Bermuda and Malta have signed a Tax Information Exchange Agreement in London, a further development in the working relationship between the two states in the Global Forum. H.E. Joseph Zammit Tabona High Commissioner represented Malta and Premier Paula Cox J.P. M.P. signed for Bermuda. The negotiations giving rise to the Agreement took place in Bermuda during the Global Forum held in Bermuda between the 31st May 31st and 1st June 2011.
By virtue of the Agreement, the two states undertake to exchange information on tax matters through the respective tax authorities. Co-operation would relate to information relevant to the determination, assessment and collection of taxes and the recovery and enforcement of tax claims, as long as the laws or administrative practices of the requested state are respected.
Premier Cox held that the Agreement includes all standard means to ensure due process was followed in the exchange of tax information, including, for example, provisions to protect confidentiality of information. The Agreement also adheres to public policy considerations and provisions related to protecting legal privilege.