On 13 March 2009, Malta and Italy signed in Rome a Protocol amending the Agreement for the Avoidance of Double Taxation with respect to taxes on income and the prevention of fiscal evasion. The Protocol amends a number of articles of the said agreement which had entered into force in July 1981, which include reference to the taxes covered, the elimination of double taxation and to exchange of information.

Deputy Prime Minister and Minister of Foreign Affairs Dr. Tonio Borg who signed this Agreement in the margins of the Official Visit to Italy by the President of Malta, said that this Protocol, once it enters into force, will reinforce the provisions of the existing Double Taxation Agreement with Italy and will further encourage and facilitate investment and business opportunities and commercial exchanges for Maltese and Italian entrepreneurs.

Italian investment in Malta is strong with some twenty-five companies operating in various sectors either totally owned or in joint ventures. In 2008, Malta imported around €890 million from Italy and exported around €102 million. Tourist arrivals in 2008 were around 140,500.