Wednesday, 01 February 2012 23:26
In a span of seven (7) days, following to the one signed on the 18 January, 2012 with The Bahamas, it has been announced that on the 24 January 2012, Malta has entered another Tax Information Exchange Agreement (TIEA), this time with Gibraltar.
As the name itself demonstrates, the TIEA provides for a full exchange of information on tax related matters whilst at the same time, guarantees protection of confidentiality of information which manifestly shows the excellent bilateral relationships between the two jurisdictions. The TIFA has been hailed as a good practice in the global financial sector.
Gibraltar's Minister Gilbert Licudi responsible for Financial Services, who signed the relative agreement on behalf of Gibraltar is reported to have said: "I am delighted to have signed this Tax Information Exchange Agreement with Malta and especially so given the very important social, cultural and political links that we share. A significant part of Gibraltar's population are descendants of Maltese nationals which means that our heritage is intrinsically bound together. There is already an element of business activity that we share with Malta. We trust that this agreement will encourage the development of an even closer business relationship."
It is important to emphasize that Malta and Gibraltar are both members of the OECD Global Forum on Transparency and Exchange of Information.