The Maltese government announced on Wednesday that the agreement between Malta and Singapore for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to taxes on Income is now effective.
The agreement, which had been signed on 26th March, 2006, became operative on 29th February, 2008.
According to the Maltese government, Malta enjoys extensive commercial ties with Singapore, and the agreement is expected to contribute to a further expansion in trade between the two sides.
This year will mark the twentieth year of diplomatic relations between the two countries, relations having been established on May 16th, 1988.
Unusually for a low-tax jurisdiction, Malta has entered into more than fifty double taxation treaties, including with the United Kingdom, Australia, Canada, France, Germany and Italy.
All of these agreements follow the OECD model tax treaty convention. Malta also has tax treaties in place with Switzerland and the United States, and although these had been limited to shipping and aviation, the United States and Malta announced earlier this month that they planned to begin negotiations on a bilateral income tax treaty.
The first round of negotiations were expected to take place in Valletta this week.
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