Malta signs a FATCA Intergovernmental Agreement (IGA)with the US
Malta and the United States have late last year signed an IGA to improve international tax compliance and to implement the US Foreign Account Tax Compliance Act (FATCA). The agreement is a Model I version, which means that financial institutions in each country will be required to report specific information to their own tax authorities, who will then automatically exchange that information on an annual basis on a reciprocal basis. This is in line with the OECD’s efforts and with Malta’s commitment to combat tax evasion and to improve international tax compliance and mutual assistance in tax matters through the automatic exchange of information. Malta is the latest country which has signed such an agreement with the US. Other countries include Italy, Mexico, The United Kingdom, The Netherlands, Ireland, Norway, Spain, France and Germany amongst others.
For more information please contact the firm’s tax partner Stephen Balzan