Category Archives: initiatives

Double Taxation Agreement – update

  By admin | March 31, 2014 - 10:07 am | initiatives
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AmCham Logo copyDouble Taxation Agreement 17th July 2010

AmCham Malta congratulates Malta and the United States of America on completing the political processes required for the adoption of the Double Taxation Agreement. The Board of AmCham Malta believes this to be an encouraging development that will surely facilitate and encourage increased levels of trade and investment between the two nations.

There are many beneficial provisions in the Double Taxation Agreement intended to create a favorable environment for cross-border business associations. This Agreement will accomplish the strategic vision announced by both governments to encourage two-way trade and corporate investment in Malta and the United States.

The Double Taxation Agreement provides for reduced withholding rates on cross-border payments of dividends, interest, royalties, and other income, as well as the elimination of withholding taxes on cross-border dividend payments to citizen residents of Malta and the United States.

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The Transatlantic Trade and Investor Partnership (TTIP)

  By admin | July 30, 2013 - 9:24 pm | initiatives
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This month, President Obama and European Commission President Barroso and European Council President Van Rompuy announced the embarkation by the US and the EU on an ambitious project, dubbed “the biggest trade pact of all time”. This pact, known as The Transatlantic Trade and Investment Partnership (TTIP), aims at removing trade barriers between the two blocs in a number of sectors, thereby making it easier to buy and sell goods and services between the EU and the US. Continue reading →

United States Ambassador Ms Gina Abercrombie-Winstanley addresses Maltese businesses

  By admin | June 29, 2012 - 9:42 am | initiatives
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PRESS RELEASE

United States Ambassador Ms Gina Abercrombie-Winstanley addresses Maltese businesses

In her first economic policy address since being appointed US Ambassador to Malta, Her Excellency Ms Gina Abercrombie- Winstanley, addressed a numerous gathering of Maltese business people at an event jointly organised by the American Chamber of Commerce in Malta and the Malta Chamber of Commerce, Industry and Enterprise.The theme of the networking event was “Malta: A geo-strategic partner for US companies to trade in North Africa?’

US Amb GA

Abercrombie-Winstanley began her speech by emphasising the already fruitful commercial relationship between both countries, as evidenced by the fact that the United States is Malta’s largest trading partner outside the EU and that, including hotels and franchises, 1 out of every 30 jobs in Malta is linked to US business. She suggested that a fruitful area to explore is the possibility of joint arrangements between U.S. and Maltese firms on projects in Libya, including rebuilding Libya’s infrastructure and the oil industry. “As you know,” the Ambassador stated, “and as we will be explaining to U.S. businesses, Malta provides a stable base for projects and investments in Libya. Malta’s proximity, logistics capability, supply services, aviation and maritime maintenance facilities, and your long relationships with all levels of Libyan business and society should make Malta a very attractive proposition to U.S. entrepreneurs wishing to do business in Libya.”

Ambassador Abercrombie-Winstanley outlined various ways how the U.S. Embassy intends facilitating mutually-beneficial alliances between American and Maltese businesses, through, amongst others, the US Commerce Department – particularly its “Export.gov” page, the U.S. Embassies in Libya, Tunisia and elsewhere, the U.S.-North Africa Partnership for Economic Opportunity, a private- public partnership led by the U.S. State Department, and by working closely with the Government of Malta and the U.S. Special Representative for Commercial and Business Affairs Lorraine Hariton, who recently visited Malta. However, ultimately, the Ambassador stressed, it is the Maltese entrepreneur’s responsibility to convince their American counterparts about the business opportunities available in the region.

Mr John Huber, on behalf of the Malta Chamber of Commerce, Industry and Enterprise, delivered an introductory speech. Mr Huber welcomed the Ambassador to the Chamber’s prestigious headquarters in Valletta and described the Chambers’ functions with particular emphasis on the role of the Internationalisation Unit which assists Maltese companies establish working relationships overseas.

