Progress in Malta-US double taxation talks

Good progress is being made in talks with the United States on a double taxation avoidance agreement, Parliamentary Secretary Tonio Fenech told Parliament.

Speaking during the debate on a Bill amending the Income Tax Management Act, he said he was sure matters would take another step forward once Parliament approved this Bill.

Mr Fenech said Malta was also having double taxation talks with Turkey and was interested in having similar talks to update existing arrangements with China.

The Bill, which was later given a second reading, empowers the Commission of Inland Revenue to collect the information which he is required to provide to foreign tax authorities in terms of reciprocal international arrangements for the exchange of information.

The opposition backed the Bill., with Opposition finance spokesman Charles Mangion stressing the need for more trained personnel to be made available for growth of the financial and maritime services sectors.