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Malta, US DTA Ratified

by Glen Shapiro,, New York

26 November 2010

During a ceremony in Valletta on November 23, Malta’s Finance Minister, Tonio Fenech, and the United States Ambassador to Malta, Douglas Kmiec, exchanged instruments of ratification for the double taxation treaty between the two countries.

The DTA was approved by the US Senate on July 15, and signed by President Barack Obama on November 2. With respect to taxes withheld at source, it will have effect for amounts paid or credited on or after January 1, 2011. For all other taxes, the new treaty will generally have effect for taxable years starting on or after January 1, 2011.

The provisions of the DTA include reduced source-country withholding tax on dividend, interest and royalty payments; a comprehensive limitation on benefits provision; and a comprehensive provision allowing for full exchange of information between the US and Maltese revenue authorities.

Since October 2005, officials from Malta’s Ministry of Finance and the US Treasury Department met on multiple occasions to discuss the framework of the agreement. In particular, the US welcomed the new Maltese income tax regulations that enable transparent tax related information exchange with international treaty partner countries, like the US, in line with the Organization for Economic Cooperation and Development’s international standard.

TAGS: tax | double tax agreement (DTA) | Malta | interest | royalties | law | offshore | agreements | legislation | withholding tax | United States | dividends

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