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Malta Signs Tax Info Sharing Pact With The Bahamas

by Phillip Morton, Investors Offshore.com

23 January 2012


Malta on January 18, 2012, signed a Tax Information Exchange Agreement with the Bahamas, to enable the two nations' tax authorities to share tax information on request.

The signing on January 18 took place at the Malta High Commission in London between the High Commissioner of the Bahamas to the Court of St James, Paul Farquharson, and the High Commissioner of Malta to the Court of St James, Joseph Zammit Tabona.

Tabona said the Agreement “is instrumental for bilateral relations to be strengthened” and said it “demonstrated good practice in the global financial sector.” Farquharson added that “this level of cooperation…signifies the goodwill that exists between our two countries.”

The Tax Information Exchange Agreement was negotiated in line with the Organisation for Economic Cooperation and Development's internationally-agreed standard, and provides all standard means to ensure due process is followed in tax information requests, including, for example, provisions to protect confidentiality of information. The TIEA will also adhere to public policy considerations and provisions related to protecting legal privilege, the governments confirmed.

TAGS: compliance | tax | investment | business | tax information exchange agreement (TIEA) | tax compliance | Bahamas | Malta | tax avoidance | banking | international financial centres (IFC) | offshore | agreements | banking secrecy

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