Mr Pierre Attard, President of AmCham Malta, made his concluding remarks highlighting the fact that developments in North Africa are now offering Maltese companies a platform to become ever more relevant amongst their business counterparts in the United States and invited Maltese businesses to seize such a unique opportunity. Malta’s geo-strategic location in the middle of the Mediterranean Sea is the only permanent certainty that exists in the region’s ever-changing social, economic and political realities. Such permanence should be positively capitalised upon to the advantage of Maltese entrepreneurs and the Maltese economy. Mr. Attard expressed AmCham Malta’s willingness to be participative in the US Embassy’s efforts to establish a structured dialogue amongst all interested stakeholders.

AmCham Board meets Richard M. Mills, Charges D’Affairs US Embassy Malta

  By admin | June 23, 2011 - 8:17 am | initiatives
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23rd June 2011

left to right: Denis Gatt, Pete Mattsom, James Satariano, Simon Barberi, Richard Mills, Pierre Attard, Thomas Yeager, Anton Tabone, Joseph Cushcieri

left to right: Denis Gatt, Pete Mattsom, James Satariano, Simon Barberi, Richard Mills, Pierre Attard, Thomas Yeager, Anton Tabone, Joseph Cushcieri

AmCham Board meets Richard M. Mills, Charges D’Affairs US Embassy Malta

The Board of AmCham Malta, had a very cordial and productive meeting with Mr. Richard W. Mills Jr., Charges D’Affairs at the Ambassador’s Residence in Attard, Malta.  The two sides exchanged ideas and prospective joint initiative that could be undertaken to increase US – Malta economic ventures. Mr. Thomas Yeager Chief Political, Economic and Commercial Unit was also in attendance.

US – Malta Double Taxation Agreement

  By admin | February 16, 2011 - 12:51 pm | initiatives
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16th February 2011

US – Malta Double Taxation Agreement. What does it mean for Maltese businesses?

The American Chamber of Commerce in Malta, AmCham Malta, in collaboration with the US Embassy in Malta, organised a forum on Wednesday 16th February 2011 entitled US – Malta Double Taxation Agreement. What does it mean for Maltese businesses?AmCham Malta brought together a distinguished panel of speakers to address the forum and give an insight into the technical and business aspects of this Agreement.

AmCham President Pierre Attard making the opening address

AmCham President Pierre Attard making the opening address

The members of the panel were Dr. Antoine Fiott, a leading tax consultant who was a consultant to the core negotiating team, Dr. Juanita Brockdorff, tax services partner at KPMG and Mr. Kenneth Farrugia Chairman of Finance Malta and the Ambassador of the United States of America to Malta, H.E. Douglas W Kmiec. After the presentations, AmCham President Pierre Attard moderated a Q&A session. Questions were taken from the audience of over 60 participants.

Ambassador Kmiec addressing the forum. At left are: Dr. Jaunita Brockdorff, Dr. Antoine Fiott, Mr Kenneth Farrugia, Mr Pierre Attard

Ambassador Kmiec addressing the forum. At left are: Dr. Jaunita Brockdorff, Dr. Antoine Fiott, Mr Kenneth Farrugia, Mr Pierre Attard

The forum was held in the conference centre at the Malta Financial Services Centre.

general view of the audience

general view of the audience

AmCham Malta write to US Senators urging ratification of Double Taxation Treaty

  By admin | December 8, 2009 - 12:09 pm | initiatives
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AmCham Logo copyAm-Cham Malta
The American Chamber of Commerce in Malta
c/o The Exchange Buildings, Republic Street, Valletta VLT05
Malta.
Tel: 00356 21 247233 Fax: 00356 21 245223 www.amcham-malta.org

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8th December 2009

Support for the Treaty for the Avoidance of Double Taxation between the USA and Malta

Dear Senator Kerry,

The American Chamber of Commerce in Malta writes to inform you of our active support in favour of the ratification of the Treaty for the Avoidance of Double Taxation between the United States of America and Malta.

The American Chamber of Commerce in Malta represents companies and individuals having US- investment and US-business interests in Malta.

