Malta and Romania sign double taxation agreement
Malta and Romania sign protocol that strengthens the 1995 Agreement on the Avoidance of Double Taxation and on the Prevention of Fiscal Avoidance between the two countries
Malta and Romania signed a protocol that strengthens the 1995 Agreement on the Avoidance of Double Taxation and on the Prevention of Fiscal Avoidance between the two countries.
Minister for Trade Ian Borg and Minister of Foreign Affairs Luminita Odobescu signed the agreement on Thursday, following the successful conclusion of negotiations between the two countries.
Commenting on this development, Minister Ian Borg said that this agreement reaffirms the excellent bilateral relations enjoyed by the two European states.
“We have encouraged trade relations in several sectors, including Maltese exports of pharmaceutical and electrical products to Romania and the exports of cereals, machinery, aluminium, pharmaceuticals and plastics flowing in the other direction. Some 265 Romanian companies are based in Malta. And with four flights a week between the two countries, there is potential for stronger links in tourism,” he said.
The Protocol signed on Thursday brings the 1995 Agreement in line with the OECD Model Tax Convention, equipping the two governments with rules and instruments to ensure that profits are taxed where economic activities generating them take place, curbing tax avoidance.
Following a bilateral meeting, the two ministers also addressed a press conference.
“We discussed common challenges that we face in Europe and nearby regions, including the implications of the Russian war of aggression in Ukraine on the two countries and the international community. The situation in the Middle East was also high on our agenda,” Borg explained.
Last year, Malta and Romania celebrated the 55th anniversary since the establishment of their bilateral relations on 7th June 1968.
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