Malta Signs Tax Convention

MEDIA ROOM

Malta has recently ratified the Council of Europe/OECD Convention on Mutual Administrative Assistance in Tax Matters.

Respecting taxpayers’ rights

The convention is a freestanding multilateral agreement designed to promote international co-operation for a better operation of national tax laws, while respecting the fundamental rights of taxpayers.

Combatting tax avoidance

The convention also provides for all possible forms of administrative co-operation between the parties in the assessment and collection of taxes. The view it holds is one by which it aims to combat tax avoidance as well as evasion.

The convention has so far been signed by 39 countries. These countries include emerging and developing economies. It would also appear that other countries expressed interest in signing the convention.

More credibility to Malta in the current international scenario will be given due to the signing of the Convention where transparency and exchange of information on tax matters is concerned, the government said.

It aims to be even more beneficial to Malta in the ongoing review by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes. It is said that the signing will also serve to elevate Malta to white list status with jurisdictions that have already signed to it.

Such status is important in Malta’s efforts to continue attracting further direct investment, thus creating more jobs on our shores, the government said.