4th November 2008

Malta signs Double Taxation Agreement with Montenegro

On 4th November 2008, Deputy Prime Minister and Minister of Foreign Affairs, Dr. Tonio Borg signed the Agreement between Malta and Montenegro for the Avoidance of Double Taxation with respect to Taxes on Income, with his Montenegro counterpart, Milan Roćen.  The Agreement was signed during a bilateral meeting between both Ministers in Marseilles on the margins of the Meeting of Foreign Ministers of the Barcelona Process: Union for the Mediterranean.

Dr. Borg said that it is one of the objectives of the Ministry of Foreign Affairs, through its bilateral contacts, to strengthen and increase trade, investment and business opportunities for Malta and in this regard the conclusion of this agreement with Montenegro is seen as a step forward to explore new avenues of economic benefits, and contribute towards the expansion of commercial activities between both countries.  The agreement provides an excellent basis for establishing tax efficient structures and relieving double taxation on cross border transactions. 

The treaty provisions will be reviewed in due course.