The Hon. Tonio Fenech, Minister of Finance, Economy and Investment, has initialled the text of a Treaty for the Avoidance of Double Taxation, in the presence of US Ambassador Ms Molly Bordonaro, on Thursday 27th March 2008. Mr. Michael Mundaca headed the US Treasury delegation in Malta and initialled the document on behalf of the United States.

This is the latest milestone reached in a process commenced with a meeting between Prime Minister Lawrence Gonzi and President George Bush in 2005. It ends formal negotiations and prepares the treaty text agreed between the two countries for ratification through a United States Senate for Foreign Relations review. The treaty text is published on ratification as agreed between both governments.

This makes a welcome addition to Malta’s existing network of over 46 treaties and is significant because of the strengthening relationship and signals this provides to the business community in both the USA and Malta.

The conclusion of the DTA with the USA, now expected soon, is important for the target to make Malta a centre of excellence in a number of focused areas including information and communications technology - with Smart City as a flagship project – education, health and financial services.