Malta and Saudi Arabia are to sign a double tax agreement during the official visit of Malta's Deputy Prime Minister and Minister for Foreign Affairs, Tonio Borg, the Maltese government said on January 2.
The agreement is significant as Saudi Arabia is the largest member of the Gulf Cooperation Council, and ten companies currently registered with the Malta Financial Services Authority have Saudi Arabian shareholdings.
The agreement will provide a significant boost to bilateral trade and investment flows, with Malta already experiencing a trade surplus with the nation, although trade levels remain low. In 2008, Malta exported EUR15.3m worth of goods to Saudi Arabia, while imports amounted to just EUR1.5m.
.Tags: tax | offshore | investment | trade | business | individuals | tax havens | international financial centres (IFC) | trade treaty | investment treaty | double tax agreement (DTA) | Malta | Saudi Arabia | Malta
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