On the 16th December, 2013, Malta signed the Foreign Account Tax Compliance Act, showing once more its determination to combat tax evasion and ensure a more stable and accountable global financial system.
The FATCA Agreement has been signed between the United States and various other countries, including the United Kingdom, Germany, France and Italy. The aim of this agreement is to facilitate the exchange of information relating to tax matters between the two States. In view of the borderless nature of crimes today, this is a positive step in ensuring that tax evaders are brought to justice.
Minister for Finance Edward Scicluna signed the agreement on behalf of Malta while U.S Ambassador Gina Abercrombie –Winstanley signed on behalf of the United States.
The U.S.’s ambassador’s comments on the signing: “Today’s signing marks a significant step forward in our countries’ efforts to work collaboratively to combat offshore tax evasion – an objective that mutually benefits our two countries.”
For further information in relation to FATCA and how it may impact your business, kindly contact Dr. Jonathan De Giovanni, Director of Legal and International Tax at WDM International.