the number of Russian tourists travelling to Malta, the two officials stated that efforts to negotiate and sign a convention for the avoidance of double taxation should be redoubled.
Tourist arrivals from Russia in 2008 reached 23,412 which shows an increase of almost 7,000 since 2005. Malta’s major exports to the Russian Federation are pharmaceutical and plastic related products.
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