On 12 April 2019, Malta published Legal Notice No. 70 of 2019 in the Official Gazette, which includes the order for the ratification of the pending income tax treaty with Monaco. The treaty, signed 27 September 2018, is the first of its kind between the two countries.
The treaty covers Malta income tax and Monegasque profit tax on commercial income levied from individual persons and profit tax levied from companies.
The following capital gains derived by a resident of one Contracting State may be taxed by the other State:
Gains from the alienation of other property by a resident of a Contracting State may only be taxed by that State.
Both countries apply the credit method for the elimination of double taxation.
The treaty will enter into force once 30 days after the ratification instruments are exchanged and will apply from 1 January of the year following its entry into force.
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.