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Double taxation agreement takes effect
A DOUBLE taxation agreement between the Isle of Man and Malta has come into force.
The comprehensive double taxation agreement was ratified by the Manx Government last month.
And now Malta's High Commissioner to the UK, His Excellency Joseph Zammit Tabona, has confirmed that Malta has completed its own ratification, and as a result the agreement will come into force on February 26.
It signals a move by the two nations to develop economic relations and will also act to prevent tax evasion.
The double taxation agreement, based on the model published by the Organisation for Economic Co-operation and Development (OECD), is one of three signed by the Isle of Man – the others being with Estonia and Belgium.
In addition, the Island had signed 15 tax information exchange agreements with countries including the UK, Ireland, the US, Germany and France.
The Manx Government has also pledged to move to automatic exchange of information within the EU, from July 1, 2011, in its application of the European Union Savings Directive.
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Weather for Isle of Man
Thursday 09 February 2012
Today
Light showers
Temperature: 7 C to 9 C
Wind Speed: 20 mph
Wind direction: South west
Tomorrow
Light rain
Temperature: 6 C to 9 C
Wind Speed: 14 mph
Wind direction: South east
