News › Taxand’s Take Article
Malta Expands Tax Treaty Network into South America through Uruguay
Malta and Uruguay have concluded negotiations on a double taxation agreement between the two countries, which is expected to be signed later this year. This announcement is particularly important because, despite Malta's extensive tax treaty network of over fifty agreements, it has not yet signed a double taxation agreement with a South American country. Taxand Malta comments on the benefits.
Efforts have been made and are still being made to strengthen economic relations with South America. For this reason, an attempt is being made to conclude tax treaties with a number of South American countries with a view to removing the obstacles that double taxation presents to the development of economic relations.
This DTA seeks to create attractive conditions for Uruguayan and Maltese investors but, at the same time, contains some provisions intended to prevent tax avoidance through improper use of the treaty. The Exchange of Information article in this treaty is in line with internationally agreed standards and establishes the proper channels for exchange of information in a mutual effort to prevent tax evasion.
We will be able to provide more details once the tax treaty is signed.
Your Taxand contact for further queries is:
T. +356 (2730) 0045