Malta in Talks with Hong Kong on DTA

MEDIA ROOM

Malta aims to steal a march on its southern European EU fellow members by entering into a double taxation agreement with Hong Kong, which is increasingly becoming a highly regarded financial centre in the world.

Jason Azzopardi, parliamentary secretary for revenues and land, is there, holding meetings with politicians and representatives of the financial services and economic sectors about such an agreement.

It has been agreed for technical discussions to start in March which should lead to a double taxation agreement, making Malta the only EU country in southern Europe to have one with Hong Kong.

Such an agreement makes investment here attractive, turning Malta into a convenient door to southern Europe and North Africa for Hong Kong, which is seeing economic expansion of eight per cent annually in certain sectors. A double taxation agreement avoids traders on both sides paying tax twice, with tax being paid only in one of the countries, according to where a company is situated.