A convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed between Malta and the Caribbean island of Curaçao yesterday (Wednesday 18 November 2015).
The signing ceremony was held at the Ministry for Finance in Valletta and was undertaken by Malta’s Finance Minister, Edward Scicluna, and his counterpart from the constituent country of the Kingdom of the Netherlands, Mr Jose Jardim. Also present was the Dutch ambassador to Malta, Mr Johannes Jacobus Peter Nijssen.
The Double Taxation Agreement (‘DTA’) includes special provisions to cater for certain domestic taxation laws of both sides and provides a means of settling on a uniform basis the most common problems that arise in the field of international juridical double taxation.
Minister Scicluna pointed out how the agreement provides for the exchange of any relevant information between the two sides in a bid to prevent tax evasion from multinational businesses. He said: “Although the two islands are far away from each other, business persons and companies use financial centres in every corner of the globe, so through this agreement we are also promoting financial business between us.”
Minister Jardim responded with a similar message and said: “This agreement also means that we want to encourage economic relations between the two islands. Malta has a very important position in the European Union while Curaçao has an important position vis-à-vis the Latin American market”.
The agreement will enter into force on the 1st of January 2016.
Image: Malta Sign DTA with Curaçao (financemalta.org)