The double taxation agreement between Malta and the Isle of Man was signed on the 23rd October 2009, but is not yet in force as it is still awaiting ratification. This agreement aims to remove double taxation obstacles whilst preventing fiscal evasion with respect to taxes on income.
This agreement is Malta’s 18th agreement which meets the OECD international tax standard on transparent and effective exchange of information. This was the Isle of Man’s third double taxation agreement with a European Union member state.
This double taxation agreement is instrumental for strengthening trade and investment relations between the two countries, which will be enhanced by organizing the exchange of trade delegations. This will provide an excellent basis for establishing economic links and relieving double taxation which is a step forward in exploring new avenues of economic benefits between Malta and the Isle of Man. This will facilitate the exchange of goods and services and movements of capital, technology and people between the two countries.