Recently, Malta has ratified the Council of Europe/OECD Convention on Mutual Administrative Assistance in Tax Matters.
The convention is a freestanding multilateral agreement designed to promote international co-operation for a better operation of national tax laws, while respecting the fundamental rights of taxpayers.
The convention provides for all possible forms of administrative co-operation between the parties in the assessment and collection of taxes, particularly with a view to combat tax avoidance and evasion.
The convention has been signed by 39 countries including emerging and developing economies. Other countries have expressed interest in signing the convention.
Due to the signing of the convention, more credibility will be given to Malta in the current international scenario where transparency and exchange of information on tax matters is concerned, the government said.
The signing of the convention aims to be beneficial to Malta in the ongoing review by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes. The government said that the signing will also serve to elevate Malta to white list status with jurisdictions that have already signed to it.
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