On Wednesday 24th April 2013, Malta and Russia have signed a double taxation avoidance agreement.
The agreement was signed at the Russian Finance Ministry Maltese ambassador Raymond Sarsero, and the Deputy Minister of Finance, Sergey Dmitrievich Shatalov.
Foreign Minister George Vella said that the signing of this agreement reflected his ministry's commitment to promote direct investment to Malta and facilitate trade exchanges.
With Malta’s tax treaty network consisting of 63 tax treaties, Malta has experienced a significant degree of increase in the last 6 months of 2012 and beginning of 2013. Malta concluded tax information exchange agreements with the Bahamas, Bermuda and Gibraltar. Also new tax treaties with Bahrain, Hong Kong, Saudi Arabia, Switzerland, and Uruguay became generally applicable as of 2013, a new treaty was recently concluded with Guernsey and will come into force as from 1 January 2014 as will a revised treaty with Norway. In addition, during 2012 and the first quarter of 2013, new tax treaties were negotiated namely with Armenia and Mexico, whilst a protocol to the existing treaty with South Africa was signed.
The treaty signed a few days with Russia is expected to be ratified shortly. The signing of this double taxation treaty maintains the drive of successive Maltese administrations to conclude tax treaties with important trading partners as well as with emerging nations.
