Malta and Saudi Arabia sign Double Tax agreement

Trade between Malta and Saudi Arabia is on the increase in Malta’s favour

Maltese Foreign Affairs Minister Tonio Borg signed agreements with Saudi Arabia on the avoidance of double taxation where bilateral talks took place with Prince Saud bin Faisal bin Abdul-Aziz Al Saud in the capital city Riyadh.

Dr Borg and Prince Saud signed a convention on the avoidance of double taxation between the two countries on the 4th January 2012.

Saudi Arabia is the largest and most powerful member of the Gulf Cooperation Council and owns more than 20 per cent of the world’s proven petroleum reserves and ranks as the largest exporter of petroleum. To date, it would appear that there are currently 10 companies registered with the MFSA that have Saudi Arabian shareholding.

Moreover, on the 22nd December 2011, Bahrain ratified the Bahrain – Malta Income Tax Treaty (2010) by way of Law No. 45.