US-Malta double taxation agreement signed

A double taxation agreement between Malta and the United States was signed this morning at the Auberge de Castille.

The agreement, many years in the making, was signed by Finance Minister Tonio Fenech and US Ambassador Molly Bordonaro and now awaits ratification by the US Senate.

Prime Minister Lawrence Gonzi hailed the agreement as a "milestone" is relations between the two countries for the creation of new investment opportunities. He said that talks on a visa waiver agreement were in an advanced stage, both at a bilateral and EU level.

Mr Fenech said the provisions of the double taxation agreement would also benefit for large Maltese communities in the EU and other countries such as Australia.

Mrs Bordonaro said the US and Malta were improving information sharing on tax issues, thus helping to deter fraud and other abuse.