Saudi Arabia- Malta Double Tax Treaty approved by Saudi Council of Ministers

The Double Tax Treaty (DTA) between Malta and the Kingdom of Saudi Arabia, signed in January 2012, has been approved by the Council of Ministers of Saudi Arabia on 17 September 2012.

The law that would ratify the DTA was approved by the Majlis al-Shura, the Kingdom’s lower house of parliament, in April 2012 and was forwarded it to King Abdallah for ratification.

The DTA is based on the OECD model convention.

Saudi Arabia is the largest and most powerful member of the Gulf Cooperation Council. It is the world’s largest exporter of petroluem, and owns 20% of the worlds petroleum reserves and has a leading role in OPEC.

10 companies that are registered with the MFSA have Saudi Arabian shareholdings.

The approval of the DTA will benefit towards further bilateral trade between the two countries.