OECD highlights quality of Maltese tax framework
Malta is in full conformity with the requirements related to international transparency standards and exchange of information for tax purposes.
This was the main conclusion of a peer review report drawn up by OECD‘s Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum analyses how countries are faring with the international standards that fall under its remit. Such conclusion further attests to Malta‘s reputation as a strong, law-abiding jurisdiction.
In its Report, the OECD commented that the Maltese authorities have broad access to information for exchange of information purposes pursuant to income tax laws, including bank and accounting information, stressing that “adequate rights and safeguards are in place to guarantee an effective exchange of information”.
The report welcomes the fact that Malta is committed to the international standards of transparency and effective exchange information, having a broad network of EOI instruments with 82 jurisdictions, covering all relevant partners. It further highlights that such agreements protect the confidentiality of the information received and provide for appropriate rights and safeguards.
Eventually, these reviews will feed into the ratings assigned to 50 jurisdictions, backing G20 and Global Forum efforts to strengthen tax cooperation and strengthen the fight against cross-border tax evasion.
The report has noted that in the previous years, particularly since 2009, Malta has improved its efficiency when it comes to dealing with requests for exchange of information (EOI) on tax. The OECD reported in the second phase of its Global Forum review that in the three years between June 2009 and June 2012, Malta received and responded to 81 requests from 22 partners. In a third of these queries, Malta replied within 90 days, while around half of the cases were covered within half a year.
Malta‘s positive feedback is also attested by its partners, particularly with regards to Malta‘s “clear and coherent communication during the course of a request as well as the quality of its cooperation and speed response times”.
The full report is available here: http://www.eoi-tax.org/jurisdictions/MT#peerreview