The Double Taxation Relief Agreement between Latvia and Malta was signed on 22 May 2000 and became effective in 2004. The Agreement prevents double taxation and combats tax avoidance on the basis of the OECD Model Tax Convention. As member states of the EU, Latvia and Malta’s 2011 business confidence forecasts have increased the most when compared with other member states’ forecasts.
In 2006 Foreign Minister Michael Frendo met his Latvian counterpart Artis Pabriks for bilateral talks in Riga, Latvia. Dr Frendo accompanied President Fenech Adami on a state visit. The business round table and meetings were a success and entrepreneurs from the two comparatively small economies could relate to each other. As a gateway for business in their respective regions, the two states could potentially derive mutual benefits.
The President of the Malta Federation of Industry Adrian Bajada and Vitalijs Gavrilovs, president of Employers' Confederation of Latvia signed a co-operation agreement during the visit. The agreement provides the basis for greater economic co-operation between the two countries fosters mutual co-operation in lobbying employers' interests at national, European and international levels. Among the objectives of the agreement are a mutual exchange of information and best practice on representation of interests of member companies and organisation through dialogue with social partners, as well as services provided to member companies.
Both bodies confirmed their commitment to harmonise their positions on legislative initiatives discussed in the framework or tripartite consultations at the European Commission, with both parties undertaking to inform each other about any legislation introduced by any of them.
In 2004, just before the two states joined the EU, the Malta Chamber of Commerce organised a Maltese-Latvian business community meeting, providing an excellent opportunity for Latvian and Maltese entrepreneurs to establish joint partnerships and set the foundations for closer economic co-operation. The Latvian delegation, headed by the President of Latvia, included companies from sectors such as ports and logistics, shipbuilding, tourism, financial and legal services and waste management. Latvian entrepreneurs showed an interest to work on common projects and to look for new partnerships with Maltese companies.
During the visit, the President also opened the Latvian Consulate in Valletta. Malta is represented in Latvia through its Honorary Consulate in Riga.
