To mark the occasion of the new double tax agreement Malta has signed with Saudi Arabia.
Malta and Saudi Arabia have signed an agreement on the avoidance of double taxation granting taxpayers relief from double taxation on different types of income generated outside Malta and which are included in their taxable income upon fulfilling the relevant conditions. The agreement is particularly significant given that Saudi Arabia is one of the largest members of the Gulf Cooperation Council.
Moreover, the Treaty is perceived to provide a considerable boost to bilateral trade and investment flows in the long-term, with Malta already witnessing signs of a trade surplus with Saudi Arabia. In fact, there are currently ten companies registered with the Malta Financial Services Authority which are beneficially owned by Saudi Arabian entrepreneurs, thereby qualifying for the double tax relief soon to be available once the ratification process of the double tax treaty has been concluded.
For further details as to how double tax relief may be availed of under the relevant treaty contact us on email@example.com