AmCham Malta, the American Chamber of Commerce in Malta, has congratulated Malta and the United States on completing the political processes required for the adoption of the Double Taxation Agreement.

“The Board of AmCham Malta believes this to be an encouraging development that will surely facilitate and encourage increased levels of trade and investment between the two nations,” it said.

AmCham Malta said there are many beneficial provisions in the Double Taxation Agreement intended to create a favorable environment for cross-border business associations. This agreement, it said, will accomplish the strategic vision announced by both governments to encourage two-way trade and corporate investment in Malta and the United States.

The Double Taxation Agreement provides for reduced withholding rates on cross-border payments of dividends, interest, royalties, and other income, as well as the elimination of withholding taxes on cross-border dividend payments to citizen residents of Malta and the United States.