Malta Signs TIEA With Gibraltar

by Robert Lee, Tax-News.com, London

Friday, January 27, 2012

Malta has welcomed the signing of a Tax Information Exchange Agreement (TIEA) with Gibraltar, which will provide both countries with tax information on request when there is evidence of fiscal crime.

The High Commissioner of Malta in London Joseph Zammit Tabona signed on behalf of the government of Malta and Gibraltar's Minister with responsibility for Financial Services, Gilbert Licudi signed on behalf of the government of Gibraltar, at the Malta High Commission, London.

Tabona said: “It is my pleasure to sign this Agreement with Gibraltar - which reinforces links and strengthens bilateral relations, particularly in the fields of financial services and business. The signing of TIEAs demonstrates good practice in the global financial sector.”

Licudi, added: "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."

Both signatories confirmed the agreement included all standard means to ensure due process was followed in tax information requests, including, for example, provisions to protect confidentiality of information. The TIEA will also adhere to public policy considerations and provisions related to protecting legal privilege.

On the eve of the signing, officials from both countries discussed various opportunities where Malta and Gibraltar can cooperate more fully and further strengthen relations, particularly in financial services.