The government yesterday announced that finance minister Tonio Fenech initialled the text of Malta’s double taxation agreement with US Ambassador Molly Bordonaro, last Thursday.
Michael Mundaca headed the US Treasury delegation in Malta and initialled the document on behalf of the United States.
This was the latest milestone reached in a process that started with a meeting between Prime Minister Lawrence Gonzi and President George Bush in 2005.
It ends formal negotiations and prepares the treaty text agreed between the two countries for ratification through a United States Senate for Foreign Relations review. The treaty text is published on ratification as agreed between both governments.
Tonio Fenech expressed his satisfaction at the achievement of the treaty with the USA, adding it to Malta’s existing network of over 46 treaties.
The double taxation agreement also signals a new step in US-Maltese relations: Malta remains the only EU country to have installed the PISCES secure border database system, as well as having recently voted in the US-Malta shipboarding treaty, which gives US soldiers the right to board Malta-flagged ships if given permission by the Maltese authorities.
Malta has still not been included in the USA’s Visa Waiver Programme, which allows visitors to travel to the USA for tourism or business for up to 90 days without having to obtain a visa.