Deputy Prime Minister and the Minister for Foreign Affairs, Toni Borg visited Israel on July 28 and signed an agreement for the avoidance of double taxation with Israel Foreign Minister, Avigdor Lieberman.
When the agreement enters into force, after ratification by both parties, it will create a beneficial legal framework assigning the taxing rights of the two nations so as to ensure that trade and investment flows are not taxed twice.
The agreement aims to increase bilateral economic relations, which saw trade amount to EUR12.1m (USD17.5m) in 2010, up 58% since 2009. Maltese imports from Israel amounted to EUR8.3m, the majority of which was mineral fuels, while Malta exported EUR3.8m, predominantly organic chemicals, cereals and pharmaceutical products.
There are currently 68 companies registered in Malta with Israeli shareholdings.
.Tags: tax | offshore | investment | trade | business | agreements | tax havens | international financial centres (IFC) | double tax agreement (DTA) | Israel | Malta | Malta
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