Agreements for the avoidance of double taxation signed with Isle of Man and Georgia

Department of Information, Malta

23 October 2009

The Government of Malta today signed agreements for the Avoidance of Double Taxation with the Governments of Isle of Man and Georgia.

During the last 18 months, Malta has signed such agreements with 14 different countries.

Malta’s High Commissioner in the United Kingdom, Mr Joseph Zammit Tabona signed on behalf of the Government of Malta, while the Treasury Minister of the Isle of Man, the Hon. Mr Allan Bell, Member of the House of Keys signed on behalf of the Government of the Isle of Man.

The signing ceremony took place at the Maltese High Commission in London.

The agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income with Isle of Man, is the result of the hard work carried out by the Maltese High Commission in London over the past months.

Malta’s High Commissioner Joe Zammit Tabona said this Agreement is instrumental for trade and investment relations to be strengthened further and a step forward to explore new avenues of economic benefits between Malta and the Isle of Man. He added that the exchange of trade delegations could be organised to enhance trade relations between Malta and the Isle of Man.

Treasury Minister Bell expressed his delight to sign such an important bilateral agreement and together with High Commissioner Zammit Tabona, pledged their support with the implementation of this Agreement which provides an excellent basis for establishing economic links and relieving double taxation.

Another agreement was signed earlier today at the Embassy of Malta in Rome between the Governments of Malta and Georgia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital.

Malta’s Ambassador to Italy, Mr Walter Balzan and the Ambassador of Georgia, Mr. Konstantine Gabashvili, signed on behalf of the respective Governments.  After the signing ceremony the two Ambassadors were interviewed by a Georgian TV journalist.  Both Ambassadors expressed their satisfaction at the signing of the Agreement and hoped  that other agreements would be concluded in the future in order to continue to enhance relations between the two countries in different sectors.

A Double Taxation Agreement is the standard agreement between countries to remove double taxation obstacles to the development of economic relations, and so facilitates the exchange of goods and services and movements of capital, technology and people. It also acts to prevent tax evasion and delivers tax transparency and exchange of information.

Deputy Prime Minister and Minister of Foreign Affairs, the Hon. Tonio Borg said that these agreements are part of a strategy whereby Malta wants to keep attracting foreign direct investment and paving the way for Maltese entrepreneurs to carry out business with foreign companies.

Foreign direct investment since European Union membership has more than doubled. Over the last 18 months Malta has signed such agreements with France, Ireland, Italy, Jordan, Lebanon, Libya, Montenegro, Qatar, San Marino, Serbia, Switzerland and the  United States of America.