On October 30, 2015 the Inland Revenue of Malta announced that the Competent Authorities of the United States and the Republic of Malta concluded a (FATCA) Competent Authority Arrangement.
On December 16, 2013, the Government of the United States of America and the Government of the Republic of Malta signed an intergovernmental agreement entitled: “Agreement between the Government of the United States of America and the Government of the Republic of Malta to improve International Tax Compliance and to Implement FATCA” (Hereafter: the IGA). Article 3, Paragraph 6 of the IGA provides that the Competent Authorities of the United States and Malta (Hereafter: the Competent Authorities) shall enter into an agreement or arrangement under the mutual agreement procedure provided for in Article 25 of the Convention between the Government of the United States of America and the Government of Malta for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income as signed on August 8, 2008 (Hereafter: the DTA), in order to establish and prescribe the rules and procedures necessary to implement certain provisions in the IGA. (Article 25 of the DTA permits the Competent Authorities to also address other matters regarding implementation of the DTA).
The Competent Authority Arrangement includes a.o. arrangements with respect to the following matters:
· Object and scope (Paragraph 1)
· Registration of Malta Financial Institutions (Paragraph 2)
· Time and manner of Exchange of Information (Paragraph 3)
· Remediation and enforcement (Paragraph 4)
· Confidentiality and data safeguards (Paragraph 5)
· Costs (Paragraph 6)
· Effect, consultation and modification (Paragraph 7)
· Publication (Paragraph 8)
Click here to be forwarded to the Competent Authority Arrangement as concluded between the Competent Authorities of the Republic of Malta and the United States as available on the website of the Inland Revenue of Malta, which will open in a new window.
Click here to be forwarded to the Agreement between the Government of the United States of America and the Government of the Republic of Malta to improve International Tax Compliance and to Implement FATCA as available on the website of the U.S. Department of the Treasury, which will open in a new window.
If you are interested in the text of the Convention between the Government of the United States of America and the Government of Malta for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income as signed on August 8, 2008, then please be advised that like many other Tax Treaties a very efficient way to locate the text of this Convention is to click on Malta or on the United States in our section DTAs and TIEAs.
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