During July, Malta’s Foreign Minister Dr.Tonio Borg signed another two significant double taxation agreements with his counterparts in Turkey and Israel.
The agreements for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income will further encourage the flow of investments between the parties concerned. The signing of the agreements are a welcome step and a milestone towards final ratification, thereby increasing the number of double taxation treaties entered into by Malta in the past months, including the double tax treaty entered into between Malta and the United States of America.
The Malta/Turkey agreement was signed on the 14th of July. Another agreement was signed with Israel on the 28th July. During 2010, Malta imported €8.3 million worth of goods from Israel, mostly mineral fuels, and exported €3.8 million, an improvement of 58 per cent over 2009 - major export product categories are organic chemicals, cereals and pharmaceuticals.
Other DTA’s are currently being negotiated with Bosnia Herzegovina, the Ukraine, Oman, Thailand and Saudi Arabia.