Malta and the United States have signed a tax information sharing agreement that will enable the countries to combat evasion.

The agreement, an offshoot of the Foreign Account Tax Compliance Act (Facta), was signed this morning by Finance Minister Edward Scicluna and US ambassador Gina Abercombie-Winstanley.

Prof. Scicluna said deeds mattered more than words in the fight against tax evasion.

“It is also a message to the people of both countries that the world has changed and governments were nowadays working closely together to combat tax evasion,” he said.

Prof. Scicluna said the government would shortly announce details of a registration scheme for those who have funds in foreign accounts. he warned this would be the last chance for these people to come clean on any tax due. The amnesty was mentioned in the Budget.

Ms Abercombie-Winstanley said the agreement was symptomatic of the deep relationship between the US and Malta. Exchanging information was an important tool to “detect, deter and discourage” tax evasion.

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