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Saudi Arabia approves double taxation agreement with Malta
13 April 2012
Saudi Arabia's supreme council has formally approved a draft agreement between the Government of the Kingdom of Saudi Arabia and the Government of Malta for the avoidance of double taxation and prevention of tax evasion concerning tax on income.
The Council-also known as the Majlis Al-Shura-met last Monday in Riyadh, and approved the treaty signed with Malta last January.
It is understood that the treaty provisions are based on the articles of the OECD model tax convention. The Malta-Saudi Arabia treaty will enter into force once ratification procedures applicable in both jurisdictions are completed. Malta signed a ‘Convention on the Avoidance of Double Taxation' with Saudi Arabia during bilateral talks held by Malta's Deputy Prime Minister and his counterpart in Riyadh in January.
Saudi Arabia is the largest member of the Gulf Cooperation Council with the most power and oil-based economy. The agreement should significantly boost bi-lateral trade and investment flows.
