Micheline Calmy-Rey, Swiss Minister of Foreign Affairs, visited Malta on an official visit on December 18 to sign a double taxation avoidance agreement with her Maltese counterpart, Tonio Borg.
Dr. Borg said that this agreement has the primary objective of making the two countries more attractive for entrepreneurs and will serve to improve Maltese-Swiss economic and commercial cooperation. He also said that the signing of the instrument represents a major and important step forward in the bilateral relations between both countries and represents a significant addition to Malta’s existing network of double taxation treaties.
The latest statistics for 2007 show that imports from Switzerland rose to EUR66.7m (mainly pharmaceuticals, jewellery, electric machinery), while Malta’s exports rose to EUR7.9m (mainly machinery and pharmaceuticals).
The agreement will help people operating between both countries avoid double taxation and covers direct taxes on income and capital. Borg added that the agreement will enable both countries to exchange information for a more effective stand against tax evasion.
The agreement will enter into force following ratification by both countries.
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