31st July 2008

RATIFICATION BY GREECE OF THE AGREEMENT ON THE AVOIDANCE OF DOUBLE TAXATION BETWEEN MALTA AND GREECE

On 31 July 2008, the Greek Government, through the Greek Embassy in Malta, officially informed the Ministry of Foreign Affairs of Malta that the Government of Greece has fulfilled all the legal requirements for the ratification and entry into force of the Double Taxation Agreement. Malta had ratified this Agreement on 3 November 2006.

In accordance with Article 27, this Agreement which was signed between Malta and Greece on 13 October 2006, will enter into force on 30 August 2008. The Deputy Prime Minister and Minister of Foreign Affairs, Dr. Tonio Borg said that the ratification of this instrument by the Greek Government is most welcome and is an important step forward in the bilateral relations and an essential factor for enhancing investment opportunities and trade exchanges between both countries.

The Agreement applies to persons and entities who are residents of one or both of the Contracting States and provides for the exchange of information on the prevention of fiscal evasion.