5th January, 2009 – Malta has signed a new double taxation agreement with Libya, the fourth such convention for the year, following the signings earlier this year with Ireland, Montenegro and Switzerland.
Tonio Borg, Deputy Prime Minister and Minister of Foreign Affairs said the signing with Libya reflects the close relations that have always existed between the two countries and their keen interest to ensure the enhancement of business and commercial relations between them.
The purpose of the convention is to avoid double taxation and prevent fiscal evasion and covers direct taxes on income and capital, and it enables both countries to exchange information for a more effective stand against tax evasion. The convention will enter into force following ratification by both countries. Once it comes into force, this Convention for the Avoidance of Double Taxation will supersede the previous one signed on 5 October, 1972.
For further information about how GVZH Advocates can help you with your tax law requirements kindly contact us here.