Italy removes Malta from all its Fiscal Black Lists

Date: 2nd August, 2010

By decree signed by the Italian Minister of Finance on Tuesday 27th July, Italy has effectively removed Malta from all of Italy’s fiscal black lists.

Whilst following Malta’s EU accession not all of Malta’s companies were blacklisted, lack of clarity in the wording of the relevant Italian legislation effectively led to the blacklisting of all Maltese companies with revenues deriving from a foreign source.

This welcome development is the culmination of two years’ worth of talks between the respective authorities and representations made by the Maltese Government as to the fact that Malta should not feature on such lists once the Maltese tax system has been given the green light by the EU Code of Conduct (Business Taxation) Group.

For more information about Malta’s tax system and the firm’s Tax practice, please contact Dr. Rosanne Bonnici, Tax Partner of the firm.