Malta-Switzerland double taxation agreement signed

Malta and Switzerland signed a double taxation avoidance agreement today during an official visit to Malta by Swiss Foreign Minister Micheline Calmy-Rey.

The agreement will come into force following ratification by both countries.

Foreign Minister Tonio Borg said the primary objective of the agreement was to make the two countries more attractive for entrepreneurs.

Trade exchanges between the two countries have been showing steady annual growth, with imports from Switzerland reaching €66.7 million last year. Imports consisted mostly of pharmaceuticals, jewellery and electrical machinery, while Malta’s exports rose to €7.9 million, consisting mainly of machinery and pharmaceuticals.

Dr Borg and the Foreign Ministry would continue to promote stronger economic relations and serve as a catalyst for the growth of trade and investment between the two countries.