In his weekly video blog, Minister for Finance Prof. Edward Scicluna explains that last week, he was invited to attend Global Forum on Transparency and Exchange of Information for Tax Purposes, which took place on 28th and 29th October 2014 in Berlin.
Prof. Scicluna explains that during the Forum, Malta joined 50 other states and jurisdictions in the fight against tax evasion by signing a multilateral agreement on the automatic exchange of tax information.
Prof. Scicluna explains that thanks to this agreement Malta can, like other countries such as the UK, Germany, or the United States, empower its revenue authorities to request information about individuals who are suspected of having undeclared funds or assets abroad.
Prof. Scicluna explains that while Malta was among the first fifty countries who signed the multilateral agreement, the OCED will now be carrying out a campaign among African countries and governments so as to bring them on board also.
Prof. Scicluna underlines that, thanks to this agreement, Maltese revenue authorities have greater powers to uncover undeclared assets abroad, and urged those individuals in possession of such undeclared assets to regularise their position by means of the ongoing Investment Registration Scheme, which closes in November 2014.
31st October 2014