The Department of Information in Malta has announced that on March 27 The Hon. Tonio Fenech, Minister of Finance, Economy and Investment, initialled the text of a Treaty for the Avoidance of Double Taxation, in the presence of US Ambassador Ms Molly Bordonaro.
Mr. Michael Mundaca headed the US Treasury delegation in Malta and initialled the document on behalf of the United States.

This is the latest milestone reached in a process commenced with a meeting between Prime Minister Lawrence Gonzi and President George Bush in 2005. It ends formal negotiations and prepares the treaty text agreed between the two countries for ratification through a United States Senate for Foreign Relations review.

Minister Fenech expressed his satisfaction at the achievement of such a treaty with the USA. He said this makes a welcome addition to Malta’s existing network of over 46 treaties, and is significant because of the strengthening relationship and the signal it provides to the business community in both the USA and Malta.

Last month, the Maltese Government announced that the agreement between Malta and Singapore for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to taxes on income became operative on February 29th, 2008.