(UNI) India and Malta have renegotiated the Double Taxation Avoidance Agreement (DTAA) and Protocol to bring it in line with international standards, change in domestic laws and changed economic scenario.
The DTAA and the Protocol between the two countries for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income was in force since February 8, 1995.
On April 8, the countries signed the new DTAA at Valetta, Malta and the agreement was signed by Minister of State for External Affairs Preneet Kaur and Malta Foreign Minister George Vellaan, an official statement said.
Once the DTAA enters into force, it will stimulate the flow of capital, technology and personnel between both the countries and will further strengthen the economic relationship.
The statement added that it also provides tax stability and reduces any obstacles in providing mutual cooperation between India and Malta. UNI