In your capacity as member of the US Senate’s Foreign Affairs Committee, we strongly invite you to favourably consider supporting the ratification of said Treaty, presently under review within your Committee.

Over the decades, Malta and the USA have enjoyed a strong political and business relationship. However, we firmly believe that the ratification of the Treaty by Senate will strengthen even further this relationship and open new opportunities of bilateral commercial cooperation between our respective countries, to the benefit of all.

On behalf of all members of the American Chamber of Commerce in Malta who would have liked to write to you directly, we look forward to the timely ratification of the Treaty.

We thank you in advance for your attention and cooperation and with optimism look forward to implementing the ideals set forth in the Treaty which will bear positive economic fruits once ratified and implemented.

Cordially Yours,

Dr Anton Tabone
President of the American Chamber of Commerce, Malta
cc:
Senator John Kerry, 218 RUSSELL SENATE OFFICE BUILDING WASHINGTON DC20510 Senator Richard Lugar, 306 HART SENATE OFFICE BUILDING WASHINGTON DC 20510 Senator Jeanne Shaheen, 520 HART SENATE OFFICE BUILDING WASHINGTON DC 20510 Senator Kaufman, 383 RUSSELL SENATE OFFICE BUILDING WASHINGTON DC 20510

October 2009 – January – October

  By admin | October 31, 2009 - 1:42 pm | economy, events, initiatives
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1st October – Malta jurisdiction showcased in New York – Regular promotion is imperative – here

22nd September – AmCham Malta organises high-profile seminar in New York City – here

4th September – US Ambassador designate to Malta pays a courtesy visit to Malta’s ambassador to the US – here

4th September – Hubert Humphries Fellowships – here

11th August – Malta’s Foreign Affairs Minister, Tonio Borg reviews Malta’s evolving Mediterranean outreach in an interview with Vanya Walker-Leigh – here

11th August – US Embassy nominates Westin Dragonara Resort for corporate excellence – here

3rd July – White House announces ambassador to Malta – here

17th June  – AmCham Malta attends the annual ECACC Washington Transatlantic Business Conference – here

2nd June – Congressional reception hosted by the Honeywell Corporation in their prestigious building on Constitutional Avenue DC – here

14th May  – Tapping into Obama’s stimulus package – here

8th May – US President Barack Obama recently launched a $787bn stimulus package – here

4th May – How can Maltese companies tap into Obama’s $787bn stimulus package? – here

23rd April – ECACC Conference to convene in Malta – here

8th March – Fedex Malta partner signs deal on freight to US – here

2nd February – Ambassador Molly Bordanaro term of office in Malta coming to and end – farewell speech by Dr Anton Tabone President of AmCham Malta – here

14th January – The state of Malta-US affairs by Dr Anton Tabone – here

 

 

 

 

 

 

 

 

 

 

Double taxation (avoidance) agreement signed between Malta & USA

  By admin | August 8, 2008 - 5:23 pm | initiatives
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ADDRESS BY THE HON. LAWRENCE GONZI, PRIME MINISTER, AT THE SIGNING OF THE TEXT OF THE DOUBLE TAXATION TREATY WITH THE U.S.A. – AUBERGE DE CASTILLE, VALLETTA – 8TH AUGUST 2008

Your Excellency, Distinguished Guests, Ladies and Gentlemen, Good morning.

It is with great personal satisfaction that I stand here today announcing that we have reached another milestone through the signing of the text of the Double Taxation Treaty with the USA.

As you may recall, this issue was high on the agenda in the meeting I had with President Bush in Washington in 2005. Since then teams from our Ministry of Finance and the US Treasury have been working painstakingly to conclude this agreement.

The discussions, negotiations and the follow-up work have been successful and we look forward to having this treaty in operation in the not too distant future.

The USA makes a welcome addition to our tax treaty network. In fact, some 12 years ago we already had a similar agreement in place that is why it was important that we re-establish our relationship with the US at this level.

