Malta has signed a FATCA intergovernmental agreement with the US to discourage offshore tax abuses.
As per the agreement, both the parties will mutually assist in tax matters based on an effective infrastructure for the automatic exchange of information.
Go deeper with GlobalData
In addition, they will collectively work towards achieving common reporting and due diligence standards for financial institutions in long term.
Under the agreement, the parties should improve international tax compliance and provide for the implementation of FATCA based on domestic reporting and reciprocal automatic exchange pursuant to the agreement signed on 15 March 1989 (TIEA) and subject to the confidentiality and other protections provided for therein.
The deal was signed by Malta finance minister Edward Scicluna and US Ambassador Gina Abercrombie-Winstanley.
Commenting on the deal, Scicluna said the government would shortly announce details of an investment registration scheme for those who have funds in foreign accounts.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe scheme will allow Maltese citizens to comply and disclose their previously undeclared investments before the tax authorities act on the information received from abroad.