We now have treaties with about 50 countries, with some in the pipeline at various stages of negotiation. These ensure the removal of any potential trade barriers between our respective countries by establishing internationally accepted provisions for the avoidance of double taxation on the same income. They also establish appropriate channels for exchange of information between our respective countries in our mutual efforts to prevent fiscal evasion.

In the face of international developments, my Government will continue in its endeavour to negotiate tax treaties with other jurisdictions making this a central pillar of our increasingly diversified economy.

Malta and the United States established full diplomatic relations upon Malta’s independence in 1964. Over the years this relationship has developed, although there where some difficult times. However, what is certain is that under my government, this relationship has continued to strengthen and can currently be described as both active and cordial.

Today, Malta and the United States enjoy a good relationship on a number of levels.

Minister Fenech has already highlighted the good trade relations we have with the US. Through this agreement we hope to improve quality trade even further, strengthen our communication and encourage investment.

We always believed that our country has the potential to attract high quality investment from the USA. Recently, Foreign Direct Investment into Malta has been strong as a result of our highly educated, English-speaking population, excellent reputation for back-office and financial services and the significant investment going into such diverse areas as aviation, pharmaceuticals and Information and Communication Technology (ICT). The advent of SmartCity is another area where there is potential benefit for both countries.

The number of US firms participating in the Maltese economy has always been significant in relative terms. Firms operating in Malta that have US ownership or investment include major hotels, manufacturing and repair facilities, and some offices servicing local and regional operations.

Our proximity to North Africa, our EU membership, the island’s safety, the capability of our professionals, our application of international standards and our quality of life make Malta an attractive proposition. US participation is therefore expected to grow over time and this will be beneficial to both countries as economic ties expand.

On the social level we are inextricably linked through social ties created by Maltese migrants over the years. The familial ties of Maltese migrants have always remained strong as has the bond to their motherland. This is evidenced to this very day through active migrant communities, some of which I had the opportunity to meet personally on my visit to the USA, and the various local organisations and activities they organise to enhance migrant relations.

On the political front, the spirit of cooperation has also been extremely good. Just looking at some recent initiatives we can mention the good level of cooperation we have in the area of security where Maltese officers trained in the USA, we have benefited from donations of patrol boats and a state-of-the-art container screening system. We must also not forget that the US is helping us tremendously in our plight to cope with the huge influx of illegal immigrants coming to our shores.

In spite of these good relations and the benefits we are deriving and experiencing, there is still more that can be done. There is definitely the potential of promoting the natural beauty of Malta and its rich cultural treasures in the USA with the aim of attracting more visitors to our islands and to make travel between our two countries easier. Besides the requirement of better air links, it is just as important that the visa requirement for Maltese traveling to the US be waivered. This was another issue I raised with President Bush in 2005. Negotiations on this matter are ongoing and am pleased to state that are now at an advanced stage both at a bilateral and EU level. We remain hopeful that the matter will be concluded soon.

There is also scope for more cooperation at an educational level. The agreement between the University of Malta and James Madison University of Virginia to offer a dual post-graduate degree programme is a commendable initiative. I look forward to seeing more cooperation agreements of this type in the future.

The Double Taxation Agreement with the USA will soon be a reality and I would like to thank the US Treasury and especially the team lead by Michael Mundaca for their work in making this happen.

I join the Minister of Finance in commending the Commissioner for Inland Revenue and our Tax Treaty Negotiating Team, the Malta Financial Services Authority, the Malta Maritime Authority, the Financial Intelligence Analysis Unit, and Ambassador Mark Miceli and his excellent staff for all their efforts. Furthermore, I thank our industry leaders for their assistance throughout the process.

My sincere gratitude also goes to Ambassador Molly Bordonaro, a true friend of Malta, who together with her embassy personnel has played an important part in supporting the negotiation process and took an active interest in its completion.

Maltese-US relations are active and well and we have already managed to achieve a lot. However, by continuing to work together in a spirit of cooperation and goodwill we can achieve much more. Let us, therefore, use this Treaty for our mutual benefit.

Thank you.